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I was so confused about what to buy, but this makes it undretsandalbe.


we put that net into place, we will not grow at the same rate (2.2%). we'll drop to 1.7% or worse....[Lucas'] whole argument is that we will drop in % terms as we move to a eoaepurn nominal level."Which Lucas asserts without proof: that the US would fall to European growth rates (gasp), when the growth rates have been the same for the last 40 years. For the US GDP per capita lead over the EU15 to decrease in the future, future US GDP growth rates must be lower that future EU15 growth rates.The data shows that the US and Europe grew at the same % rate over the past 40 years. Why do you, and Lucas, assume the U.S. growth rate would fall because the US social safety net is stronger?That's what I don't see evidence presented for in Lucas' piece. Did I miss it? If Lucas' point is true (that social safety net spending is a tax on GDP growth), and the real GDP per capita growth rate for the EU15 (with strong net) has been the same as the US (lesser net), then doesn't that imply the EU15 growth rate, with a US-comparable net, would have been higher than the US?(Tyler Cowen's arguments of the foolishness of this discussion aside)@Ron H - "What puzzles me, is why so many who comment on this blog seem to struggle with math." Not sure if that is directed at me, but I simply don't understand how one can separate future levels and future growth rates - the are two sides of the same coin. Literally two variables in one compound-growth equation. Is that math enough?


"Are you arguing the inceeasrd unemployment comp has caused this weak recovery, and not de-leveraging from historical leverage leading to weak end demand? Really?"i am arguing that inceeasrd governmental spending has crowded out private spending, and that, just as in the 30's, a more muscular regulatory environment and the restrictions and uncertainty it creates have caused underinvestment and a lack of business confidence.and now we want to add higher taxes to the stew?seriously, can you honestly tell me you don't think these things diminish business confidence and growth?i suggest you read amity shlae's excellent book about the 30's "the forgotten man". it does an excellent job of cataloging the damage that big government fascist policies do.FDR was a fascist. he even admitted as much while it was still fashionable. he was a big admirer of mousollini. obama is a big admirer of FDR.it amazes me that we cannot, as a society, seem to learn these lessons in any durable fashion.i note that you have dodge the "how can taking money from the productive and giving it to the unproductive not decrease growth" question.seriously, what's your answer. until you can answer that, you argument has no underpinning at all.


Morganovich,Thank you for your kind words. I don't think that the current avoreisn to immigrants is necessarily based on our growing welfare state. Historically, immigrants were feared and disliked and immigration controls have existed throughout at least the 20th century here. As I'm sure you know, racism and xenophobia is the norm in Europe. They all hate each other and everyone else. That's not a result of socialism - they've always been that way. But, I have no doubt that socialism intensifies those clan feelings.Mr. Methinks has maintained his other citizenship and I will get one from Nevis as soon as I get a chance to fly down there and make the required investment. I've long had my eye on it.i would hate to give up us citizenship, but there's a price at which i would.Ditto. How sad that I even have an exit strategy. I fear that only the early movers will be able to get away. The U.S. can always change the law and there will be no push back from the public as we will be painted as treasonous bastards unwilling to pay our "fair share".


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