a Better Bubbleβ„’

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Consumption growth is historically high

1 year 6 months ago
Are we having fun yet? Over the past three years, consumption has grown 13.7%: Now, these are annual figures, and the latest one represents an increase over the pandemic low. So it's maybe not totally fair. But it's still a great illustration of how strong the Biden recovery from the pandemic has been.
Kevin Drum

Oil production is historically high

1 year 6 months ago
Over the past three years, the United States has produced 378 million barrels of oil per month: This is yet another 50-year high. You may decide for yourself if it's unalloyed good news, but it's certainly strong economic news.
Kevin Drum

Poverty is historically low

1 year 6 months ago
Are you still hungering for great economic news? Over the past three years the poverty rate among working-age adults has averaged 9.3%: This is not quite a 50-year record, but only because Biden set that record last year.
Kevin Drum

GDP growth is historically high

1 year 6 months ago
Want more about how great the economy has been? Over the past three years GDP has grown 1.4% faster than potential GDP: This is not quite a 50-year record. The economy was slightly hotter during the dotcom boom of the late '90s. But it's still pretty damn strong.
Kevin Drum

Unemployment is historically low

1 year 6 months ago
Do you want to know how good the economy is? Over the past three years unemployment has averaged 3.8%. This is the lowest sustained rate of unemployment of the entire past half century. Better than Morning in America. Better than the dotcom boom. Better than Trump. The best in more than 50 years.
Kevin Drum