USA Facts (w/Steve Ballmer)

In the “Just the Facts About the US Economy” Steve Ballmer discusses the current state of the US economy, focusing on key areas such as inflation, employment, wages, and income distribution. The US economy experienced a significant decline in real growth due to the COVID-19 pandemic but recovered with a surge in 2021. Real GDP per person reached an all-time high in 2023, but unemployment and inflation rates tell a more complex story. Unemployment rose to 14.8% in April 2020 but has since decreased to 4%. Inflation, measured by the Consumer Price Index , skyrocketed to 9% in June 2022 and is now down to 3.3%. However, key expenses like energy, food, and housing have become significantly more expensive, with housing costs increasing by 21% since January 2021. Median household income varies by race and ethnicity, with Asian households having the highest median income and Black households having the lowest. The poverty rate in 2022 was 11.5%, or approximately 38 million people, with 15% of all children living in poverty. Despite these challenges, the speaker expresses optimism about the American economy and workforce, noting that US employers added about 3 million jobs in 2023 and the median wage increased by nearly $8,250 since before the pandemic. However, once inflation was factored in, the real wage increase was only about $613 in 4 years. The speaker also discusses the impact of demographic shifts on household incomes and provides an update on the current economic situation, including unemployment, inflation, consumer prices, job growth, and mortgage rates.