Just the other day, I wrote:
So, I don’t go to bed worrying about inflation, or that we’ve been in an especially protracted recession for years and apparently don’t know it (an implication of claims you can find out there that CPI and like measures understate “true” inflation by very large amounts).
Now, Barry Ritholtz pulls the alternative GDP series from Shadow Government Statistics, a/k/a CPI-understates-inflation HQ, and sure enough, it says that we had essentially zero GDP growth through the Clinton years, and a lot less than that since.
My short response: Bullshit.
Pardon my language.
Added: In an addendum to his post, Barry says that he thinks the most recent economic cycle wasn’t all it was cracked up to be. I strongly agree. However, I think it’s important to be clear as to what the real problems are. Barry mentions a big one, which is the sustainability of economic activity that’s driven by easy money. Another issue is the increasing income and wealth inequality that creates disconnections between aggregate economic growth and experiences (wage growth, wealth, debt) at or near (or even not so near) the median. The latter, in particular, has implications that even the center-left a la the Democratic presidential contenders is loath to take on non-rhetorically.