Word: gdp
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...course, Romney’s top priority will be America’s troops, who deserve our gratitude. To rebuild our military, Romney will recruit 100,000 more soldiers and commit at least four percent of our GDP to defense...
...catch is that the surplus was invested in U.S. government bonds, to be cashed in later to keep the by-then-elderly boomers afloat. These bonds are simply claims on future U.S. taxpayers, and they're coming due. The Social Security surplus peaked in 2000, at 0.91% of GDP. It has held steady for the past couple of years but is expected to start shrinking fast in 2011. By 2017, Social Security should begin to run a deficit, one that's projected to grow sharply through the mid-2030s...
...over China. Shanghai has its Weimar Village, Beijing has Greek villas, and Hong Kong has its very own Disneyland--all built in hopes of cashing in on the deepening pockets of a growing middle class eager to absorb Western culture. Tourism revenue now accounts for 6% of China's GDP (or more than $600 billion), and the industry is expected to grow 10% annually for the next five years. The World Tourism Organization predicts China will be the globe's largest tourism market...
Since the early 1980s, with the exception of that brief downturn during the recession of 1990-91, consumer spending in the U.S. has risen every quarter. Over that period, our pocketbooks have come to commandeer an ever greater portion of the economy, from 62% of gross domestic product (GDP) in 1981 to 70% now. Spending by U.S. consumers accounts for 19% of global economic activity...
That's about 14% of GDP, more than enough to bring on a recession--semiofficially defined by the National Bureau of Economic Research as "a significant decline in economic activity spread across the economy, lasting more than a few months." Will it, though? The equation must factor in global demand for U.S. exports, the path of the dollar, the price of oil and other influences that make it more or less impossible to solve. What seems clear is that the borrow-and-spend era has come to an end, or at the very least a prolonged pause...