A Quote by Stanley Fischer
Year after year, we have had to explain from mid-year onwards why the global growth rate has been lower than predicted as little as two quarters back. This pattern of disappointment and downward revision sets up the first, and the basic, challenge on the list of issues policymakers face in moving ahead: restoring growth, if that is possible.
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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.
I feel that this is my first year, that next year is an election year, that the third year is the mid point, and that the fourth year is the last chance I'll have to make a record since the last two years; I'll be a candidate again. Everything I do in those last two years will be posturing for the election. But right now I don't have to do that.
Because after my first year I had a lot of success, took everybody by storm, came back the next year thought it was easy and didn't have near the season I had the previous year. It was kind of a wake-up call. And so, life goes on.
The 5-year mean global temperature has been flat for the last decade, which we interpret as a combination of natural variability and a slow down in the growth rate of net climate forcing.
For the three decades after WWII, incomes grew at about 3 percent a year for people up and down the income ladder, but since then most income growth has occurred among the top quintile. And among that group, most of the income growth has occurred among the top 5 percent. The pattern repeats itself all the way up. Most of the growth among the top 5 percent has been among the top 1 percent, and most of the growth among that group has been among the top one-tenth of one percent.
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.
The seed of a bamboo tree is planted, fertilized and watered. Nothing happens for the first year.
There´s no sign of growth.
Not even a hint.
The same thing happens - or doesn´t happen - the second year.
And then the third year.
The tree is carefully watered and fertilized each year,
but nothing shows. No growth. No anything.
For eight years it can continue. Eight years!
Then - after the eight years of fertilizing and watering have passed, with nothing to show for it - the bamboo tree suddenly sprouts and grows thirty feet in three months!
Sometimes, as is the case of peach and plum trees, which are often dwarfed, the plants are thrown into a flowering states, and then, as they flower freely year after year, they have little inclination to make vigorous growth.
One-time revenue spikes that aren't repeatable won't help you achieve consistent year-after-year growth.
I remember when I was in college, my junior year NWSL was not a thing and my senior year, it started up and I had a place to play now. It's really great that it's been able to be stable for these last seven years and we can always continue to push for more growth.
The data does not support that high-income tax cuts are the main drivers of growth, so I don't think that uncertainty over what the tax rate will be for someone that makes a million dollars a year has that big an impact on the economic growth rate in the country.
The Chinese tell time by 'The Year of the Horse' or 'The Year of the Dragon.' I tell time by 'The Year of the Back' and 'The Year of the Elbow.' This year it's 'The Year of the Ulnar Nerve.' Someone once asked me if I had any physical incapacities of my own. 'Sure I do,' I said. 'One big one - Jim Palmer.'
Health care is in as bad a shape as it has ever been after eight years of Barack Obama and the Democrat Party running it and running the US economy. It's an absolute disaster. Other areas of the economy are a disaster. Economic growth? There isn't any. It's 1% per quarter, a 4% growth rate per year if we're lucky. There is no expansion. There is no productivity increase.
The economy has barely recovered from the so-called 'Great Recession', with a 2 percent annual rate of growth since mid-2009. Peak worker wages, business investment, and productivity all occurred around the year 2000.
Physical growth is a function of time. No two-year-old child has ever been six feet tall. Intellectual growth is a function of learning. Spiritual growth is neither a function of time or learning, but it is a function of obedience.
After a pretty amazing year that included more wins than I thought possible, I rang in 2013 by watching the Times Square ball drop on TV... and then heading directly to bed. It might not have been the typical New Year's Eve for a 21-year-old, but what can I say? It was a training night!
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