logo
welcome
Noahpinion | Noah Smith

Noahpinion | Noah Smith

Let us pause to appreciate the remarkable U.S. economy

Noahpinion | Noah Smith
Summary
Nutrition label

79% Informative

The U.S. economy is giving us all of the things you want from a macroeconomy: high employment rates, low inflation rates and fast wage growth.

The unemployment rate is very low, at 4.1% — a little higher than in 2023 , but still very low in a historical sense: The last month of job growth was particularly strong, sending the unemployment rate slightly lower.

The U.S. economy is generating a lot of wealth, including household net worth, adjusted for inflation.

Inflation could come back, of course, and we have to be vigilant, but for right now, the problem is gone.

Wages and productivity are both up and the stock market is doing remarkably well.

Even after the end of pandemic relief spending, the U.S. government has been running huge deficits, unprecedented outside of war or severe recession.

In 2024 the deficit is projected to be $1.9 trillion , which in a $29 trillion economy is about 6.5% of GDP.

Deficits do probably boost growth, but you’re not supposed to do this in good economic times.

VR Score

83

Informative language

83

Neutral language

21

Article tone

informal

Language

English

Language complexity

39

Offensive language

not offensive

Hate speech

not hateful

Attention-grabbing headline

not detected

Known propaganda techniques

not detected

Time-value

short-lived

External references

39

https://www.atlantafed.org/chcs/wage-growth-trackerhttps://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb1934bea-e8f5-4638-92ee-9a9dfb3fa7e8_1320x450.pnghttps://washingtonmonthly.com/2023/03/07/joe-biden-broke-his-2020-pledge-on-fracking-good/https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F55b1fa3b-51db-4dc6-a183-31ecbfefa8ed_1320x450.pnghttps://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe1c3b8b5-ca07-4635-8dd5-5b85bc27793c_761x500.jpeghttps://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F890e7b32-3822-4504-920a-aa3d3aa9d521_918x430.jpeghttps://www.axios.com/2024/08/28/trump-harris-national-debt-electionhttps://www.nber.org/papers/w31010https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1817040e-f49e-4542-abea-14c08f65c527_1154x737.jpeghttps://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3a39aa40-e3bb-40a3-8ce4-b46a7439f1e3_854x595.jpeghttps://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F467da6d8-3e1f-4314-a902-08b9932631c9_1320x450.pnghttps://x.com/JosephPolitano/status/1829500921560367391https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4232f388-c98a-4ddd-8656-8fcaf4e7820e_874x516.jpeghttps://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2c1e5e5f-77f0-4d8c-acae-82923e9aadda_1320x450.pnghttps://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d591ff7-b7c0-41d2-aa71-8e736a26f9e8_1320x450.pnghttps://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d501a8a-85e1-4c3f-ab90-83869af40c38_1320x450.pnghttps://www.supermarketnews.com/consumer-trends/grocery-food-prices-are-expected-to-fall-in-2024-and-2025https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2a25b2db-8ae8-4c49-8305-d41d2139ba29_1320x450.pnghttps://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F61e7a88d-3a1d-40d8-94e4-6ef1d3425ccb_1320x450.pnghttps://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcd53d893-faf6-49ed-a238-1bf248ecb58b_1020x680.jpeghttps://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbe9b3e4e-9640-4fb3-afc4-28ef09b0f205_1320x450.pnghttps://x.com/levie/status/1842241247404331311https://x.com/JustinWolfers/status/1836468634954424763/https://x.com/KamalaHQ/status/1842248889367212372https://unsplash.com/@samuelopes?utm_content=creditCopyText&utm_medium=referral&utm_source=unsplashhttps://fred.stlouisfed.org/series/GASREGW#0https://unsplash.com/photos/time-square-new-york-ynJZFSHPCfc?utm_content=creditCopyText&utm_medium=referral&utm_source=unsplashhttps://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbb253e99-fd78-4c63-850a-fa0cee9f0d7c_800x600.jpeghttps://www.cbo.gov/publication/60039https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffdd20eb0-ef0c-4abb-960b-6b1ff06a7b21_919x661.jpeghttps://x.com/JustinWolfers/status/1842298395030913207https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcc7d9464-02ec-48a9-ab8c-6856e0379c4a_1320x450.pnghttps://rhg.com/research/through-the-looking-glass-chinas-2023-gdp-and-the-year-ahead/https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7acc4be-1291-4ca4-9163-dc16af739d95_492x358.jpeghttps://x.com/marcorubio/status/1842246712225603776https://x.com/jasonfurman/status/1842185548766875968https://x.com/besttrousers/status/1842249190476300455https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fed3970f4-4b2c-48d9-8bb8-78c2679f07e5_915x433.jpeghttps://www.eia.gov/todayinenergy/detail.php?id=61545

Affiliate links

no affiliate links