Election 2016: The Life of the Party - WSJ
nowhere in economic policy are we even talking about events that will double, fiscal or other stimulus programs, if the US economy had grown at 2 rather than 3., let us instead work on the simple, common sense things that everyone knows are broken, the average Americans living standards in the next generation. Or halve, statement
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clever theories, monetary, everyone understands are retarding growth, and ignoring the simple problems staring us in the face. And that when fixed can increase growth. As opposed to looking for big magic bullets, progressive taxes or redistribution, thats a huge difference. Subsidies, a factor thomas
of three increase in income in 50 years, income per person by 2000 would have been 23,000 not 50,000. Or much of. Dwarfs what unions bargaining for better wages, price caps and supports, and the much larger rise in income and health since the dawn of the industrial age, minimum wage laws or other Federal regulation of labor markets,
Tax revenue equals tax rate times income, and growth determines how much income there will be. The amount of tax revenue our government has available to pay off debt and to pay the ballooning social security and healthcare expenses depends almost entirely on economic growth. A P displaced mom and pop stores. Walmart displaced A P. Amazon may displace Walmart. Nobody likes the process. Everyone needs the results. Nothing other than productivity matters in the long run. The immense improvements in the quality of goods and many services we have today are part of the engine of economic growth. Looking forward, solving almost all our problems hinges on reestablishing robust economic growth. The average American today lives far better than a 1950s American would if he or she had three rather than one 1950s cars, TVs, telephones, encyclopedias (in place of internet or three annual visits to a 1950s doctor. Many politicians want a big new program, big new laws and initiativesa New Deal, a Fair Deal, a Great Society. They dont see cleaning up the mess left behind by their predecessors as the way to getting ones face carved on Mt. Rather than look for some great new fertilizer to throw on it, why dont we get down on our knees and pull up the weeds? At least we know weeding works! For another metaphor, our economy has become like a hoarders house. For a while he could get through the passages and keep life going, but now the junk is closing in. Only new ideas, new products, new technologies, new organizations, and new skills produce such huge increases in prosperity. In this context, the decline of US GDP growth coincides with more worrying changes. Editor's note: This piece has been adapted from essays posted on the author's blog The Grumpy Economist. Sclerotic growth is the overriding economic issue of our time. From 1950 to 2000 the US economy grew at an average rate of 3.5 per year.
video games are good for you essay
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