Notice that a wartime government GDP component increased sharply from 1942 to 1945 resulting in a greater GDP growth. However, the living standards in the US during WW2 declined inspite of higer GDP numbers. Prosperity returned only after war ended and government spending collapsed allowing the private sector component to nearly doubled a single year, 1946. Even as the government spending decreased, leading to a contraction in a GDP growth, the post-war years were more prosperous than the war and pre-war era.
Provides data on budget receipts, outlays, surpluses or deficits, Federal debt, and Federal employment over an extended time period, generally from 1940 or earlier to 2016 or 2020. To the extent feasible, the data have been adjusted to provide consistency with the 2016 Budget and to provide comparability over time.
The single most astonishing fact about foreign exchange is not the high volume of transactions, as incredible as that growth has been. Nor is it the volatility of currency rates, as wild as the markets are these days.
Instead, it’s the extent to which the market remains dollar-centric.
Consider this: When a South Korean wine wholesaler wants to import Chilean cabernet, the Korean importer buys U.S. dollars, not pesos, with which to pay the Chilean exporter. Indeed, the dollar is virtually the exclusive vehicle for foreign-exchange transactions between Chile and Korea, despite the fact that less than 20% of the merchandise trade of both countries is with the U.S.
Chile and Korea are hardly an anomaly: Fully 85% of foreign-exchange transactions world-wide are trades of other currencies for dollars. What’s more, what is true of foreign-exchange transactions is true of other international business. The Organization of Petroleum Exporting Countries sets the price of oil in dollars. The dollar is the currency of denomination of half of all international debt securities. More than 60% of the foreign reserves of central banks and governments are in dollars.
The greenback, in other words, is not just America’s currency. It’s the world’s.
conservative think tanks: believing food, clean energy, and education is the same as silly walks.
You demand you clean energy subsidy—I demand my silly walks subsidy! Your demand is as good as mine in democracy.
except that in reality i can give good reason why it benefits everyone involved to invest in clean drinking water and an educated populous.
If somehow you were able to give sufficient evidence that your silly walks warrant the price your asking, then we SHOULD invest in your silly walk.
Except that in democracy “good reason” is not a prerequisite for popular demand—the votes are. Majority need only elect those politicians in power who promise to deliver silly walks subsidies. If a legal challenge is initiated by the minority—pro-silly walks majority can defeat it legislatively. If need be the constitution can be amended defining “silly walks” as one of the basic human rights.
Silly walks—not the brightest idea—but neither is democracy! Continue reading
If you ask most people what classical liberalism is, then they’ll say, it’s essentially free-market economics. It’s all about low taxes, laissez faire, reducing the government intervention in the economy. But in fact, that’s a rather impoverished and narrow idea of what classical liberalism is. It’s actually a comprehensive philosophy, a way of thinking about human society, human life, and the world, which has implications for all of the major academic disciplines. And as such, it has made major contributions in all of the different disciplines over the last 250 years or so. And what I’m going to do is explain what those are.