The recent revision of U.S. economic growth for the January-through-March period had the economy shrinking by 1 percent after an adjustment for inflation.
Adding expected population growth to that figure would reveal the standard of living dropping by 2 percent at an annual rate over that period. Part of this bad news is that perhaps as much as 1 percent is attributable to the bad winter weather.
Still, it is bad news of the sort that should have us thinking deeply about our growth problem and its implications.
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