What is “Gross Domestic Product- GDP
Gross domestic product (GDP) is the monetary value of all finished goods and services produced within a country’s borders in a specific time period. Although GDP is usually calculated on an annual basis, it can be calculated on a quarterly basis as well. GDP includes all private and public consumption, government outlays, investments and exports minus imports that occur within a defined territory. Put simply, GDP is a broad measurement of a nations overall economic activities.
The longest consecutive stretch of years in which the United State saw real GDP grow by 3.0 percent or better was the seven year period from 1983-1989, during the presidency of Ronald Reagan. It actually went to 4.9% after the recession. This is not hard to figure out as to how president Reagan took us out of the Carter years demise. He lowered burdensome regulations and lowered taxes. I remember of the battle he had with Congress about lowering the payroll and Corp taxes and when it has been said that House Speaker Tip O’Neill and President Reagan got along so well, well they didn’t get along on the tax issue, O’Neil thought it was a big joke until president Reagan went straight to the American people and the phone calls and letters started flowing to the Congress and Reagan’s tax bills were passed and the United States Treasury started overflowing with money because people were working again which meant tax revenue. This is why if Americans only knew the power they have right in front of them and even more so today with the email system.
For the GDP to have gone 10 straight years of never reaching 3% which is nothing to be proud of in the first place its no wonder there are almost 100 million Americans who have stopped looking for work. It is no wonder there is no production in Americas factories. The problem is that Obama knows what it takes to stimulate the economy and that is to make it easier for the small business person to hire and expand and that’s by lessening burdensome regulations and lowering the corp. tax rate and Obama will have nothing to do with it. That my friends is socialist ideology and this is why there has never been a socialistic economy that has prospered.
[…] Source: The United States Has Now Hit A Period Of 10 Straight Years Without 3% Growth In GDP […]