Can you ask your uncle economist about 1970s economy. We had the best GDP growth year during that time above average of 1.7 for the period list below, 1947 - 2007. With polynomial trendline drawn for the GDP data, the peak of GDP was in mid 1970s.
During that time, we also had low national debt and high export/lower import.
We know that we also had high inflation and recession, reportedly.
This does not make sense that we had recession when we had the highest GDP growth during the period with low national debt and low imports.
Economist could put this in right perspective.
Quarterly
(Seasonally adjusted annual rates)
GDP in billions of current dollars GDP in billions of chained 2000 dollars
1947q1 237.2 1,570.5 1947q1
1947q2 240.5 1,568.7 1.4 1947q2 1.39
1947q3 244.6 1,568.0 1.7 1947q3 1.70
1947q4 254.4 1,590.9 4.0 1947q4 4.01
1948q1 260.4 1,616.1 2.4 1948q1 2.36
1948q2 267.3 1,644.6 2.6 1948q2 2.65
1948q3 273.9 1,654.1 2.5 1948q3 2.47
1948q4 275.2 1,658.0 0.5 1948q4 0.47
1949q1 270.0 1,633.2 -1.9 1949q1 (1.89)
1949q2 266.2 1,628.4 -1.4 1949q2 (1.41)
1949q3 267.7 1,646.7 0.6 1949q3 0.56
1949q4 265.2 1,629.9 -0.9 1949q4 (0.93)
1950q1 275.2 1,696.8 3.8 1950q1 3.77
1950q2 284.6 1,747.3 3.4 1950q2 3.42
1950q3 302.0 1,815.8 6.1 1950q3 6.11
1950q4 313.4 1,848.9 3.8 1950q4 3.77
1951q1 329.0 1,871.3 5.0 1951q1 4.98
1951q2 336.7 1,903.1 2.3 1951q2 2.34
1951q3 343.6 1,941.1 2.0 1951q3 2.05
1951q4 348.0 1,944.4 1.3 1951q4 1.28
1952q1 351.3 1,964.7 0.9 1952q1 0.95
1952q2 352.2 1,966.0 0.3 1952q2 0.26
1952q3 358.5 1,978.8 1.8 1952q3 1.79
1952q4 371.4 2,043.8 3.6 1952q4 3.60
1953q1 378.4 2,082.3 1.9 1953q1 1.88
1953q2 382.0 2,098.1 1.0 1953q2 0.95
1953q3 381.1 2,085.4 -0.2 1953q3 (0.24)
1953q4 375.9 2,052.5 -1.4 1953q4 (1.36)
1954q1 375.3 2,042.4 -0.2 1954q1 (0.16)
1954q2 376.0 2,044.3 0.2 1954q2 0.19
1954q3 380.8 2,066.9 1.3 1954q3 1.28
1954q4 389.5 2,107.8 2.3 1954q4 2.28
1955q1 402.6 2,168.5 3.4 1955q1 3.36
1955q2 410.9 2,204.0 2.1 1955q2 2.06
1955q3 419.5 2,233.4 2.1 1955q3 2.09
1955q4 426.0 2,245.3 1.5 1955q4 1.55
1956q1 428.3 2,234.8 0.5 1956q1 0.54
1956q2 434.2 2,252.5 1.4 1956q2 1.38
1956q3 439.3 2,249.8 1.2 1956q3 1.17
1956q4 448.1 2,286.5 2.0 1956q4 2.00
1957q1 457.2 2,300.3 2.0 1957q1 2.03
1957q2 459.2 2,294.6 0.4 1957q2 0.44
1957q3 466.4 2,317.0 1.6 1957q3 1.57
1957q4 461.5 2,292.5 -1.1 1957q4 (1.05)
1958q1 454.0 2,230.2 -1.6 1958q1 (1.63)
1958q2 458.1 2,243.4 0.9 1958q2 0.90
1958q3 471.7 2,295.2 3.0 1958q3 2.97
1958q4 485.0 2,348.0 2.8 1958q4 2.82
1959q1 495.4 2,392.9 2.1 1959q1 2.14
