End the duopoly

Morton J. Marcus: America’s leading economic sector?

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Morton J. Marcus We all know that America’s leading economic sector is xxxxx.

What drives our economy, boosts Gross Domestic Product (GDP), and should be hailed as the “backbone” of our prosperity? Is xxxxx Farming? Manufacturing? Entertainment? Each would have a claim, but NO, despite the vigorous lobbying of each, the leading economic sector of U.S. in 2019 was Real Estate, rental and leasing services.

No! Can’t be! It’s a service. And only Health Care, among the services, could top Manufacturing or Farming. And what about Construction, there’s an awful lot of that too?

In 2019, according to the GDP figures released by the Bureau of Economic Analysis (BEA), 13.4% of GDP was in Real Estate, rental and leasing services. Manufacturing (durable and non-durable goods combined) was 11.0% and Agriculture (which includes farming plus forestry, fishing and hunting) was dead last of 21 sectors at 0.8%.

No! No! Those are fake numbers from BEA, an agency that needs to be taken to the woodshed and taught how to do things right.

Well, you can make that case for Indiana. Manufacturing accounted for 26.9% of GDP in 2019 and Real Estate etc. came in at 10%. But Manufacturing from 2007 (a year before the Great […]

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