Category: Economic News
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Number of Job “Wanters” is About 14 Million (Not The President’s 94 Million)
Last night, the president said there are 94 million people "out of the labor force" needing a job. No. The number of people wanting a job is about 14 million people. Let us do the math: US Population = 330 million Population age 16 and older = 254 million (non-institutionalized) Adult population in the labor…
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GDP Growing Fastest in Poor Countries
The world's poorest regions have been growing the fastest for at least twenty years. The Economist forecasts world GDP to be 2.9%, Asia and Australasia (less Australia) at 5.7%, and Sub-Saharan Africa at 4.5%. These rates indicate a considerable slowing of growth from recent years. The US forecast is 3.2%. This is more evidence that…
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The Story of Globalization in 1 Graph
Atlantic: The Story of Globalization in 1 Graph … Globalization has winners and losers. The winners—particularly the upwardly mobile middle classes of China, India, Indonesia,Brazil, and Egypt—occupy the long hump of this elephant-like line. They have seen their inflation-adjusted incomes grow by 70 percent or more. The world's "1%" (which works out to the top…
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Nordic welfare state being cut down to size
Yahoo! News: Nordic welfare state being cut down to size Copenhagen (AFP) – The Nordic model, known for high taxes and its cradle-to-grave welfare system, is getting a radical makeover as nations find themselves cash-strapped. During the post-war period, the Scandinavian economies became famous for a "softer" version of capitalism that placed more importance on…
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Economics Links
1. Here's The Chart That Destroys What Republicans Are Saying About The Deficit 2. The 10 Most Popular Charts On The World's Most Amazing Economics Website Here is one example: Nominal GDP (3.1% growth year over year in Q2): 3. Global trade volume and world industrial production both reached new record highs in July 4.…
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The Financial States of America
The Financial States Of America by Money Choice has some interesting data about America. The link contains multiple captures from their interactive graphic.
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Why the US economy doesn’t weigh as much as we thought it did
AEI Ideas: Why the US economy doesn’t weigh as much as we thought it did … One way of analyzing the changing nature of the US economy is by looking at how much GDP physically weighs. Former Federal Reserve Chairman Alan Greenspan once remarked that the value of US GDP is five times as great…
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Debt, Spending and Taxes: All Time Highs? (3 Charts)
Business Insider has these three interesting graphs from the Bureau of Economic Analysis. Personal taxes are a little below the forty-year average, but federal spending including transfers, is near all-time highs, mostly due to an explosion in transfer payments. There is some good news from the New York Times: The Incredible Shrinking Budget Deficit ……