A Quote by Adair Turner, Baron Turner of Ecchinswell
If your credit is going to grow at 10-15 percent per year in order to get your 5 percent GDP growth per year, eventually you're going to have a problem. This isn't a stable system.
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If unemployment could be brought down to say 2 percent at the cost of an assured steady rate of inflation of 10 percent per year, or even 20 percent, this would be a good bargain.
For a developing country, average long-run growth of 5 percent a year per capita is excellent, and 7 percent is stellar.
Eighty five percent of Americans, year in and year out, say they believe everyone should have universal coverage. The problem is everybody has a different idea of how to make it work. And unfortunately what you have is 85 percent of Americans are reasonably well-insured. And when you start thinking about how you're going to get the remaining 15 percent, everyone gets very nervous.
If you're going to buy something which compounds for 30 years at 15% per annum and you pay one 35% tax at the very end, the way that works out is that after taxes, you keep 13.3% per annum. In contrast, if you bought the same investment, but had to pay taxes every year of 35% out of the 15% that you earned, then your return would be 15% minus 35% of 15%-or only 9.75% per year compounded. So the difference there is over 3.5%. And what 3.5% does to the numbers over long holding periods like 30 years is truly eye-opening.
The growth of the American food industry will always bump up against this troublesome biological fact: Try as we might, each of us can only eat about fifteen hundred pounds of food a year. Unlike many other products - CDs, say, or shoes - there's a natural limit to how much food we each can consume without exploding. What this means for the food industry is that its natural rate of growth is somewhere around 1 percent per year - 1 percent being the annual growth rate of American population. The problem is that [the industry] won't tolerate such an anemic rate of growth.
Our royalty statement has been minimal and menial. Really. We don't collect more than a per cent of a per cent of a per cent of a per cent of a per cent of a per cent of a per cent. We get maybe the seventh of 1 percent.
If one is talking to a finance minister of a poor country, moral arguments tend not to get very far. But if you can argue that their country is going to grow 2 percent faster per year if they can just harness the power of the female half of the population more effectively, that is an argument they consider.
With the right kind of financing, I think we can grow by 100 percent per year.
For any economy, there are two basic factors determining how many jobs are available at any given time. The first is the overall level of activity - with GDP as a rough, if inadequate measure of overall activity - and the second is what share of GDP goes to hiring people into jobs. In terms of our current situation, after the Great Recession hit in full in 2008, US GDP has grown at an anemic average rate of 1.3 percent per year, as opposed to the historic average rate from 1950 until 2007 of 3.3 percent.
In 1990, about 1 percent of American corporate profits were taken in tax havens like the Cayman Islands. By 2002, it was up to 17 percent, and it'll be up to 20-25 percent very quickly. It's a major problem. Fundamentally, we have a tax system designed for a national, industrial, wage economy, which is what we had in the early 1900s. We now live in a global, asset-based, services world. And we need to have a tax system that follows the economic order or it's going to interfere with economic growth, it's going to reduce people's incomes, and it's going to damage the US.
In the United States, oil demand is projected to grow by 340,000 barrels per day this year and gasoline demand is projected to grow nearly two percent, averaging 9.3 million barrels per day for the summer.
One of the great drivers of the alienation that has made Donald Trump possible is that the growth in the American economy has been weak. In the decade from 2005 to 2015, there was not one year when the US hit three per cent growth. And to the extent there's been growth, virtually all of it has been collected by the top 10 per cent of the population. Obviously, if we knew how to make growth faster, we would. We don't. And it's very difficult to make growth more broadly shared. Because it's not just the US that has this problem.
Educating girls just one year beyond the average fourth grade education increases their eventual earnings by 10 to 20 percent. Every additional year of secondary education can increase future wages by 15 to 25 percent.
We all know that China is industrializing at a growth rate of 8 to 10 percent per year. China is on track to pass the U.S. as the largest economy in the world in 20 to 25 years, and China is determined to give its people a chance at this high standard of living that we enjoy.
When guys feel like it's a contract year so you're forcing, you're stressing, you're trying to do that, what I try to tell them is GMs and scouts don't even look at your points per game. They look at your efficiency, your plus-minus. Everything's so analytical. You can average 15 and be a terrible analytic player - you're not going to get paid.
Anything greater than 350 of parts of carbon dioxide per million is more than the planet can safely deal with. It is what's overwhelming our climate system. Because we've been going up about three parts per million per year. And eventually, we will always be above 410, and then above 420, and above 430. We just keep pouring more carbon into the atmosphere.
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