Current dollar spending per person in the United States is still below its pre-crisis peak. In 2008:Q2 domestic spending per capita was $50,081. In 2011:Q1 it reached 49,808. So 11 quarters later, the U.S. economy has yet to even return to its pre-crisis peak, let alone get anywhere near a reasonable pre-crisis trend. Time to adopt a nominal GDP level target.
Source: Fred Data
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