Recent headlines have focused on the debt ceiling, the recent credit rating downgrade, unemployment, and the other thorny fiscal challenges facing the United States. But consider this: increasing the country’s average growth rate by one percentage point over the next 20 years would not only result in much higher incomes and more jobs for all Americans but would also obviate the need for drastic spending cuts today to reign in the government deficit. With a 2% increase per year, average incomes in the United States, and to a first approximation government tax revenues, would be 49% higher in 20 years than they are today; with a 3% increase per year, they would be 81% higher.
The Real Solution Is Growth
Recent headlines have focused on the debt ceiling, the recent credit rating downgrade, unemployment, and the other thorny fiscal challenges facing the United States. But consider this: increasing the country’s average growth rate by one percentage point over the next 20 years would not only result in much higher incomes and more jobs for all […]
August 08, 2011
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HBR Learning
Innovation and Creativity Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Innovation and Creativity. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Unlock your team's curiosity and willingness to take smart risks.