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by bjacokes
957 days ago
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> It sounds like a lot of it just went to unprofitable SaaS companies U.S. GDP is north of $25 trillion and has grown 75% since 2009. Annual VC investments appear to be in the $200-300 billion range, from a quick search - presumably not all of it going to unprofitable SaaS companies. I'd go with the statistics over the gut intuition here. |
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Cumulative inflation since 2009 is 42.5%. Real GDP from Q3 2009 to Q3 2023 is up 37.8%[0], and that's with the base effect of 2009 having been a deep recession.
And looking deeper into the sector breakdowns, from 2009[1] to 2022[2], the lion's share of gains in GDP were from the information, finance, professional and business services, and government categories. Some, like manufacturing, have had no growth in real terms over that time.
The homeownership rate is lower now than in 2009[3]. Food is nearly 50% more expensive[4], higher than overall inflation. The cost to produce food is 51.8% higher[5]. Construction materials are 75% higher[6].
So yes, there are a lot of indications to suggest that proportionally, not as much capital was invested into the parts of the economy that are composed of atoms, not bits.
[0]: https://fred.stlouisfed.org/series/GDPC1
[1]: https://apps.bea.gov/scb/pdf/2012/05%20May/0512_industry.pdf
[2]: https://apps.bea.gov/iTable/?reqid=150&step=2&isuri=1&catego...
[3]: https://fred.stlouisfed.org/series/RHORUSQ156N
[4]: https://fred.stlouisfed.org/series/CPIUFDS
[5]: https://fred.stlouisfed.org/series/PCU311311
[6]: https://fred.stlouisfed.org/series/WPUSI012011