why prosperity is hip, and raises living standards
The average real economic growth of 3. 2% a year.
At this rate, our GDP will double every 22 years.
It is this sustained, long-term economic growth that has made the United States the dominant superpower in the world. Last year, U. S.
Real economic growth is negligible. 7%.
The current quarter may not be much better.
Historically, the deeper the recession, the stronger the recovery.
This is because of the US government. S.
The economy has been rebounding for a long time.
But not this time.
As the recovery is so weak, well below historical standards, we will be 20% lower than the long term trend line in the US, according to the current trendS.
The economy is permanent, which means that living standards are 20% lower than we have in the meantime by catching up with the long-term trend line faster than trend growth.
However, if we fall into recession again next year, our standard of living will lag behind the United States more and more. S.
The long-term trend of the economy.
This is a fundamental change, but we cannot believe it or bring hope to us.
But another recession next year is exactly what I expected under current policy, as I said in my previous column.
With the Obamacare tax coming into effect next year and the Bush tax cut expiring, President Obama has refused to extend the tax cut for singles earning more than $200,000 a year, and couples have earned more than $250,000, in other words, job creators, small businesses and investors in the country, the highest tax rate on almost all major federal taxes will soar.
The only significant exception is the federal corporate tax rate, which is actually the highest in the industrialized world and does not see any relief.
Coupled with Obama\'s construction regulatory costs peaking next year, the Fed is likely to adopt a tightening model after the election to shorten inflation, and the result will be another huge recession, after a long trend of traditional American Prosperity, American living standards have fallen further.
In sharp contrast, the US economy has caught up with its long-term economic growth trend line, which means that the economy will flourish in the next 10 years, with an average annual actual growth rate of 4.
4%, then continue at 3.
The actual annual growth rate is 2%. Ten years of 4.
Real growth of 4% will make living standards and GDP in the United States more than 50% higher than today.
This is the natural prosperity of this economy, with the right support.
The growth policy is just to keep the government out of the way and let the economy grow freely.
Steve Moore, in the Wall Street Journal Weekend article on March 10, shows what this boom will involve --
What can he teach California.
Speaking of the emerging town of oil and gas in Williston, North Dakota, he wrote, \"the new house is emerging at an extremely fast pace.
McDonald\'s offers employees a $36 bonus per hour plus a signing bonus.
He added that \"in 2011, North Dakota led the country in terms of employment and income growth\", with the lowest unemployment rate of 3. 3%.
As a result, \"North Dakota also has sufficient cash and budget reserves, with at least $1 billion out of $3.
Budget for the 5 billion biennium.
The state has cut income taxes and is building thousands of miles of infrastructure projects-roads, bridges, railways, pipelines --
There is little money from Uncle Sam.
Moore explained, \"All this is due to the leap in fracking technology, which allows drilling workers to explode in underground shale and drain oil and gas.
He elaborated on the new prospects of the technology breakthrough, \"in 1995, the United StatesS.
According to Geological Survey, there are 0. 15 billion barrels of \"technically recoverable oil barrels\" in the Bakken shale [
The root of North Dakota\'s prosperity.
In April 2008, the figure reached 4 billion barrels. In 2010, geologists set it at 8 billion barrels.
This week, they announced 24 billion barrels of oil because they found lower oil reserves.
Current technology only allows the extraction of about 6% of oil from one to two miles above the surface of the Earth, so as technology advances, recoverable oil may eventually exceed 500 billion barrels.
\"The political leader who knows this best today is Newt Gingrich, who recently wrote that thanks to this new breakthrough technology, combining offshore horizontal drilling technology with onshore shale fracturing technology, \"Estimated number of recoverable oil barrels waiting for production in the United States [is 1. 44 trillion].
This is about the amount of oil consumed around the world since drilling the first well before the internal war.
In addition, we estimate 2.
Cubic feet of natural gas.
Gingrich noted that the federal government\'s royalties from these oil and gas developments are estimated at $18 trillion in the next generation.
