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U.S. Has Record 10th Straight Year Without 3% Growth in GDP

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jamesbond
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U.S. Has Record 10th Straight Year Without 3% Growth in GDP

Post by jamesbond » February 29th, 2016, 10:49 am

The United States has now gone a record 10 straight years without 3 percent growth in real Gross Domestic Product, according to data released by the Bureau of Economic Analysis.

The BEA has calculated GDP for each year going back to 1929 and it has calculated the inflation-adjusted annual change in GDP (in constant 2009 dollars) from 1930 forward.

In the 85 years for which BEA has calculated the annual change in real GDP there is only one ten-year stretch—2006 through 2015—when the annual growth in real GDP never hit 3 percent. During the last ten years, real annual growth in GDP peaked in 2006 at 2.7 percent. It has never been that high again, according to the BEA.

The last recession ended in June 2009, according to the National Bureau of Economic Research. In the six full calendar years since then (2010-2015), real annual GDP growth has never exceeded the 2.5 percent it hit in 2010.

“The average growth rate for economic recoveries since the 1960s is 3.9 percent ranking the Obama recovery, with an average GDP growth rate of just 2.1 percent, among the slowest in history,” said Sen. Dan Coats (R.-Ind,), who chairs the Joint Economic Committee of the U.S. Congress.

Before this period, the longest stretch of years when real GDP did not grow by at least 3.0 percent, as calculatd by the BEA, was the four-year stretch from 1930 to 1933—during the Great Depression.

In addition to that four-stretch from 1930-1933, there have also been four three-year stretches where the real annual growth in GDP did not go as high as 3.0 percent. Those periods were 1945-1947 (in the immediate aftermath of World War II); 1956-1958; 1980-1982; and 2001-2003.

The longest consecutive stretch of years in which the United State saw real GDP grow by 3.0 percent or better was the seven year period from 1983-1989, during the presidency of Ronald Reagan.

In the Annual Report of the Council of Economic Advisers that President Obama sent to Congress this week, the administration noted that it is projecting real GDP to grow by only 2.7 percent this year and by less than that in the following two years.

“Real GDP is projected to grow 2.7, 2.5, and 2.4 percent during the four quarters of 2016, 2017, and 2018, respectively,” said the report.

“Whether it is burdensome regulations, a broken tax code or a ballooning national debt, the Obama Administration’s policies are a dead weight on the economy,” said Sen. Coats. “Under this president, we continue to see stubbornly low workforce participation and historically high long-term unemployment rates.


http://www.cnsnews.com/news/article/ter ... growth-gdp
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jamesbond
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Re: U.S. Has Record 10th Straight Year Without 3% Growth in

Post by jamesbond » March 5th, 2016, 11:45 am

I heard a report on the news that said this is the slowest recovery in America's history. It's even slower that the recovery after the great depression! The scary thing is, some economists think we are going to go into another recession this year. :shock:
"When I think about the idea of getting involved with an American woman, I don't know if I should laugh .............. or vomit!"

"Trying to meet women in America is like trying to decipher Egyptian hieroglyphics."

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