The Costly Impact of Obamanomics
July 31, 2015
One of the reasons I repeatedly compare market-oriented countries with statist nations is to show that even minor differences in growth, if sustained over time, can have enormous impact on living standards for ordinary people.
And that’s why we should be very worried that America’s economy is sputtering. During the 138 years between 1870 and 2008, our economy expanded by an average of about 3 percent per year, but now it seems like 2 percent growth is the “new normal.”
With 3 percent yearly growth, by contrast, GDP doubles in less than 25 years.
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