The financial sector receives more of the average paycheck than any other sector of the economy. Its share of the economy totals $2 trillion dollars. In 1985, the financial sector earned less than 16% of domestic corporate profits. Today, it’s over 40%. In the 1960s, finance and insurance accounted for only 4%…
Tag: government
Economics
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Get Society Rich Quick: The Ideal Level of Government Spending
It is commonly claimed that government spending is good for the economy, but the statistics show the opposite. Most recent studies find a negative correlation between total government size and economic growth. Why is economic growth important? Because wealthier societies are generally happier societies. No matter how good things get for us, we always…
Taxes
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A More Progressive Tax System Makes People Happier
A new study comparing 54 nations found that the more progressive the tax policy is, the happier the citizens are.
Debt
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The Future of US Government Debt
Those who say “These are extraordinary times. We can’t afford to worry about the national debt now. We’ll be in a better position to deal with that later.” should check out these projections.