Growth is only valuable in the long-term, and in a long-term analysis PPP (which I generally find very hard to reason about) is going to wash out, just as the fraction of the economy measured by GDP washes out. The non-linear function dominates.

Year-to-year, the difference between 2.5% and 5% doesn't matter, which is how people convince themselves to downplay growth. But they are two radically different worlds for your grandkids.

Huh? Why wouldn’t that matter?

A 250 basis point difference in growth rate is enormous for pretty much every industry in the US.

That’s hundreds of billions of dollars extra circulating in tne economy.