Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By Corporate Justice Blog
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

The State of the Real Economy

% of readers think this story is Fact. Add your two cents.


For all of its terrible consequences, lawless capitalism has not destroyed the US economy which is a testament to the fundamental strength, character, and resilience of the American people.

Let’s start with productivity. The US is the third most productive economy on earth in terms of GDP per capita. In terms of out put per man hour today’s American worker is five times more productive than in 1945. In fact, since 1995 America has seen an above trend productivity surge as evidenced below:

Indeed, American workers are the envy of the world in terms of productivity growth:

Similarly, the US was recently ranked the 7th most innovative nation in the world by Insead business school.  The US ranks third in the world in patents per capita behind only Japan and South Korea.

According to the OECD the US worker ranks 9th in the world in daily minutes of actual work. As recently as 1997, the US worked more hours per capita than any other nation.

We as a nation face serious economic challenges. First and foremost, we failed to deleverage after the crash of 2008 (by, for example, letting all the excessively leveraged banks fail which would have permitted them to discharge massive debts) and now live in an economy addicted to unsustainable debt (which bond guru Bill Gross terms a credit supernova).

Second, due largely to our failed efforts to revive our economy (because mainly we just pumped massive liquidity into the megabanks which they hoard), our employment participation is still stagnant.

Third, in the wake of the crisis too many Americans took shelter in disability and other forms of government aid which is also unsustainable. More Americans need to return to work.

Finally, unfunded liabilities in terms of entitlements have soared (up to $100 trillion) as growth and employment contracted. As I have argued before we must reform entitlements and gradually raise taxes to the historic norm of 18% of GDP. If there are freeloaders in America today it is clearly the same economic elite that crashed capitalism in 2008, which now refuses to impose a rational tax burden upon themselves:  

 

ALL OF THESE PROBLEMS ARE ROOTED IN LAWLESS CAPITALISM.



Source:


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.