How to measure economic wellbeing
WHEN George W. Bush took office in January 2001, the economy was producing roughly $10 trillion worth of output annually. This year, it looks like production will be in the neighborhood of $13.5 trillion. If we think of our nation’s GDP as analogous to an individual’s income, then that lucky fellow has seen his income increase over the past six years by about 35 percent. A person making $100,000 who saw the same increase in his income would now be making $135,000.
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