Wednesday, January 06, 2010

Economic Growth

Sometimes it's easy to forget how important economic growth is to different people in the World. We are quickly remined in the eyes of a recession, but even in good times the growth of our economy in the US and the World's economies can mean much more to others around the World. When the economy in the US grows often times some of the greatest gains are to people in developing countries. I'm not referring to other people stealing our jobs or anything like that, but I am talking about other people gaining access to stable nutrition, shelter and health care. It's important to remember these benefits around the World when politicians in the US want to enact growth prohibiting legislation such as higher taxes, environmental restrictions, and more restrictive labor laws. This article from the NY Times does a great job of explaining how important economic growth is to the US and other countries as well.

1 comment:

Anonymous said...

Now that we are in the federal budget season watch closely and see how assumptions of future GDP will enable the government to claim they are balancing the budget in X number of years even though spending continues to rise at record levels.

If spending is not contained will any gains attributed to growth be offset by the continued devaluation of the dollar?