Accounting for inflation changes the picture a lot from this senationalism of “soared.” Nothing “soared” so far:
| FY | Nominal | Real (2025 $) | Real YoY change |
|---|---|---|---|
| 2015 | $582B | $791B | — |
| 2016 | $584B | $783B | -0.9% |
| 2017 | $590B | $775B | -1.1% |
| 2018 | $623B | $799B | +3.1% |
| 2019 | $676B | $851B | +6.6% |
| 2020 | $714B | $888B | +4.3% |
| 2021 | $742B | $882B | -0.7% |
| 2022 | $751B | $826B | -6.3% |
| 2023 | $805B | $851B | +3.0% |
| 2024 | $850B | $872B | +2.6% |
| 2025 | $893B | $893B | +2.4% |
| 2026* | $962B | $936B | +4.8% |
| 2027* | $1.5T | $1.425T | +52.3% |
* Projection-based rows.
If the 2027 rise occurs, though, that will be “soared.” Motherfuckers do not do their homework. And they should.