Neither the Private nor the Public Sector is Doing Fine

Today’s GDP data show roughly what was expected: Real GDP growth is estimated to have been 1.5 percent in the second quarter; the first quarter growth figure was revised upward from 1.9 percent to 2.0 percent. The economy is growing, but not nearly as fast as it should be. (Note, though these data are quarterly, all figures are annualized rates of change.)

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