Word: gdp
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...effects. Right now we're seeing the effects of the tax cuts in the strength of consumer spending and maybe even some of the business spending. But as time progresses, if we continue to have the sort of deficit that we anticipate, hovering in the neighborhood of 4% of GDP over the next decade, then the effects will turn negative. They will come through in interest rates that are higher than they otherwise would be, and therefore growth will probably be less than it would otherwise...
...view of the sunset provisions. The way the tax law is written, many of the cuts come to an end, but suppose they were made permanent. If you look ahead 40 years, taking into account the growth in Medicare, Social Security, Medicaid, we have the deficit at 4% of GDP. About 60% of that is due to the tax reductions of the first three years of this Administration...
BURTLESS: Yes, it was a mistake. The policy stance of the 1990s, of budget stringency and monetary ease, was better for the growth of potential GDP...
...cuts have only been in effect for a couple of months. Forecasts for growth in the second half are very strong. There's historically a very strong correlation between growth in real GDP and developments in the labor market...
...this recession we've had very, very high productivity growth. That raises the bar that you need GDP growing [to increase jobs]. But I think once we get GDP growing fast enough, employment should start coming back...