People typically use the "Real GDP" (adjusted for inflation) when making that argument: https://fred.stlouisfed.org/series/GDPC1 https://fred.stlouisfed.org/se

People typically use the "Real GDP" (adjusted for inflation) when making that argument: https://fred.stlouisfed.org/series/GDPC1 https://fred.stlouisfed.org/series/GDPC1 It did shrink for two quarters in a row, Q1 and Q2 2022. Q3 went back up. Here's a "Real GDP percent change" graph that makes it easier to see: https://fred.stlouisfed.org/series/A191RL1Q225SBEA https://fred.stlouisfed.org/series/A191RL1Q225SBEA