Jan. 27, 2017, Fairfax, Va.—Americans for Limited Government President Rick Manning today issued the following statement noting that 2007 through 2016 at 1.3316 percent average annual growth was the slowest economic growth rate ever over a 10-year period in U.S. history, based on data compiled by the Bureau of Economic Analysis:
“The last 10 years, the U.S. suffered the worst economic growth rate since GDP was invented at 1.3316 percent average annual rate, worse than 1930 through 1939 at 1.3334 percent a year, based on the advance 4th quarter estimate by the Bureau of Economic Analysis. This is the worst decade for economic growth measured in U.S. history, even worse than the Great Depression.
“Many economists believe we have entered in a new normal, and should not expect that the prosperity of the past will ever return. No one should be surprised that the American public changed captains of this slowly sinking ship in 2016 to someone who refuses to accept the premise that America’s best days are behind her, but clearly President Trump will have his work cut out for him to reverse this catastrophic decline of stagnant growth.”
Real GDP (Chained Dollars), 1930-1939, Bureau of Economic Analysis, Jan. 27, 2016 at https://getliberty.org/wp-content/uploads/2017/01/GDP1930-2016.xlsx
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