Joined: 28 Dec 2005
|Posted: Sun Jan 31, 2016 11:06 am Post subject: U.S. Economy
Sherparick, the South lost the Civil War and lagged in the Industrial Revolution. To test political effectiveness, it would be more accurate to compare counties, controlling for influential variables, throughout the U.S..
Also, offshoring and the Law of Comparative Advantage benefited the country tremendously. Unfortunately, too many anti-growth policies slowed the expansion of the economy.
Moreover, American businesses created tremendous value for the masses. We need more successful entrepreneurs. And, we need capitalism based on a meritocracy, not crony-capitalism, that exclusively exchange favors with the political class.
Sherparick, the U.S. benefited tremendously offshoring older industries, with declining prices, and shifting limited resources into high-end manufacturing and emerging industries with market power. Moreover, the U.S. benefited by exchanging worth less dollars for valuable goods. Unfortunately, more progressive taxes on the middle class and excessive regulations slowed domestic growth.
Also, there are many more variables that influence living standards than oil production.
The country was at full employment when the economy peaked in 2007. The 2001-07 expansion was on top of a huge economic boom in 1982-00 and on top of a mild recession in 2001. The country has been in depression, since the recession ended in 2009. You canít blame Bush for that, although some people try.
At least, you donít disagree with my statement about the South losing the Civil War and lagging in the Industrial Revolution.