He further pointed out that this is enough to repay the entire treasury debt of the current $15.
5 trillion, no tax increase.
Jay Carney, a White House spokesman, called Gingrich a liar as he hinted that opening supplies would cut gasoline prices below $2. 50 a gallon.
But please note how the rapid growth in natural gas supply brought about by fracking has reduced the price of this fuel by 70% over the past few years.
In fact, the price of gasoline is $1.
When Obama came to power.
With the explosion of the above supply, it can be lower than this.
But more importantly, this new fracturing and drilling technology is just the tip of the iceberg of the new miracle that is coming up in our rapidly developing science.
Also in March 10
The Wall Street Journal interviewed physicist Kaku o Kaku over the weekend.
Kaku predicts, \"every 18 months, the power of the computer will double, so in 8 years, a micro-chip will only cost a penny.
All of our stuff, including furniture, cars, appliances, clothes, has millions of chips instead of one on the desktop.
Chips are so common that we don\'t say the word \"computer.
\"To understand the world we are entering, consider another word that is about to disappear: tumor,\" Kaku continued.
We have DNA chips in our toilets that take samples of our blood and urine and tell us if we have cancer 10 years before the tumor is formed.
He added, \"when you need to see a doctor, you will talk to a wall in your home and an animated doctor of artificial intelligence will appear.
You will scan your body with your hands
The results will be analyzed by \"robot doctor\" and you will get 99% accurate diagnosis.
Kaku further predicts that \"in this \'augmented reality, \'the Internet will be in your contact lenses.
You will blink and then go online.
This will change everything.
Kaku concluded, \"if you could meet your grandchildren as elderly in 2100, you would think they are basically Greek gods.
Between 1900 and 2000 last century, Stephen Moore and Julian L.
Simon pointed out that the situation has been improving in their undervalued work: in the past 100 biggest trends in 100, the real per capita GDP has increased by nearly seven times, this means that the standard of living in the United States has also improved.
The author explains, \"It\'s hard to imagine, for example, that in 1900, less than one of the five families had running water, a toilet bowl, a vacuum cleaner, or gas or electric heating.
As of 1950, less than 20% of households had air conditioners, dishwashers or microwaves.
Today, 80 to 100% of American families have these modern amenities.
In fact, only 2% of households used electricity in 1900.
Cox and Alm further noted in their insightful myth of the rich and the poor, that \"families are not just bigger.
Central air conditioning, deck and terrace, pool, hot tub, ceiling fan and built-in kitchen appliances are also more likely to be equipped.
Of the houses built in 1970, less than half had two or more bathrooms;
By 1997, nine out of 10 had done so.
Such economic growth has also greatly improved the health of individuals.
As Moore and Simon report, the typical life span is 25 to 30 years for most of human history.
But \"from the middle
From the 18 th century to today, the life span of developed countries has risen from less than 30 years to about 75 years.
\"Average life expectancy in the United StatesS.
It has grown by more than 50% since 1900.
Infant mortality has dropped from 1 out of 10 to 1 out of 150 today.
Children under the age of 15 are at least 10 times more likely to die than in the 19 th century, with one death per 4 people and a 95% reduction in mortality.
Maternal mortality in pregnancy and childbirth is also 100 times higher than today.
Moore and Simon reported that \"in 1900, only three infectious diseases-tuberculosis, pneumonia and diarrhea-accounted for almost half of all deaths.
\"Today, we have in fact eliminated or greatly reduced these and other scourge of infectious diseases that have killed or maimed billions of people throughout human history, such: chickenpox, polio, flu, branch inflammation, cough, malaria, etc.
In addition to the advances in the development and application of modern health sciences, this is also the result of economic growth that has dramatically reduced the dirty and unsanitary living conditions.
Recently, great progress has been made in heart disease and cancer.
Also greatly promoted the good
As working people, middle class and poor Americans, soaring economic growth and agricultural productivity have led to a sharp drop in food costs.
