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| The Missing Ingredient: Economic Growth | |
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| Tweet Topic Started: Mar 28 2014, 08:44 PM (63 Views) | |
| Berton | Mar 28 2014, 08:44 PM Post #1 |
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Thunder Fan
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The Missing Ingredient: Economic Growth Unemployment, low wages and lack of opportunity for income advancement dominate discussion of our economy these days. But an obvious ingredient is too often missing from the conversation: economic growth. Growth, the rising tide that lifts all boats, creates more jobs, more wealth, and more opportunities for advancement. The various ills that voters and politicians complain about are all largely the consequence of slow or non-existent growth. This is the Obama administration’s most fundamental failing in domestic policy. Taking office in the wake of a severe recession, rapid growth should have been relatively easy to attain. But the administration’s wasteful spending (the stimulus) and anti-business policies (the EPA) put a lid on that great opportunity. The administration’s failure is dramatized by this simple graph, which compares the actual GDP growth in 2013 with the projections that the Obama administration made in its budget proposals of 2009, 2010, 2011 and 2012. Obama’s 2009 through 2011 budgets were predicated on the assumption that GDP would grow in 2013 by more than 4%. Only in 2012, with 2013 just around the corner, did Obama temper his prediction a bit. But even then, it was way off: ![]() Barack Obama told the American people that his policies would produce economic growth in excess of 4% annually. He was wrong. His policies failed. They produced less than one-half the rate of growth that Obama promised. This is, in my view, the central failure of the Obama administration in domestic policy, from which so many other failures flow......... LINK Why don't liberals want to grow the pie? |
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| Pat | Mar 29 2014, 01:11 AM Post #2 |
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Fire & Ice Senior Diplomat
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How did the EPA limit economic growth? I would like to see some examples of that one. And how did the stimulus limit economic growth. I agree that some EPA actions might have prevented a few projects with limited economic impact from going forth, but not to the extent that it contributed much to the morass of economic growth. And the stimulus simply bolstered some local and state government hiring, which is not economic growth, economic growth is from the private sector providing good paying jobs, not from a police force say, that hires extra cops or retains the positions. If you want economic growth then provide livable wages, a family of four living on a minimum wage job which pays about $15,000 per year, is $8,000 below the poverty level which is set at about $23,000 in that example. Our economy is run on people buying stuff, it's pretty hard to buy much when public policy is too dampen wages. |
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| Sea Dog | Mar 29 2014, 03:28 AM Post #3 |
Fire & Ice Senior Diplomat
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Whatsa matter Pat, are you too becoming tired of the constant and often false Obama bashing? |
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| wanderingjays | Mar 29 2014, 05:42 AM Post #4 |
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HELL IN A HELMET
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As are a lot of us |
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| Deleted User | Mar 29 2014, 07:02 AM Post #5 |
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Deleted User
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Economic growth requires jobs. Jobs require stimulation of the economy and providing jobs that pay enough to encourage people to consume. For that you need a decent living wage, not the erosion of the middle class and it earning power and concentration of wealth into the hands of a few, along with export of jobs to 3rd world countries that do not have the protection of unions, safety standards, etc. that we have seen trending since the Reagan era. We have in our greed for cheap labor, and low prices, enabled indudtrialization of countries like China who have few standards for worker well being and do not care how much green house gas they pump into the atmosphere. It is a return to the post industrialized Europe of the 17th century. It is all very simple, Berton, people work, earn money and spend it on products that businesses produce. Those businesses then have enough profit to pay more workers. It us a closed loop and the right wing and some on the left as well ave opened that loop up to the benefit of a few. It is ultimate suicide for our current formerly affluent society. |
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| Berton | Mar 29 2014, 10:37 AM Post #6 |
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Thunder Fan
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"A second, less important point should also be made. I have written many times that budgets are meaningless to the extent that they go beyond the next fiscal year. This is partly because future Congresses do not behave as predicted, but it is also due to the fact that any budget incorporates assumptions about how the economy will perform in future years. The Obama administration’s rosy (but wrong) predictions about economic growth have allowed it to understate the deficits that its profligate spending will produce. The difference between 1.9% growth and 4% growth, extended over a period of years, is enormous. We can now see that all of the projections that Obama and his budget team have given us are worthless." |
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