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Call it the New Normal or Great Stagnation, but there’s plenty of concern that America’s weak 2000s growth rate — before and after the Great Recession and Financial Crisis — is a harbinger of anemic growth to come. And GDP has indeed been weak, just 1.9% annually since 1999 vs. 3.6% from 1948-99.
Yet if you look at GDP growth on a per capita basis and compare it to America’s longer-term growth trend, it doesn’t look nearly so dire, as NYU economist William Easterly points in a tweet — “That horribly traumatic Growth Slowdown in the US may not actually exist” — highlighting this chart from Stanford economist Charles Jones: