Perspective boys. Perspective.
http://www.theglobeandmail.com/serv....wrreynolds09/BNStory/robColumnsBlogs/?query=
Greenback languishes, but not U.S. economy
NEIL REYNOLDS
From Friday's Globe and Mail
E-mail Neil Reynolds | Read Bio | Latest Columns
November 9, 2007 at 6:16 AM EST
OTTAWA — Google the phrase "troubled U.S. economy" and you would swear that T.U.S. was the formal name of the country. With Canada's dollar now far above par, Canadians have further apparent reason to regard the U.S. as "our troubled southern neighbour," as The Globe and Mail did in a front-page story last week.....
The country remains on track to produce $50,000 in per capita GDP by 2010, up from $44,000 in 2006. The moment will be symbolically important - demonstrating that the "GDP gap" between the U.S. and the rest of the world will probably widen in the years ahead whether Americans produce the highest rates of growth or not. When your base number is large enough, relatively small percentage increases in growth produce more wealth than relatively large percentage increases on smaller numbers.
American GDP, however, is not simply living off its past success. In the third quarter, the BEA reported, worker productivity increased at an annual rate of 4.9 per cent (seasonally adjusted), a phenomenal showing by the statistic that heralds the rise of a country's standard of living.
And real wages did increase sharply in the quarter - personal incomes rising by a nominal 5.8 per cent, and disposable personal incomes rising by a nominal 6.1 per cent. On an annual basis, in the past 12 months, disposable incomes - after taxes and adjusted for inflation - have increased 4 per cent, a national increase in spending money of $340-billion. (Statistically, in the quarter, higher gasoline prices appear to have had almost zero impact on the economy, in part because consumer energy consumption, per unit of GDP, has fallen 50 per cent since 1987.) .....
Notwithstanding people like Woody, the future's so bright we should all be wearing shades....
http://www.theglobeandmail.com/serv....wrreynolds09/BNStory/robColumnsBlogs/?query=
Greenback languishes, but not U.S. economy
NEIL REYNOLDS
From Friday's Globe and Mail
E-mail Neil Reynolds | Read Bio | Latest Columns
November 9, 2007 at 6:16 AM EST
OTTAWA — Google the phrase "troubled U.S. economy" and you would swear that T.U.S. was the formal name of the country. With Canada's dollar now far above par, Canadians have further apparent reason to regard the U.S. as "our troubled southern neighbour," as The Globe and Mail did in a front-page story last week.....
The country remains on track to produce $50,000 in per capita GDP by 2010, up from $44,000 in 2006. The moment will be symbolically important - demonstrating that the "GDP gap" between the U.S. and the rest of the world will probably widen in the years ahead whether Americans produce the highest rates of growth or not. When your base number is large enough, relatively small percentage increases in growth produce more wealth than relatively large percentage increases on smaller numbers.
American GDP, however, is not simply living off its past success. In the third quarter, the BEA reported, worker productivity increased at an annual rate of 4.9 per cent (seasonally adjusted), a phenomenal showing by the statistic that heralds the rise of a country's standard of living.
And real wages did increase sharply in the quarter - personal incomes rising by a nominal 5.8 per cent, and disposable personal incomes rising by a nominal 6.1 per cent. On an annual basis, in the past 12 months, disposable incomes - after taxes and adjusted for inflation - have increased 4 per cent, a national increase in spending money of $340-billion. (Statistically, in the quarter, higher gasoline prices appear to have had almost zero impact on the economy, in part because consumer energy consumption, per unit of GDP, has fallen 50 per cent since 1987.) .....
Notwithstanding people like Woody, the future's so bright we should all be wearing shades....
