The US economy likely just entered its longest ever expansion – here’s who benefited in 3 charts – The Convers ation

Economic growth represents two things – how much more the U.S. economy produces from one year to the next and how much more income Americans have relative to the previous year.

These are two sides of the same coin. When items get produced and sold, businesses and ultimately workers receive income. In theory, economic growth should represent a higher standard of living for Americans.

Unfortunately, economic growth during the current expansion has neither been deep nor broadly distributed among most Americans.