A Quote by Janet Yellen
Household spending growth has been particularly solid in 2015, with purchases of new motor vehicles especially strong. Job growth has bolstered household income, and lower energy prices have left consumers with more to spend on other goods and services.
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China's continued growth and rising household income are creating opportunities for lower-income economies in low-cost manufacturing.
U.S. economic activity continues to expand, led by solid growth in household spending. But business investment remains soft, and subdued foreign demand and the appreciation of the dollar since mid-2014 continue to restrain exports.
Globalization and free trade do spur economic growth, and they lead to lower prices on many goods.
There is job growth in renewables, there is job growth in energy efficiency and there is job growth in developing innovative industries and technologies to successfully meet the challenge of climate change.
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.
By liberating women from household work and helping to abolish professions such as domestic service, the washing machine and other household goods completely revolutionised the structure of society.
Deflation means a slowdown of income growth. Markets shrink, new capital investment and employment also taper off, so wages decline. That is what's happening as deliberate policy in Europe and the United States. Falling or stagnant prices are simply the result of having less income to spend.
Over the period from 1988 to 2005, the income share of the top five percent has grown by about 3.5 percent of global household income, and the shares of all the other groups have diminished. The greatest relative reduction was in the bottom quarter, which lost about one third of its share of global household income, declining from 1.155 to 0.775 percent, and now is even more marginalized.
It is critical that low-income consumers have access to alternative products and services such as rent-to-own. It gives working-class families opportunities to obtain decent household items without incurring the burden of debt.
Child care can almost bankrupt a family, even a two-parent household in which both parents are working. That keeps a parent from being at ease and it really stifles the social and economic growth of a family. Women are hit hard across the board, but particularly in homes where the mother is the head of the household and the only wage-earner. It hurts her, and it hurts her children.
Given the relativity concept, poverty cannot be eliminated. Indeed, an economic upturn with a broad improvement in household income does not guarantee a decrease in the size of the poor population, especially when the income growth of households below the poverty line is less promising than the overall.
From 2008 to 2016 all the growth in the American economy, all the growth in national income, was earned just by the wealthiest 5% of the population. So they got all the growth. 95% of the population didn't grow. If you can get a flat tax or other lower tax, as Trump is suggesting, then this richest 5% will be able to keep even more money. That means that the 95% will be even poorer than they were before, relative to the very top.
Globalisation, and specifically our connectivity to China, has contributed to a sustained growth in the U.S. economy, has led to full employment and has benefited consumers with lower-cost, high-quality goods.
If Republicans are correct that lower rates spur economic growth, then lower rates on all income - made possible in part by raising capital-gains rates - should bolster economic growth across the economy.
Occupational licensing laws - in trades like moving companies, realtors, hair dressers, limousine services, beauticians, physical therapy, and on and on - stunt small business start ups, destroy jobs, and raise prices for lower-income consumers.
For equity markets, the combination of low interest rates, strong economic growth and low inflation has proved very beneficial, with global share markets rising solidly in each of the past three years. This has been underpinned by strong growth in profits so that, notwithstanding the rise in share prices, P/E ratios have been declining on average.
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