1959q2 508.4 2,455.8 2.6 1959q2 2.62
1959q3 509.3 2,453.9 0.2 1959q3 0.18
1959q4 513.2 2,462.6 0.8 1959q4 0.77
1960q1 526.9 2,517.4 2.7 1960q1 2.67
1960q2 526.1 2,504.8 -0.2 1960q2 (0.15)
1960q3 528.9 2,508.7 0.5 1960q3 0.53
1960q4 523.6 2,476.2 -1.0 1960q4 (1.00)
1961q1 527.9 2,491.2 0.8 1961q1 0.82
1961q2 539.0 2,538.0 2.1 1961q2 2.10
1961q3 549.4 2,579.1 1.9 1961q3 1.93
1961q4 562.5 2,631.8 2.4 1961q4 2.38
1962q1 576.0 2,679.1 2.4 1962q1 2.40
1962q2 583.2 2,708.4 1.3 1962q2 1.25
1962q3 590.0 2,733.3 1.2 1962q3 1.17
1962q4 593.3 2,740.0 0.6 1962q4 0.56
1963q1 602.4 2,775.9 1.5 1963q1 1.53
1963q2 611.2 2,810.6 1.5 1963q2 1.46
1963q3 623.9 2,863.5 2.1 1963q3 2.08
1963q4 633.5 2,885.8 1.5 1963q4 1.54
1964q1 649.6 2,950.5 2.5 1964q1 2.54
1964q2 658.8 2,984.8 1.4 1964q2 1.42
1964q3 670.5 3,025.5 1.8 1964q3 1.78
1964q4 675.6 3,033.6 0.8 1964q4 0.76
1965q1 695.7 3,108.2 3.0 1965q1 2.98
1965q2 708.1 3,150.2 1.8 1965q2 1.78
1965q3 725.2 3,214.1 2.4 1965q3 2.41
1965q4 747.5 3,291.8 3.1 1965q4 3.08
1966q1 770.8 3,372.3 3.1 1966q1 3.12
1966q2 779.9 3,384.0 1.2 1966q2 1.18
1966q3 793.4 3,406.3 1.7 1966q3 1.73
1966q4 807.1 3,433.7 1.7 1966q4 1.73
1967q1 817.9 3,464.1 1.3 1967q1 1.34
1967q2 822.5 3,464.3 0.6 1967q2 0.56
1967q3 837.1 3,491.8 1.8 1967q3 1.78
1967q4 852.8 3,518.2 1.9 1967q4 1.88
1968q1 879.9 3,590.7 3.2 1968q1 3.18
1968q2 904.2 3,651.6 2.8 1968q2 2.76
1968q3 919.4 3,676.5 1.7 1968q3 1.68
1968q4 936.3 3,692.0 1.8 1968q4 1.84
1969q1 961.0 3,750.2 2.6 1969q1 2.64
1969q2 976.3 3,760.9 1.6 1969q2 1.59
1969q3 996.5 3,784.2 2.1 1969q3 2.07
1969q4 1,004.6 3,766.3 0.8 1969q4 0.81
1970q1 1,017.3 3,760.0 1.3 1970q1 1.26
1970q2 1,033.2 3,767.1 1.6 1970q2 1.56
1970q3 1,050.7 3,800.5 1.7 1970q3 1.69
1970q4 1,052.9 3,759.8 0.2 1970q4 0.21
1971q1 1,098.3 3,864.1 4.3 1971q1 4.31
1971q2 1,119.1 3,885.9 1.9 1971q2 1.89
1971q3 1,139.3 3,916.7 1.8 1971q3 1.81
1971q4 1,151.7 3,927.9 1.1 1971q4 1.09
1972q1 1,190.6 3,997.7 3.4 1972q1 3.38
1972q2 1,225.9 4,092.1 3.0 1972q2 2.96
1972q3 1,249.7 4,131.1 1.9 1972q3 1.94
1972q4 1,287.0 4,198.7 3.0 1972q4 2.98
1973q1 1,335.5 4,305.3 3.8 1973q1 3.77
1973q2 1,371.9 4,355.1 2.7 1973q2 2.73
1973q3 1,391.2 4,331.9 1.4 1973q3 1.41
1973q4 1,432.3 4,373.3 3.0 1973q4 2.95
1974q1 1,447.0 4,335.4 1.0 1974q1 1.03
1974q2 1,485.3 4,347.9 2.6 1974q2 2.65
1974q3 1,514.2 4,305.8 1.9 1974q3 1.95
1974q4 1,553.4 4,288.9 2.6 1974q4 2.59
1975q1 1,570.0 4,237.6 1.1 1975q1 1.07
1975q2 1,605.6 4,268.6 2.3 1975q2 2.27
1975q3 1,663.1 4,340.9 3.6 1975q3 3.58
1975q4 1,714.6 4,397.8 3.1 1975q4 3.10
