The meaning of “Solid” is elastic

From the Statement: “Economic activity has been rising at a solid rate despite hurricane-related disruptions.” The chart shows annualized growth during this “expansion”. Average growth since 2015 is the same as average growth from 2010 to 2014, about 2.1%. Since 2014, what has changed is the volatility of growth, which has dropped by almost half. The only thing that has remained inelastically “solid” is the deepening of the economic contraction!…

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