Source: American Institute for Economic Research
by Robert E Wright
“Is America in a recession already, or does a definitive downturn still loom on the horizon? What difference does it make, given that for decades the US economy has grown much more slowly than it could have? Over 30 years, a $50,000 real per capita income at 1 percent compounded annually grows to about $67,000, while at just 2 percent it grows to over $90,000. Economic pundits worry about that $67,000 dropping to $66,000 next year, but they should focus on why the nation hasn’t achieved the $90,000 level. The real question we should be asking, in other words, is why growth in inflation-adjusted output per American became and remains anemic.” (05/19/23)