US Economic Performance in 2023 12324

It’s hard to get a single answer on 2023 data, especially this early on google. Government data is subject to revision and different data sources report different numbers.  I use Nominal GDP because it isn’t fiddled with like “real gdp” that is normally higher than “nominal gdp.   

According to Google Search, US nominal GDP increased to $27.610 trillion in 2023.

https://www.google.com/search?q=us+nominal+gdp+2023&oq=us+nominal+gdp+2023+&gs_lcrp=EgZjaHJvbWUyCAgAEEUYHhg5MgcIARAAGIAEMgYIAhBFGEAyCAgDEAAYCBgeMggIBBAAGAgYHjIICAUQABgIGB4yCAgGEAAYCBgeMggIBxAAGAgYHtIBCTE4MzU5ajBqN6gCALACAA&sourceid=chrome&ie=UTF-8

The US population reached 335.9 million in 2023.

https://www.google.com/search?q=us+population+2023&oq=us+population+2&gs_lcrp=EgZjaHJvbWUqCggAEAAYsQMYgAQyCggAEAAYsQMYgAQyDQgBEAAYgwEYsQMYgAQyBggCEEUYOTIKCAMQABixAxiABDIMCAQQABhDGIAEGIoFMgcIBRAAGIAEMgcIBhAAGIAEMgcIBxAAGIAEMgcICBAAGIAEMgcICRAAGIAEqAIAsAIA&sourceid=chrome&ie=UTF-8

If that is correct, the 2023 US per capita GDP is $82.197 ($27.610 trillion divided by 335.9 million)

But this is higher than reported by the dgydj at $74202

The US median household income declined from $75834 in 2022 to $74202 in 2023

https://dqydj.com/average-median-top-household-income-percentiles/

According to the World Bank, the US 2023 GDP was $25,439.70. ($25,439.70 divided by 335.9 million is $75,736). This is closer to the World Bank data.

According to Forbes, the US economy is expected to grow by 2.4% in 2023 and 1.5% in 2024. 

https://www.forbes.com/sites/ankitmishra/2023/12/18/leading-experts-weigh-in-on-growing-the-us-economy-in-2024/?sh=274f5d6451a5

According to Google Search, the US population reached 333.3 million in 2022.

https://www.google.com/search?q=us+population+2022&oq=us+population+2022&gs_lcrp=EgZjaHJvbWUyDAgAEEUYORixAxiABDIHCAEQABiABDIHCAIQABiABDIHCAMQABiABDIHCAQQABiABDIHCAUQABiABDIHCAYQABiABDIHCAcQABiABDIHCAgQABiABDIHCAkQABiABKgCALACAA&sourceid=chrome&ie=UTF-8

US Inflation statistics are hard to track. The Core Inflation used by the Fed is based on the CPI and doesn’t include food or energy. The CPI reports cost increases in goods and services but doesn’t include food or energy.  Energy costs include gasoline, natural gas and fertilizer. To calculate real inflation you have to add the cost increases in food and housing.

According to nerdwallet, Since 2020,

Food costs rose by 23.5%.

Rent costs for apartments rose by  23.1%

Rent costs for homes rose by 35.7%

https://www.nerdwallet.com/article/finance/rental-market-trends

According to Google Search, Since 2020, Residential Electricity costs rose by 10.7%

Gasoline costs rose by $1.24 from an average of $2.28 to 3.52. Gasoline rose by 54%

The cumulative effect of food energy and housing costs have devastated middle to low-income families.

The CPI and Core inflation statistics have been brought to you by the statistician who drowned in a lake with an average depth of 3 feet.

Government inflation data on Google adds up to about 16%. If we add food and energy I expect that real inflation is closer to 30% for the middle-income families and 50% for low-income families. Families are limiting their spending to food, supplies, shelter, utilities and gasoline. The first step to lower these costs is to increase drilling of oil and natural gas and let the increase in “supply” to lower the costs. This will also lower revenues in Russia and Iran to limit their aggression.

Norb Leahy, Dunwoody GA Tea Party Leader