More than half of Americans — 56% — mistakenly believe the U.S. is currently in a recession…That’s not the case…The U.S. economy, as measured by GDP, is growing.
I think it shows that GDP is not necessarily a very good measure of how an economy, or society, is doing. GDP can go up for reasons that don’t really have anything to do with the lives of average people improving in any meaningful way. Plus, the rate of growth in Q1 was, what, like 1.5%? That’s very modest growth. The economy is not exactly roaring.
So GDP is growing and we’re not in a recession, but that doesn’t mean the economy is “good” or “strong,” necessarily. It takes much more to determine the strength of the economy than just looking at GDP figures.
I think it shows that GDP is not necessarily a very good measure of how an economy, or society, is doing. GDP can go up for reasons that don’t really have anything to do with the lives of average people improving in any meaningful way. Plus, the rate of growth in Q1 was, what, like 1.5%? That’s very modest growth. The economy is not exactly roaring.
So GDP is growing and we’re not in a recession, but that doesn’t mean the economy is “good” or “strong,” necessarily. It takes much more to determine the strength of the economy than just looking at GDP figures.