The US economy’s fourth-quarter growth trounced forecasts as cooling inflation fueled consumer spending, capping a surprisingly strong year that defied recession calls.
This is the same thing that Krugman has been ranting and raving about for a while, which is that consumer spending is on the rise, which must mean that the economy is doing great. Seemingly not bothering to answer the obvious question “what are people spending money on” and since GDP only measures whether people are spending money or not, and people being gouged on rent, food, clothing, utilities, and other famous luxuries, GDP is going up.
This is the same thing that Krugman has been ranting and raving about for a while, which is that consumer spending is on the rise, which must mean that the economy is doing great. Seemingly not bothering to answer the obvious question “what are people spending money on” and since GDP only measures whether people are spending money or not, and people being gouged on rent, food, clothing, utilities, and other famous luxuries, GDP is going up.