Bouncing Back Bigger: Economy Dwarfs Pre-pandemic SizeNew data show that the U.S. economy is 3 percent larger than it was in 2019 and that the rebound has been more broadly shared than had been previously thought.
By Main Street Sentinel Staff
The U.S. economy has passed an important milestone according to a new study out of UC Berkeley. The team of economists report that the economy is now 3 percent larger than it was in 2019 before the pandemic ground the country to a screeching halt.
In fact, they report, GDP grew faster in 2021 then it has since 1984.
More promising, still, is not just that the economy has dwarfed its pre-pandemic size, but where that rebound has been most acutely felt. Data shows that the bottom 50 percent of earners saw their incomes grow faster than any other group.
This report comes on the heels of the Department of Labor’s announcement that US employers added 6.6 million jobs last year.
Experts say the success can be traced back to initiatives like the American Rescue Plan, a major economic recovery bill passed by the Biden Administration during his first year in office.