US GDP Statistics Belie Economic Reality

Low-quality economic growth is masking the looming debt crisis. It’s a chimera that enables us to pretend that everything is fine.

The Department of Treasury building in Washington on April 10, 2023. Madalina Vasiliu/The Epoch Times

Commentary

One year ago, the prevailing consensus among economics and market analysts was that the United States would enter recession at some point in 2023 on the back of rising interest rates and tightening credit. March’s banking crisis seemed to confirm that the worst was yet to come.