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NC State Economist Dr. Mike Walden – “Can the Economic Growth Rate Be Doubled?”

Mary:  This is Mary Walden with economist MW, welcoming you to the economic perspective.  Today’s program asks, can the economic growth rate be doubled?  Mike, the new Trump Administration is banking on dramatically increasing the country’s economic growth rate in order to address many of our problems.  Is this an achievable goal?

Mike:  Summary Answer

  1. Average annual growth rate of country (GDP) since the recession has been around 2%
  2. Trump Adm. wants to increase it to at least 4%
  3. But since 1980 – 36 years – that rate has been reached only 9 times
  4. Further, since 2000 it has never been hit
  5. One possible reason – the slower growth rate has nothing to do with our economic policies
  6. Instead it is a result of our aging society – history shows that older societies tend to have slower economic growth rates
  7. So going from 2% to 4% may be a tall order
  8. I’m MW

Mary: And I’m Mary Walden for the North Carolina Cooperative Extension Service