One of the puzzles of current times is why overall assessments of the economy have not risen in accord with actual developments (say, as summarized by the Misery Index), and relatedly why those gains have not redounded to the incumbent president’s approval ratings (discussion here). I don’t have answers, but I have some observations.
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A Wisconsin Senator in the Conspiracy
Specifically, Senator Ron Johnson’s role:
Defense Spending over Time
Real defense spending is higher than at the Reagan buildup, but is (much) lower as a ratio of real GDP.
Structures Investment Booms (esp. in Manufacturing)
From the advance release:
GDP, GDO, GDP+
GDP is only one measure of income. Following up on Jim’s post on GDP (and housing), here are others.
Business Cycle Indicators at July’s End
Nominal consumption spending surprises on the upside. Here’s a picture of the series the NBER BCDC follows, along with monthly GDP.
GDP, GDI, GDO, GDP+
“It was the ‘meh’ of times. It was the worst of times…”
Conference Board is on the former, while the U. Michigan sides with the latter.
The Manufacturing Construction Boom and Nonresidential Investment
Deputy Asst Secretary Tara Sinclair and Asst Sec Van Nostrand and Special Asst Gupta discuss the ongoing boom in manufacturing construction. Here’s one graph: