The Bureau of Economic Analysis (BEA) can provide us with information about the health of the economy. Whether that information is genuine, I leave that question up to experts like Walter J. “John” Williams who has devoted a significant effort debunking some of government’s economic data. However, the BEA’s data shows from 1790 to 2000, U.S. Real Gross Domestic Product (RGDP) growth averaged 3.79% per year.This growth enabled many US citizens to realize the “American Dream”.
However, we are not experiencing this level of economic growth any longer. “2015 will have been the tenth year in a row that RGDP growth came in at under 3.0%. The longest previous such run in U.S. economic history was only four years, and the last time that this happened was during the Great Depression (1930 – 1933)”¹ . This clearly demonstrates our current leaders in the federal government have failed us.
The election of 2016 must be about having the government support economic growth because without growth deficits, debt, divisions, and despair will only become larger.
- Woodhill, L. (2016, February 1). Barack Obama’s Sad Record on Economic Growth. Retrieved from Realclear Politics: http://www.realclearmarkets.com/articles/2016/02/01/barack_obamas_sad_record_on_economic_growth_101987.html