As Moore and Simon have reported, \"At the beginning of 1900, nearly 50% of American income was spent on putting food on the table, compared with 10% at the end of 1900.
\"While most of the time in human history is fighting hunger, in today\'s United States it is the poor, especially the poor, who fight obesity.
Moore and Simon quoted President Robert of the traditional foundation as saying, \"the average consumption of protein, minerals and vitamins for poor and middle-income children is almost the same, in most cases, this is much higher than the recommended standard for all children.
In fact, most poor children today are overnourished.
The data cited is from the United States. S. Census Bureau.
As a result, today\'s poor children in the United States \"grew up about 1 inch more than GIs that attacked the beach in the second world war, weighing 10 pounds.
\"This is a result of the United States. S.
In 1800, 75% of American workers were needed in the agricultural sector and 40% in 1900, only 2.
5% today, \"grow enough food for the whole country and then make America the bread basket in the world.
In fact, today, \"America uses one-
Third, the total number of farmers in a month
In this process, the farmland area was reduced by third in 1900, accounting for almost 25% of world food production.
\"In addition, economic growth provides resources to enable us to significantly reduce pollution and improve the environment without undermining our living standards.
Moore and Simon wrote that at the beginning of the last century, \"industrial cities were usually shrouded in clouds of black soot and smoke.
At this stage of the Industrial Revolution, the factory spews poison into the air.
It is proud to be a sign of prosperity and progress.
The streets are smelly and rubbish.
Filled before the modern era of sewage systems and plumbing systems.
\"Looking back at this progress of the last century, the focus is that with the vigorous development of modern science, the economic growth of the next century may be more rapid, perhaps twice the speed, or even more.
Such strong economic growth will generate strong revenue and make it more feasible to balance the budget.
The fast-growing gross domestic product (GDP) will reduce the proportion of government bonds to GDP relatively quickly, especially if the budget is balanced, the government bonds will not increase further.
Sustained and rapid economic growth is also the ultimate solution to poverty.
Economic growth in the last century led to a decline in the US economy. S.
The number of people living in poverty increased from about 50% in 1900 to 30% in 1950 to 12. 1% in 1969.
Among black people, poverty was reduced from 3 out of 4 to 1 out of 4 in the 20 th century due to economic growth.
In the 1950 s, 40% per cent of child poverty was also reduced by half.
Economic growth has also made it possible to eliminate child labor.
The living standards of the poor in the United States today are equivalent to those of the middle class 40 years ago, if not today\'s European middle class.
As the economy continues to grow strongly, 40 years from now, America\'s lowest income will live better than today\'s middle class.
If the actual compensation growth of the poor can be maintained at a level of 2% per year, their actual income will increase by 50% in just 20 years, and their income will more than double in 40 years. If pro-
Economic growth policies may increase real pay growth to 3% a year, doubling their real income in just 20 years and doubling in 40 years.
This is the most effective counter.
It is possible to implement the poverty plan.
With sustained, strong, economic growth, maintaining the world\'s most powerful military force, thus ensuring the security and defense of our country, the proportion of GDP will become smaller and smaller over time.
Security itself will boost capital investment and economic growth in the United States.
The booming economy will create new technological miracles that will make our defense system more advanced.
With the rapid development of economy, more and more education funds will be provided.
There will also be enough to clean up and maintain a healthy environment.
The booming economy will produce a miracle of resources and technology that will enable the American people to choose the best and most advanced health care.
That\'s why nothing is more important than maximizing economic growth.
If the still-thinking Marxism and their fellow practitioners let go, this is the future of infinite prosperity that the American people will enjoy, by our standards today, our grandchildren in 2100 seem to be equal to the Greek gods.
That\'s why economic growth and prosperity for all is the coolest and hippest vision.
If the Republican candidates can come up with this vision this year, they will bring a more comprehensive, shocking and heavy blow to Obama and the Democratic Party than in 2010.
Because since the 1800 election, even before that, the American people have been voting and fighting for economic growth and prosperity.