A Quote by Joseph Stiglitz
What most Americans mean when they say "the end of the recession" is, "When will it be back to normal? When can we get jobs? When will the employment rate be back to 4 percent or 5 percent?"
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Using any reasonable definition of a scientist, we can say that 80 to 90 percent of all the scientists that have ever lived are alive now. Alternatively, any young scientist, starting now and looking back at the end of his career upon a normal life span, will find that 80 to 90 percent of all scientific work achieved by the end of the period will have taken place before his very eyes, and that only 10 to 20 percent will antedate his experience.
We believe you will not have to pay more than the current rate structure proposes - which is, for 50 percent of the public, nothing; for another 25 percent, only a 10 percent increase; and for the remaining 25 percent, a 34 percent increase.
Many Americans who have suffered during a recession have had to cut their spending 1 percent, and they didn't like doing it, but they were able to do it to get their family's finances back in order.
This is ten percent luck, Twenty percent skill, Fifteen percent power of will, Five percent pleasure, Fifty percent pain, and a hundred percent reason to remember the name
I'm going to create tremendous jobs. And we're bringing GDP from, really, 1 percent, which is what it is now, and if Hillary Clinton got in, it will be less than zero. But we're bringing it from 1 percent up to 4 percent. And I actually think we can go higher than 4 percent. I think you can go to 5 percent or 6 percent.
The reason we've been growing at 1.8 percent for the last eight, ten years, which is way below the historical average, is in large part because of our tax code. It is important to us to get the biggest, broadest tax reduction, tax cuts, tax reform that we can possibly get because it's the only way we get back to 3 percent growth. That's what's driving all of this, how do you get the American economy back on that historical growth rate of 3 percent and out of these doldrums of 1.8, 1.9 that we had of the previous Barack Obama administration?
People aren't stupid. I mean, people remember in 1990, the unemployment rate was 10 percent. Now it's 4 _ percent. We've got 1/4 million jobs that we've created.
The black unemployment rate has to be twice that of the white rate in the US. If the national unemployment rate were 6.8 percent, everyone would be freaking out. We ought to not take too much solace in the 6.8 percent, but ask ourselves what can we do to bring that down to white rates, which are below 4 percent now. Some of that has to do with education, but that's just part of the story. You find that those unemployment differentials persist across every education level. I think it means pushing back on discrimination and helping people who can't find work get into the job market.
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.
The Marines estimate that roughly a hundred or 200 women will be interested in going into these jobs - roughly 2 percent of those jobs. Still, this is historic. It's a biggest cultural change in the military maybe ever, probably bigger than integrating the force back in 1948 when African-Americans were no longer segregated in separate units.
First of all, I only get 50 percent of it, because, I mean, the galleries get 50 and 60 percent. I mean, that's normal. I understand that. I don't quarrel with that.
The unemployment rate has effectively not gone down from where it was at the peak of the recession. The only reason it's gone technically from 10 percent to 8 percent is so many people are discouraged and have quit work.
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.
Ninety-nine percent of everyday things are things we don't need - that goes for regular visits to the hairdresser just as it does for clothing. What would it mean if we all consumed 20 percent less? It would be catastrophic. It would mean 20 percent less jobs, 20 percent less taxes, 20 percent less money for schools, doctors, roads. The global economy would collapse.
I think that something is fundamentally wrong if a person of his great wealth is only paying 13.9 percent effective tax rate and most of Americans are paying 28, 30 percent and they make far less.
Cold-turkey deficit reduction would cause a significant recession. A recent analysis by the Congressional Budget Office estimated that going headlong over the cliff would cause our gross domestic product, which has been growing at an annual rate of around 2 percent, to fall at a rate of 2.9 percent in the first half of 2013.
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