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Our Dwindling GDP Growth March 19, 2017

Posted by geoff in News.
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I made this point several years ago (and even earlier here), but this chart I lifted from Zero Hedge makes it even more clearly:

3-united-states-gdp-growth-annual@3x-1024x477.pngThat right there is your basic real (inflation-adjusted) growth rate over the past 65 years. And as you can see, it seems our fortunes have been declining over the past 20 years.

The article at Zero Hedge claims that this shows that Keynesian economics doesn’t work. I think it shows that Congress is incapable of properly applying Keynesian economics, that the global economy has become more competitive, and that increased regulation has stifled growth.

But regarding Keynesian economics in particular, I think it’s unlikely that our government would ever succeed in applying it. It requires discipline and a better understanding of economics than we currently have.

And an absence of greed.

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