<P> The Bush administration (2001--2009) and Obama administrations (2009--2017) applied banking bailout programs and Keynesian stimulus via high government deficits, while the Federal Reserve maintained near - zero interest rates . These measures helped the economy recover, as households paid down debts from 2009--2012, the only years since 1947 where this occurred, presenting a significant barrier to recovery . Real GDP regained its pre-crisis (late 2007) peak by 2011, household net worth by Q2 2012, non-farm payroll jobs by May 2014, and the unemployment rate by September 2015 . Each of these variables continued into post-recession record territory following those dates, with the U.S. recovery becoming the second longest on record in April 2018 . </P> <P> Debt held by the public, a measure of national debt, has risen throughout the 21st century, rising from 31% in 2000 to 52% in 2009 and 77% of GDP in 2017, which was ranked 43rd highest out of 207 countries . Income inequality peaked in 2007 and fell during the Great Recession, yet still ranked 41st highest among 156 countries in 2017 (i.e., 74% of countries had a more equal income distribution). </P> <P> U.S. nominal GDP was $19.5 trillion in 2017 . Annualized, nominal GDP reached $20.1 trillion in Q1 2018, the first time it exceeded the $20 trillion level . About 70% of U.S. GDP is personal consumption, with business investment 18%, government 17% (federal, state and local but excluding transfer payments such as Social Security, which is in consumption) and net exports a negative 3% due to the U.S. trade deficit . Real gross domestic product, a measure of both production and income, grew by 2.3% in 2017, vs. 1.5% in 2016 and 2.9% in 2015 . Real GDP grew at a quarterly annualized rate of 2.2% in Q1 2018 and 4.1% in Q2 2018 under President Trump; the Q2 rate was the best growth rate since Q3 2014 . </P> <P> As of 2014, China passed the U.S. as the largest economy in GDP terms, measured at purchasing power parity conversion rates . The U.S. was the largest economy for more than a century prior to that milestone; China has more than tripled the U.S. growth rate for each of the past 40 years . As of 2017, the European Union as an aggregate had a GDP roughly 5% larger than the U.S. </P>

The largest component of national income in the united states is