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It affects every aspect of our lives, is often said to be the root of all evil, and the analysis of the world that it makes possible - what we call 'the economy' - is so important to us that economists have become the high priests of our society. Yet, oddly, there is absolutely no consensus among economists about what money really is.
From 1859 to 1971, the U.S. oil industry grew virtually continuously, in the process serving mightily to drive our economy and win our wars. But that growth was stopped dead in 1971 and sent into decline thereafter, as the advent of the EPA and the accompanying National Environmental Policy Act made it increasingly difficult to drill.
Health is certainly extremely important, and we've done a number of things at Facebook to help improve global health and work in that area, and I am excited to do more there, too. But the reality is that it's not an either-or. People need to be healthy and be able to have the Internet as a backbone to connect them to the whole economy.
We cannot win the future, expand the economy and spur job creation if we are saddled with increasingly growing deficits. That is why the president's budget is a comprehensive and responsible plan that will put us on a path toward fiscal sustainability in the next few years - a down payment toward tackling our challenges in the long term.
Growing up in Israel, how can I not be an optimist? When you remember what Israel was 50 years ago and you see Israel now, one of the most successful countries in the world, stable, democratic, with an enormously stable economy despite everything that has happened in the global economy in the last few years, how can I not be an optimist?
We can go back to economic plans that are only designed to benefit the wealthiest among us, like Mitt Romney. Or we can keep moving forward with President Obama's vision for a growing economy that works for middle-class families in North Carolina and all across the country. For me, for North Carolina and for America, it's an easy choice.
In pursuing economic growth, India and the United States share similar values and similar challenges. We understand that the global economy is here to stay. To keep growing and leading the world in innovation and opportunity, the United States and India must trade freely, openly, and according to the principles of the global marketplace.
Wireless is the largest information, communication, and technology platform in history, and mobile broadband is transforming how we can deliver educational materials and experiences to all students. The technology now exists to support learning on a massive scale and advance the 21st century skills needed to compete in the global economy.
Pope Francis emphatically does not buy the argument that poverty can be alleviated by the 'trickle down' effects of wealth creation. He is deaf to arguments that the global economy has brought a billion people out of poverty. He is convinced, in short, that the best and only way to expel poverty is fairer distribution of the world's goods.
In the context of Russia's invasion of Ukraine and a still-stagnant economy, President Barack Obama faces two important questions on energy transmission: a decision on the construction of the Keystone XL oil pipeline and the question of increasing American natural gas exports. These are choices that will resonate from Crimea to Cove Point.
To protect people's lives and keep our children safe, we must implement public-works spending and do so proudly. If possible, I'd like to see the Bank of Japan purchase all of the construction bonds that we need to issue to cover the cost. That would also forcefully circulate money in the market. That would be positive for the economy, too.
The American people know the economy is too weak. Too many of them are suffering. So the question for Washington is, are we going to continue to play political games and - and - or are we going to say, we can do something right now to create jobs, to put money in the pockets of the middle-class, hire construction workers, teachers, veterans?
We hear the stories every day now: the father who puts on a suit every morning and leaves the house so his daughter doesn't know he lost his job, the recent college grad facing up to the painful reality that the only door that's open to her after four years of study and a pile of debt is her parents'. These are the faces of the Obama economy.
The whole - it's the economy's bad. It's bad for everybody. I have my own comedy club. I opened it three years ago in a horrible economy. I created jobs. And we just started breaking even after a year and a half, barely. For that entire time, I have had to pay the difference of what we owe in rent and taxes and everything out of my own pocket.
Tony Awards boost Broadway attendance and sell the shows on the road. They're the sugar to swat the fly. If you needed more explanation for the yearly ballyhoo, in the metropolitan areas where a Broadway show plays, the local economy is boosted by three and a half times the gross ticket sales. So when we're talking Tonys, we're talking moolah.
Warp speed developments in technology - automation, artificial intelligence, and the arrival of the sharing economy - are transforming how we work. Beyond technology, traditional working patterns are also being disrupted by changes in society, organizations and workforce management, leading to the rise of a more independent and dispersed workforce.
