Menzie Chinn, a professor of public affairs and economics at the University of Wisconsin–Madison and a research associate with the National Bureau of Economic Research, reviewed the claims and found them wanting.
“The conclusion that real GDP is lower as of 2024Q2 than it was in 2019Q1 is not backed up by any calculation using defensible deflators a sensible economist would use. Second, other non-deflator sensitive indicators of real economic activity do not exhibit a downward decline from 2022 onward,” Chinn said.