1976q1 1,772.6 4,496.8 3.4 1976q1 3.38
1976q2 1,804.9 4,530.3 1.8 1976q2 1.82
1976q3 1,838.3 4,552.0 1.9 1976q3 1.85
1976q4 1,885.3 4,584.6 2.6 1976q4 2.56
1977q1 1,939.3 4,640.0 2.9 1977q1 2.86
1977q2 2,006.0 4,731.1 3.4 1977q2 3.44
1977q3 2,066.8 4,815.8 3.0 1977q3 3.03
1977q4 2,111.6 4,815.3 2.2 1977q4 2.17
1978q1 2,150.0 4,830.8 1.8 1978q1 1.82
1978q2 2,275.6 5,021.2 5.8 1978q2 5.84
1978q3 2,336.2 5,070.7 2.7 1978q3 2.66
1978q4 2,417.0 5,137.4 3.5 1978q4 3.46
1979q1 2,464.4 5,147.4 2.0 1979q1 1.96
1979q2 2,527.6 5,152.3 2.6 1979q2 2.56
1979q3 2,600.7 5,189.4 2.9 1979q3 2.89
1979q4 2,660.5 5,204.7 2.3 1979q4 2.30
1980q1 2,725.3 5,221.3 2.4 1980q1 2.44
1980q2 2,729.3 5,115.9 0.1 1980q2 0.15
1980q3 2,786.6 5,107.4 2.1 1980q3 2.10
1980q4 2,916.9 5,202.1 4.7 1980q4 4.68
1981q1 3,052.7 5,307.5 4.7 1981q1 4.66
1981q2 3,085.9 5,266.1 1.1 1981q2 1.09
1981q3 3,178.7 5,329.8 3.0 1981q3 3.01
1981q4 3,196.4 5,263.4 0.6 1981q4 0.56
1982q1 3,186.8 5,177.1 -0.3 1982q1 (0.30)
1982q2 3,242.7 5,204.9 1.8 1982q2 1.75
1982q3 3,276.2 5,185.2 1.0 1982q3 1.03
1982q4 3,314.4 5,189.8 1.2 1982q4 1.17
1983q1 3,382.9 5,253.8 2.1 1983q1 2.07
1983q2 3,484.1 5,372.3 3.0 1983q2 2.99
1983q3 3,589.3 5,478.4 3.0 1983q3 3.02
1983q4 3,690.4 5,590.5 2.8 1983q4 2.82
1984q1 3,809.6 5,699.8 3.2 1984q1 3.23
1984q2 3,908.6 5,797.9 2.6 1984q2 2.60
1984q3 3,978.2 5,854.3 1.8 1984q3 1.78
1984q4 4,036.3 5,902.4 1.5 1984q4 1.46
1985q1 4,119.5 5,956.9 2.1 1985q1 2.06
1985q2 4,178.4 6,007.8 1.4 1985q2 1.43
1985q3 4,261.3 6,101.7 2.0 1985q3 1.98
1985q4 4,321.8 6,148.6 1.4 1985q4 1.42
1986q1 4,385.6 6,207.4 1.5 1986q1 1.48
1986q2 4,425.7 6,232.0 0.9 1986q2 0.91
1986q3 4,493.9 6,291.7 1.5 1986q3 1.54
1986q4 4,546.1 6,323.4 1.2 1986q4 1.16
1987q1 4,613.8 6,365.0 1.5 1987q1 1.49
1987q2 4,690.0 6,435.0 1.7 1987q2 1.65
1987q3 4,767.8 6,493.4 1.7 1987q3 1.66
1987q4 4,886.3 6,606.8 2.5 1987q4 2.49
1988q1 4,951.9 6,639.1 1.3 1988q1 1.34
1988q2 5,062.8 6,723.5 2.2 1988q2 2.24
1988q3 5,146.6 6,759.4 1.7 1988q3 1.66
1988q4 5,253.7 6,848.6 2.1 1988q4 2.08
1989q1 5,367.1 6,918.1 2.2 1989q1 2.16
1989q2 5,454.1 6,963.5 1.6 1989q2 1.62
1989q3 5,531.9 7,013.1 1.4 1989q3 1.43
1989q4 5,584.3 7,030.9 0.9 1989q4 0.95
1990q1 5,716.4 7,112.1 2.4 1990q1 2.37
1990q2 5,797.7 7,130.3 1.4 1990q2 1.42
1990q3 5,849.4 7,130.8 0.9 1990q3 0.89
1990q4 5,848.8 7,076.9 0.0 1990q4 (0.01)
1991q1 5,888.0 7,040.8 0.7 1991q1 0.67
1991q2 5,964.3 7,086.5 1.3 1991q2 1.30
1991q3 6,035.6 7,120.7 1.2 1991q3 1.20
1991q4 6,095.8 7,154.1 1.0 1991q4 1.00
1992q1 6,196.1 7,228.2 1.6 1992q1 1.65
