Pete Domenici: “Consistent with that, everyone knows the American economy is, at best, a growth economy without new jobs or an American…”

“Consistent with that, everyone knows the American economy is, at best, a growth economy without new jobs or an American economy that has not come out of a recession. It looks as though it is the former rather than the latter, because if our method of measuring things is correct, we are growing. That is, the gross domestic product is getting a little bigger every month and in a year it will be significantly bigger. Let us start by defining how big is the gross domestic product. The sum total of all actions that are worth anything in America, that is the gross domestic product: $10 trillion.”