The West Virginia Center on Budget and Policy has compiled 10 charts providing interesting information about the current federal tax system in the United States. Total government receipts are just over 30 percent of the annual gross domestic product in the United States - second lowest among the world's highly industrialized countries. Only Australia's is lower.
In 2000, only about 4 percent of the nation's 5.5 million firms were exporters. Even among manufacturing firms, which often send products abroad, only about 18 percent of firms exported goods. exporting also is dominated by a relatively small number of firms. In 2000, the top 10 percent of exporters accounted for 96 percent of total US exports. Finally, exporting firms also differ in several ways from nonexporting firms. From 2000 through 2006, total exports from the united states as a share of gross domestic product averaged about 10.4 percent. Not surprisingly, goods-producing industries accounted for the majority of exports, representing 7.3 percentage points of this share. Recent studies, notably by economists Andrew Bernard, J. Bradford Jensen, Stephen Redding and Peter Schott, hav...
The following is an excerpt from "Bowing to Beijing" (Regnery Publishing, Nov. 14, 2011): O ne of the most widely believed myths about China today is that market reforms, a growing economy and a purportedly more progressive government are leading to a new age of opportunity. PRC propagandists point out that the country's middle class has grown from nothing a few decades ago to 100 million or so in 2010. What is left unsaid is that the middle class makes up less than 10 percent of the nation's population (compared to 60 percent in America), and that the average person still earns a paltry income in China, where per capita gross domestic product (GDP) is just $3,744 (compared to $45,989 in the United States).
As of the end of 2010, the United States moved from the largest recession since the Great Depression into its next expansionary phase - technically speaking. The Gross Domestic Product (GDP) of the United States has now surpassed the level it was at before "The Great Recession," in nominal terms. I hope you can contain your excitement.
AS of Monday, the federal government had borrowed as much money as it legally can - $14.3 trillion. The Obama administration wants members of Congress to raise the debt ceiling by another couple of trillion - again. As the Daily Mail's Jared Hunt noted in a recent story, the gross domestic product of the United States is about $15 trillion a year.
Now that the patient seems to have survived, the world's economic doctors are trying to determine what the treatment - trillions and trillions of dollars in government stimulus spending - did to the long-term health of the global economy. The longest, deepest global recession since the Great Depression ended last summer. For the final quarter of 2009, China and India reported strong growth and the United States said gross domestic product rose at an annual rate of 5.7 percent.
Small businesses have generated about 64 percent of the new jobs in the United States in the last 15 years and create more than half of the non-farm private gross domestic product. They are the backbone of the United States and our community. That is why Covina initiated a Business Retention and Expansion program, a shop local program (www.shopcovina.org), a fa ade rebate program for businesses in the redevelopment project areas, an ombudsman program, a job creation and retention program, a micro-enterprise program, and written handouts to help people thinking of starting up a business. The city also routinely meets and works with the Chamber of Commerce, their Economic Development Committee and the Covina Downtown Association to listen to and try to address their concerns. The city has...
For investors, emerging-market economies have become synonymous with long-term growth potential, coupled with extreme volatility. The world's gross domestic product is now evenly divided between the developed world, (nations such as the United States, England, Japan and Germany) and the developing world, (India, China, Brazil, Turkey, etc.) according to the Organization for Economic Cooperation and Development. The OECD predicts by 2030 the developing world will produce 60 percent of world GDP.
Economists, political scientists, reporters and pundits spend too much of their time looking at dysfunctional societies and trying to explain why there are poverty, joblessness and hopelessness. In many ways, Haiti is easy to explain - no rule of law and 200 years of corrupt and incompetent governments. Switzerland is the polar opposite. It has almost no corruption and has the rule of law with honest, competent judges and government administrators. The question should be, "What can we learn from the Switzerlands of the world about how to do things right" rather than, "What is wrong with the Haitis of the world?" Switzerland manages to run a smaller government as a share of gross domestic product than the United States and most other countries while providing a higher level of service, s...
From the beginning of 2003 through the first quarter of 2006, real gross domestic product in the United States grew at an average annual rate of 3.4 percent. As expected, unemployment during the period fell. Over the course of the next year, average growth slowed to less than half its earlier rate-but unemployment continued to drift downward. This situation presented a puzzle for policymakers and economists, who expected the unemployment rate to increase as the economy slowed. Typically, growth slowdowns coincide with rising unemployment. This negative correlation between GDP growth and unemployment has been named "Okun's law." Part of the enduring appeal of Okun's law is its simplicity, since it involves two important macroeconomic variables. Additionally, the relationship appears to e...
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