Every once in a while everybody in the country should look at this chart and be agog. We're the biggest country in the G7 by far and the fastest growing by far. That's not a combination you see very often.
18 thoughts on “Raw data: GDP growth in the G7”
Comments are closed.
But all this growth happened despite all of Biden's inane attempt to derail the economy, and most likely as a result of the 2017 tax cuts for all the rich people. But Biden is also 100% at fault for the inflation that occurred due to the pandemic. We need 20% across the board tariffs to fix all that.
Vast numbers of people in this country are just fucking morons.
Why is the UK doing that well despite all we read about their terrible state?
Because the whinging class likes whinge about Brexit, though the UK is not doing substantively worse off than France or Germany.
The UK did well through 2019. It has not performed well since. It is okay compared to Germany and, oddly, Canada. Germany and the UK differ in terms of Natural Gas price. High price is better for UK and is terrible for Germany. Germany shutting off the nuclear plants is causing electric prices to be highly correlated with Natural Gas, of which they produce very little. Groningen closing is not helping Germany.
USA! USA!
Oddly, there's a high correlation between country size and rate of growth. Here are populations in millions in 2022 ordered by growth rate.
usa 331
japan 123
uk 67
italy 59
germany 83
france 68
canada 39
We would expect that larger, culturally homogeneous markets would help with gdp growth. Although Canada doesn't really fit this theory; it has easy access to the culturally similar American markets.
Also, Piketty pointed out that amongst sovereign funds (Harvard, Norway, ...) larger pools of money typically get higher returns.
The other obvious difference here is the depth of drop during the Time of Covid. It sure looks like the U.S. Helicopter Drop limited the depth of the drop, and returned to trend faster. Sure makes it seem like a good idea to dump money into households with income in the lower 80% to 90%. Trickle Up seems to work.
Given that the US is substantially out-performing Canada, and I presume is also outperforming Mexico, it would appear that NAFTA has not done the harm to the US that its opponents like to claim.
Who is benefiting from the GDP growth? Are you sure you got your share? A comparison of per-capita median income would be more informative for all except those at the top.
Military production is counted in GDP.
"Military production is counted in GDP"
So are sales of funkopops, novelty singing fish, nascar tickets, and other things that I/you may personally dislike. So what?
FWIW, US military spending is less than 3% of GDP, and has been declining over time. I totally agree that we spend too much on defense, but it's fatuous to claim that the 2x growth the US has experienced relative to its next closest peer is due to useless military spending. (not least because the UK also spends just about as much of its GDP on defense).
I’d say that US military spending is more useful than it has been since the Cold War ended, as we are helping the Ukraine decimate Russia’s military at a very reasonable cost and without risking American lives. Those who think we are prolonging the suffering of Ukrainians by supplying them with weapons, should recognize that Ukrainians obviously believe that not defending themselves now would lead to greater suffering in a future under Russian domination. And they would know.
I seem to recall many people being upset with President Obama because we weren’t recovering fast enough.
I see this and the earlier post re the Atlanta Fed's GDP numbers and then I wonder where is the NY Times article (can't count Paul Krugman) about how well the economy is performing. Dean Baker has catalogued just how much time and space the Washington Post , NY Times and others have spent on negative news about the economy usually featuring some anecdotal evidence that frequently is at odds with the overall numbers, which get pretty short shrift. My question is why is this ? Is it some perverse need to show their "objective" bothsides cred ? Is it just bad news sells better than good ? Is it the conventional wisdom crowd being uncomfortable with how Bidenomics has been progressive in ways not seen since LBJ ? Are the big money people who own these media outlets secretly pulling for more tax cuts and deregulation from geriatric Mussolini ?
I suspect OECD Europe performance is impaired by, some Euro centric factors
- war in Ukraine: increase in energy costs, refugee resettlement, uncertainty, etc
- Brexit
- Bad demographics
Note, the US figure, while the highest, is still less than 2% GDP growth per year....
Fake news!!! Everyone knows the economy is terrible, everyone is unemployed and inflation is at 2000%. Unlike when Trump was president, when there was no crime, no unemployment and everyone farted perfume.
How much of this is currency-related? If all of these numbers are in USD, then your change in GDP is going to depend on the relative strength of the currencies at the start and finish date. And based on my brief check, the Euro, Yen, and wtf the Canadian currency is called were all at relative strong points in 2012 and have collapsed since.
The Canadian currency is called "dollars". Did you really not know that or are you parodying the Ugly American?
It's worth noting that Canada's population has been growing faster than any of the other countries on the chart, so the country's GDP has been growing quite a bit faster than its GDP per capita. The US used to have ten times Canada's population;
now it's down to less than nine times (Canada's population recently passed 41 million).
Kevin, you obviously took a chart on the price of eggs and remade it to reflect fake comparative GDP growth. Shame on you!