2-1-22 economic growth

The U.S. economy grew last year at the fastest pace since Ronald Reagan’s presidency, bouncing back with resilience from 202’s brief but devastating coronavirus recession.  The nation’s gross domestic product, its total output of goods and services, expanded 5.7 percent in 2021.  Retired Ripon College economist Paul Schoofs says that’s good news.  It was the strongest calendar year growth since a 7.2 percent surge in 1984 after a previous recessioin.  The economy ended the year by growing at a solid 6.9 percent annual pace from October through December.  Squeezed by inflation and still gripped by COVID1-9 caseloads, Schoofs says he expects the economy to keep expanding this year.