The analysis in the era of Ronald Reagan and Margaret Thatcher was that government was interfering with the efficiency of the economy through protectionism, government subsidies, and government ownership. Once the government "got out of the way," private markets would allocate resources efficiently and generate robust growth. Development would simply come.
We can't have extraordinary dynamism, innovation, and change in the economy and expect to have predictability and stability in our personal lives. It's not as if there are these big, giant institutions existing between us and the economy. In fact, these institutions have become tissue-thin. There is no mediation anymore. We are the economy; the economy is us.
A majority of Trump's voters were in favor of staying in the Paris Agreement. And if you look at what's really happening in the economy, the economic argument actually is very strongly in favor of the Paris Agreement. There are now twice as many jobs in the solar industry as in the coal industry. Solar jobs are growing 17 times faster than other jobs in the U.S.
If we had 3 percent growth, which is what we're trying to get to, what we're at, by the way, right now, we're trying to maintain that 3 percent growth. If we had been at 3 percent growth over the last ten years, the budget very nearly would be balanced in 2017. That's how big a difference it makes when you grow the American economy that additional 1 percent over ten years.
I was really happy in the Globe and - in the Globe and Mail debate, which was on the economy, that there were questions about infrastructure, about immigration, about housing. These things have often been seen as municipal issues, but they truly are pan-Canadian issues. Now, I'm not saying I'm happy with all the answers, but I'm happy that at least we're talking about them.
The crisis was 2008, in 2015 - almost eight years later and the gap between where we would have been and where we are is huge and not closing. The implied unemployment rate is very high, labour force participation is very low, and the increase in wages in the second quarter was the lowest in 25 years. Before this turmoil, the U.S. economy was in better shape than Europe or Canada, but not strong.
People at the top spend less money than those at the bottom so when you have redistribution toward the top, aggregate demand goes down. Unless you intervene, you're going to have a weak economy unless something else happens. That something else could be a bubble. The United States tried a tech bubble and a housing bubble, but those were not sustainable answers. So I view inequality as a fundamental part of our macroeconomic weakness.
I think the first thing is to recognize a mistake that Obama made. And others have made in thinking that you can revolutionize a system that's unbelievably complex and interlinked, one-sixth of the economy. That was a mistake because whenever you change one thing, it changes 80 other things, and now if you're changing everything at once, you have no idea what the outcome is going to be and you get all of these unintended side effects.
This new economy that's just emerged has a new central economic actor. It's not the worker, the person who produces, nor the person who consumes, the purchaser. It's a new actor that does both things at the same time, call them a creator. They both create and consume in the same single act, and we're just beginning to see the shape of this new economy and it changes not just the economy itself, it's going to change the whole nature of the work relationship.
What a lot of folks feel - and some of the other commenters have mentioned this - is that there isn't a very clear way for somebody who's working-class, who is middle-income to really get ahead in 21st century America. That implicates our education system. It also implicates our local and regional economies. And I think that folks will expect Trump to fix a lot of those things. But, of course, it's a really tall order, and it's not going to happen overnight.
What type of new economical system can organize this system? There is another sector in our life, that we rely on every single day, that are absolutely essential: the social commons, the social economy. It is all the activity we engage in to create social capital. It doesn't create capital market. Social commons is growing faster than the market place. It is growing faster than the market place. The social commons include any activity that is deeply social and collaborative.
For any economy, there are two basic factors determining how many jobs are available at any given time. The first is the overall level of activity - with GDP as a rough, if inadequate measure of overall activity - and the second is what share of GDP goes to hiring people into jobs. In terms of our current situation, after the Great Recession hit in full in 2008, US GDP has grown at an anemic average rate of 1.3 percent per year, as opposed to the historic average rate from 1950 until 2007 of 3.3 percent.
A lot of the reason I left New York, in addition to being so broke, was that I just felt I was becoming provincial in that way that only New Yorkers are. My points of reference were really insular. They were insular in that fantastic New York way, but they didn't go much beyond that. I didn't have any sense of class and geography, because the economy of New York is so specific. So I definitely had access and exposure to a huge variety of people that I wouldn't have had if I'd stayed in New York - much more so in Nebraska even than in L.A.
