If yous desire to read the reasonable person's defence strength of Trump's economic policies--either because yous desire to back upwardly these policies or yous desire to rebut them--the Economic Report hence offers a useful starting point. For example, the get-go chapter is a defence strength of the Tax Cuts as well as Jobs Act (TCJA) passed inward Dec 2017, as well as the 2nd chapter is a defence strength of the Trump's regulatory policy efforts. I tend to skim over such partisan arguments, but I withal appreciate the figures as well as tables surrounding these arguments. They oft force facts as well as patterns worthy of note, whatever one's policy beliefs most the appropriate reaction to them.
In that spirit, I'll offering a grasshopper sentiment of the report, leaping alongside no particular rhyme or argue betwixt figures that caught my eye, alongside a few sentences quoted from the study most but about each. Topics include: geographic mobility, route infrastructure, the US residual of merchandise since 1790, the autumn inward US manufacturing occupation afterwards 2000, the opioid epidemic, firms are investing less spell paying out to a greater extent than to shareholders, as well as in that location is an international spend upwardly inward labor productivity inward the concluding decade or so.
The Fall of Geographic Mobility
"High levels of unemployment concentrated inward particular locations may amplify larn out from the labor force, peculiarly when workers are unwilling or unable to motility to a location alongside a stronger undertaking market. People motility to improve their life circumstances, but the percentage of Americans moving has been declining, as well as is currently at its lowest value on tape (figure 3-21).
"In improver to household unit of measurement as well as social connections, deterrents to moving include (1) search time, (2) State-specific occupational licensing requirements, (3) local province utilisation regulations that heighten housing costs inward places alongside the greatest potential growth, as well as (4) homeowners’ limited mightiness to sell their homes. Such obstacles to finding meliorate occupation opportunities, coupled alongside high local unemployment rates, may atomic number 82 employees to ultimately larn out the workforce. More query is needed to create upwardly one's heed the straight human relationship betwixt geographic immobility as well as labor strength participation, specifically exploring whether obstacles to moving convey increased over time, as well as how prime-age workers inward particular convey been affected."More Driving on the Same Roads
"For example, betwixt 1980 as well as 2016, vehicle miles traveled inward the United States of America of America to a greater extent than than doubled, spell populace route mileage as well as lane miles rose past times exclusively seven as well as 10 percent, respectively (figure 4-1). Unsurprisingly, queuing caused past times traffic congestion has risen, imposing both straight as well as indirect costs on concern as well as leisure travelers alike ..."
Swings inward the US residual of merchandise since 1790
"Figure 5-7 illustrates the U.S. merchandise residual from 1790 to the present, expressed every bit a percentage of GDP. From 1790 through 1873, the U.S. merchandise residual was volatile, inward portion due to the depression merchandise volumes (Lipsey 1994). The merchandise residual swung dorsum as well as forth betwixt surplus as well as deficit, but was mostly inward deficit. From 1873 through the 1960s, the merchandise residual was mostly inward surplus. The largest historic surpluses were during the years 1916–17 as well as 1943–44, every bit wartime production as well as merchandise alongside allies predominated. Since 1976, the merchandise residual has been continually inward deficit. The largest deficit every bit a percentage of gross domestic product was nearly 6 pct inward 2006, a percentage exceeded inward exclusively 6 other years inward U.S. history as well as non seen since 1816."The abrupt autumn inward manufacturing occupation afterwards 2000
The Opioid Epidemic
"And since 1999, over 350,000 people convey died of opioid-involved drug overdoses, which is 87 pct of the 405,399 Americans killed inward World War II (DeBruyne 2017). The staggering opioid decease toll has pushed drug overdoses to the top of the listing of leading causes of decease for Americans nether the historic menses of fifty as well as has cutting 2.5 months from the average American’s life expectancy (Dowell et al. 2017). ...
"The opioid epidemic evolved alongside iii successive waves of rising deaths due to unlike types of opioids, alongside each moving ridge edifice on the before 1 (Ciccarone 2017). In the belatedly 1990s, inward reply to claims that hurting was undertreated as well as assurances from manufacturers that novel opioid formulations were safe, the publish of opioid prescriptions skyrocketed (CDC 2017b). What followed was an increment inward the misuse of as well as deaths related to these prescriptions (figure 6-2). As providers became aware of the abuse potential as well as addictive nature of these drugs, prescription rates fell, afterwards peaking inward 2011. Deaths involving prescription opioids leveled off, but were followed past times a ascent inward deaths from illicit opioids: heroin as well as fentanyl. Heroin deaths rose first, followed past times a ascent inward deaths involving fentanyl—a synthetic opioid that is thirty to fifty times to a greater extent than strong than heroin as well as has legitimate medical uses but is increasingly beingness illicitly produced abroad (primarily inward United Mexican States as well as China) as well as distributed inward the U.S., solitary or mixed alongside heroin. In 2015, males historic menses 25 to 44 (a amount grouping of the prime-age workers whose ages gain from 25 to 54) had the highest heroin decease rate, xiii per 100,000. Fentanyl-related deaths surpassed other opioid-related deaths inward 2016."Investment is down, spell firms pay out to a greater extent than to shareholders
"It is a affair of concern that internet investment has been mostly falling every bit a percentage of the majuscule stock during the past times 10 years, which limits the economy’s productive capacity. In 2016, internet investment every bit a percentage of the majuscule stock brutal to a grade previously seen exclusively during recessions (figure 8-10). The Tax Cuts as well as Jobs Act is designed to increment the measurement of internet investment. As discussed farther below, the slowdown inward investment has besides exacerbated the slowdown inward labor productivity growth. ...
"The charge per unit of measurement of payouts to shareholders past times nonfinancial firms, inward the shape of dividends together alongside internet percentage buybacks, has been gradually trending higher for several decades, although it brutal inward 2017 (figure 8-11). Nonfinancial corporations returned nearly one-half the funds that could last used for investment to stockholders inward 2017. In a well-functioning majuscule market, when mature firms make non convey goodness investment opportunities, they should render funds to their stockholders, so the stockholders tin flame invest these funds inward immature as well as growing firms. Although it may last admirable for private firms to hence render funds to their shareholders, the rising percentage of paybacks to shareholders suggests that investable funds are non beingness adequately recycled to immature as well as dynamic firms. Gutiérrez as well as Philippon (2016) uncovering that firms inward industries alongside to a greater extent than concentration as well as to a greater extent than mutual ownership invest less."The International Decline inward Labor Productivity
"Labor productivity growth has been slowing inward the major advanced economies (figure 8-41), driven past times an estimated spend upwardly of 0.3 pct inward annual multifactor productivity growth relative to average precrisis growth of 1 pct a year. This slowdown is broad-based, besides affecting developing as well as emerging marketplace economies. Although the causes of this productivity slowdown are unclear, a publish of hypotheses convey been offered—including fiscal crisis legacies, such every bit weak demand as well as lower majuscule investment; the merchandise slowdown; the aging of the post–World War II Baby Boom generation inward its diverse forms but about the world; the rising percentage of low-productivity firms; as well as a widening gap betwixt high- as well as low-productivity firms. The Organization for Economic Cooperation as well as Development (OECD) finds that the survival of abnormally low-productivity firms may convey contributed to the slowdown inward productivity growth."
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