"2023 Economic Outlook: Miracle Growth, Inflation Eases, and Misconceptions Cleared"
Originally Published 2 years ago — by The Washington Post
The U.S. economy experienced a "miracle" in 2023, defying recession predictions with accelerated growth, a sharp decline in inflation from 6.4% to 3.1%, and the addition of over 2.5 million jobs. This success is attributed to prolonged pandemic recovery, resolution of supply chain issues, continued consumer spending, and significant wealth increases across income levels, driven by stock market gains and rising home values. The massive government stimulus, low mortgage rates, and a strong labor market return also played key roles. While President Biden and previous administrations will be debated for their contributions, the unique combination of these factors set the U.S. apart from other economies.