Mercatus Policy Download
Dr. Bruce Yandle's December 2023 Economic Situation Report
Dec 19, 2023
Patrick McLaughlin and Dr. Bruce Yandle discuss rising household wealth, interest rates, growing debt, potential consequences of spending, fuel economy standards, regulations, unintended consequences, and individual thinking in politics.
27:28
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Quick takeaways
- 2023 showed resilience in the US economy despite initial shocks, resulting in strong GDP growth, low unemployment, and decreasing inflation.
- Regulatory decisions can lead to unintended consequences and shape consumer preferences, as seen in the shift towards pickup trucks and SUVs due to fuel economy standards for automobiles.
Deep dives
Overview of the Economic Roller Coaster in 2023
The year 2023 was marked by turbulence and resilience in the US economy. The economy faced major shocks, including the lingering effects of COVID-19, supply chain disruptions, and increased cash flow due to stimulus measures. These factors initially led to slow GDP growth and rising inflationary pressures. However, as the year progressed, the economy showed resilience with retail sales and employment picking up. Ultimately, 2023 turned out to be a good year, with strong GDP growth, low unemployment, and decreasing inflation.
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