1992q2 6,290.1 7,297.9 1.5 1992q2 1.52
1992q3 6,380.5 7,369.5 1.4 1992q3 1.44
1992q4 6,484.3 7,450.7 1.6 1992q4 1.63
1993q1 6,542.7 7,459.7 0.9 1993q1 0.90
1993q2 6,612.1 7,497.5 1.1 1993q2 1.06
1993q3 6,674.6 7,536.0 0.9 1993q3 0.95
1993q4 6,800.2 7,637.4 1.9 1993q4 1.88
1994q1 6,911.0 7,715.1 1.6 1994q1 1.63
1994q2 7,030.6 7,815.7 1.7 1994q2 1.73
1994q3 7,115.1 7,859.5 1.2 1994q3 1.20
1994q4 7,232.2 7,951.6 1.6 1994q4 1.65
1995q1 7,298.3 7,973.7 0.9 1995q1 0.91
1995q2 7,337.7 7,988.0 0.5 1995q2 0.54
1995q3 7,432.1 8,053.1 1.3 1995q3 1.29
1995q4 7,522.5 8,112.0 1.2 1995q4 1.22
1996q1 7,624.1 8,169.2 1.4 1996q1 1.35
1996q2 7,776.6 8,303.1 2.0 1996q2 2.00
1996q3 7,866.2 8,372.7 1.2 1996q3 1.15
1996q4 8,000.4 8,470.6 1.7 1996q4 1.71
1997q1 8,113.8 8,536.1 1.4 1997q1 1.42
1997q2 8,250.4 8,665.8 1.7 1997q2 1.68
1997q3 8,381.9 8,773.7 1.6 1997q3 1.59
1997q4 8,471.2 8,838.4 1.1 1997q4 1.07
1998q1 8,586.7 8,936.2 1.4 1998q1 1.36
1998q2 8,657.9 8,995.3 0.8 1998q2 0.83
1998q3 8,789.5 9,098.9 1.5 1998q3 1.52
1998q4 8,953.8 9,237.1 1.9 1998q4 1.87
1999q1 9,066.6 9,315.5 1.3 1999q1 1.26
1999q2 9,174.1 9,392.6 1.2 1999q2 1.19
1999q3 9,313.5 9,502.2 1.5 1999q3 1.52
1999q4 9,519.5 9,671.1 2.2 1999q4 2.21
2000q1 9,629.4 9,695.6 1.2 2000q1 1.15
2000q2 9,822.8 9,847.9 2.0 2000q2 2.01
2000q3 9,862.1 9,836.6 0.4 2000q3 0.40
2000q4 9,953.6 9,887.7 0.9 2000q4 0.93
2001q1 10,021.5 9,875.6 0.7 2001q1 0.68
2001q2 10,128.9 9,905.9 1.1 2001q2 1.07
2001q3 10,135.1 9,871.1 0.1 2001q3 0.06
2001q4 10,226.3 9,910.0 0.9 2001q4 0.90
2002q1 10,333.3 9,977.3 1.0 2002q1 1.05
2002q2 10,426.6 10,031.6 0.9 2002q2 0.90
2002q3 10,527.4 10,090.7 1.0 2002q3 0.97
2002q4 10,591.1 10,095.8 0.6 2002q4 0.61
2003q1 10,705.6 10,126.0 1.1 2003q1 1.08
2003q2 10,831.8 10,212.7 1.2 2003q2 1.18
2003q3 11,086.1 10,398.7 2.3 2003q3 2.35
2003q4 11,219.5 10,467.0 1.2 2003q4 1.20
2004q1 11,405.5 10,543.6 1.7 2004q1 1.66
2004q2 11,610.3 10,634.2 1.8 2004q2 1.80
2004q3 11,779.4 10,728.7 1.5 2004q3 1.46
2004q4 11,948.5 10,796.4 1.4 2004q4 1.44
2005q1 12,154.0 10,878.4 1.7 2005q1 1.72
2005q2 12,317.4 10,954.1 1.3 2005q2 1.34
2005q3 12,558.8 11,074.3 2.0 2005q3 1.96
2005q4 12,705.5 11,107.2 1.2 2005q4 1.17
2006q1 12,964.6 11,238.7 2.0 2006q1 2.04
2006q2 13,155.0 11,306.7 1.5 2006q2 1.47
2006q3 13,266.9 11,336.7 0.9 2006q3 0.85
2006q4 13,392.3 11,395.5 0.9 2006q4 0.95
2007q1 13,551.9 11,412.6 1.2 2007q1 1.19
2007q2 13,768.8 11,520.1 1.6 2007q2 1.60
2007q3 13,967.3 11,659.3 1.4 2007q3 1.44
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