US trend growth has nearly halved

The chart shows US real GDP, with two long-term trends, plotted on a log scale.  A key factor in the lower growth rate since 2009 has been the fact that the economy recovered so sluggishly after the GFC.  It did much better than Europe, though, because the Obama administration was prepared to run huge deficits to get the economy restarted.  In Europe the EU forced weaker countries to tighten policy, causing a economic "double-dip" and 10 wasted years.

But I think a second factor is the way that the income of ordinary people stopped growing in real terms.  This made it much harder for GDP to grow as it had done before.  The shift of income upwards to the 10% and the 1% reduced growth.  Enlightened millionaires and billionaires should be in favour of a whole range of progressive ideas, such as increasing the minimum wage, spending more on education to uplift workers, a better health system, and so on, because they would increase growth which means they (the wealthy) would also be better off.  Enlightened self interest.

Don't hold your breath.

And now, we are about to enter a recession, with prob'ly a long period of sluggish growth, which will reduce trend growth even further.