Fed tells us about interest, but what about cost of living? Economies are born out of product production, now known as the Real Gross Domestic Product. The “Real” means it is not inflation adjusted for reasons of long-term accuracy. The RGDP then spawns both the related and unrelated service industries. All of this is not possible without energy and power. In 1960, the RGDP, as measured by the Federal Reserve Bank of St. Louis, was 10 percent. In 1963, it fell to 5 percent. Between 1963 and 1993, there was a 10 year running average of 2.7 percent RGDP. It …
Letters to the editor for Saturday, June 22, 2013
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