If the GDP is $14T and Uncle Sam spends $1T as a budget add on for stimulus purposes, gives $ handouts, that is 7.1%. So, actually, GDP would have been -3.1%. For the year! Thats deep recession, four quarters.
And there were 2 QEs and a stimulus package.
We have never come out of the recession. It is long and deep.
yitbos
I agree. I huge percentage of our claimed GDP has been borrowed money over the last few years. All these people did was spend our future now without actually addressing the problems that got us here.