Northern Light
Superstar
This suggests we're in a pretty significant recession. Real GDP per capita is down from 5-6 years ago. That's pretty brutal.
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Strictly speaking, no; because we're not seeing overall economic contraction; but I entirely agree with your fundamental point.
I would add, that point, and the issue of the way a recession is defined and growth typically examined shows a profound failure not only in policy/politics, but also in metrics.
Bad KPI, bad data, bad outcome, self-reinforcing.
Looking at total growth, w/o looking at how many ways that growth needs to be, and is divided, misses virtually the entire point.
Real GDP Per Capita and Median Household income are far better metrics than simple GDP or Real GDP (aggregate total)
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