Slow Economic Growth Will Continue To 2024

Discussion in 'News / Current Events' started by Revmitchell, Dec 29, 2015.

  1. Revmitchell

    Revmitchell
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    The Bureau of Labor Statistics (BLS) predicted this month that the slow economic job growth seen throughout the recovery will continue over the next several years at an even slower rate than originally thought.

    The U.S. economy has steadily improved in the six years since the Great Recession. Those improvements, however, have been extremely slow and plagued with problems. A BLS report analyzing Gross Domestic Product (GDP) and employment from now to 2024 projects the lackluster recovery will continue at an even more bleak rate than originally expected.



    Read more: http://dailycaller.com/2015/12/29/slow-economic-growth-will-continue-to-2024/#ixzz3vk5mlkq3
     
  2. church mouse guy

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    Thanks for posting this! I was just looking for my source to start a thread on the subject of the economy. Apparently, during the last ten years, economic growth has been under 3% for the lowest rate of economic recovery since the end of World War II.

    Things are very bleak and there is no hope that 2016 will be any better. American government is too big for its britches.
     
  3. InTheLight

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    Trying to predict the economic growth rate over the next 9 years is stupid; doing so based on the labor participation rate is even dumber.

    Nowhere in the BLS report does it say that the predicted economic GDP growth will be "a bleak rate". That is simply The Daily Caller editorializing the statistics. Here's what the BLS actually says about an average growth rate of 2.1%, in the report:

    BLS projects that, in the United States, PCE growth will slow down but still serve as a main engine for economic growth. Investment growth will strengthen over the next 10 years, as the housing market recovers and businesses and households fill latent demand.

    The sum total of these developments is an economy that will likely experience steady but moderate growth.


    http://www.bls.gov/opub/mlr/2015/article/the-us-economy-to-2024.htm


    I'd love to go back to 2002 and see what the BLS predicted for the next 10 years of economic growth. I'd bet you they were wrong.

    Oh, here it is:
    The Bureau anticipates that productivity will grow at a rate of 2.1 percent per year over the
    aggregate economic projections is consistent with the strong growth of capital stocks, resulting from the projected rates of business investment, especially in efficiency-enhancing2002–12 period, virtually the same as that recorded between 1992 and 2002. This expected solid productivity growth in the equipment and computer software.

    [Note that the reports call 2.1% GDP growth as being "solid."]


    http://www.bls.gov/opub/mlr/2004/02/art2full.pdf

    BLS GDP 2002-2012.JPG
    http://www.bea.gov/newsreleases/national/gdp/2013/pdf/gdp2q13_adv.pdf


    That computes to an average GDP rate of 1.8% over the years 2002-2012, not 2.1% as predicted.

     
    #3 InTheLight, Dec 29, 2015
    Last edited: Dec 29, 2015
  4. poncho

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