Economists and pundits continue to draw a line through the US GDP chart to show how the current economic growth is so far below trend (blue line below). Look, we are operating so much below capacity because of ... whatever it is that they want to complain about.
Nonsense. The real trend is the red line. Extrapolating the “bubble era” trend is suggesting that the credit/housing bubble was the norm.
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| Source: @mattyglesias |
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