Is The Private Sector Doing Fine?
Last week, President Obama took a fair amount of heat for going off script and saying that the “private sector is doing fine.” Well the chart above is the GDP – Government Consumption Expenditures a measure of the production of the private sector. As Matthew Yglesias explains:
To say it’s “doing fine” is overly optimistic. The private sector took a huge blow and it hasn’t recovered from that blow. But the private sector has pretty steadily grown in the Obama years, while government purchases and public investment have stagnated or fallen.