John Taylor

Charting the Disappointing Economic News

The sad economic story in this morning’s GDP release can best be told with three simple charts.

First, economic growth in this recovery has been even slower than previously thought, and has averaged less than 1 percent so far this year. This is the main reason why unemployment has remained so high. And the recession was even deeper than previously estimated.

Second, inflation has been higher in the past two years than previously estimated.

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