cafeconomics

 This is a descriptive article on the US Economy based on data provided largely by the Bureau of Economic Analysis. Gross Domestic Product: The GDP of US has grown from $104.6 billions in 1929 to $20,936.6 billions in 2020.  Please note that this is US GDP measured in nominal prices as against constant prices. Data sourced from bea.gov. To get a better perspective, US GDP in the chart below is shown at 2011 prices since 1929. The Consumer Price Index (CPI) has been used to convert GDP for other years into 2011 prices. The chart below shows GDP growth by year at 2011 prices since 1930.  We can relate the growth rates of the US Economy to major economic events of the period such as the Great Depression of the 1930s, the second world war from 1940 to 1945, the inflationary 70s, the steady expansionary phase of the 90s, the dot com boom and bust at the turn of the century, the Great Recession of 2008 and '2% real growth' of the last decade etc.  We can observe that US Re...