Historical Gross Domestic Product (GDP)

Annual GDP is the market value of all officially recognized final goods and services produced within a country within the calendar year. For the US to grow sufficiently to meet our goal of 5% (full) employment, we need to see GDP growth of at least 3%. As you can see from the chart below, we have a long way to go.

Also, the US Government spending currently accounts for about 24% of total GDP. This needs to be reduced to more like 17% as government fat is transformed into private sector muscle.

Historical GDP

Historical GDP

Looking at the economy in 10-year increments starting from 1948 (when declines from wartime spending had ended), averaging GDP’s annual growth percentage shows the following:
• 1948-57: 3.80%
• 1958-67: 4.28%
• 1968-77: 3.18%
• 1978-87: 3.15%
• 1988-97: 3.05%
• 1998-2007: 2.99%
• 2008-2013: 0.73%
(Forbes, 4/12/13)