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  • gross domestic product

    GDP Report: Government Shrinks, Private Economy Grows

    Last Thursday’s revisions to the first-quarter growth estimates showed little change: Gross domestic product (GDP) had grown at a 2.4 percent rate, not 2.5 percent as reported in the initial estimate. For those who mistakenly equate GDP and “the economy,” this is bad news—and an excuse to kvetch about sequestration. … More

    Pacific Alliance: Decreasing Trade Barriers and Increasing Economic Growth

    The presidents of the “Pacific Alliance” (Chile, Colombia, México, and Perú) met last week in Cali, Colombia, to sign an agreement removing tariffs on 90 percent of their merchandise trade. This is good news. Congress and the Obama Administration should pay more attention to this trade bloc—one that is considerably … More

    Morning Bell: New Heritage Study on the Cost of Amnesty

    The immigration debate is about to get a lot more concrete. Lawmakers need to be honest about the cost of their proposed immigration plans—and a new study due out today from The Heritage Foundation calculates the cost to taxpayers of granting amnesty to unlawful immigrants. Yesterday on ABC’s “This Week … More

    GDP Grew 2.5 Percent in the First Quarter

    After dreadfully low growth in the last quarter of 2012—just 0.4 percent—gross domestic product (GDP) returned to a healthier rate of growth of 2.5 percent in the first three months of 2013. The autumn’s drop in private inventories was reversed as companies stockpiled more goods in anticipation of future consumer … More

    Budgets in Comparison: Will President Obama’s Budget Save the American Dream?

    When the President’s budget comes out Wednesday, it will complete the last piece of the budget puzzle, as the House and Senate have each duly passed a budget according to law. Never mind that the President’s budget is supposed to lead Washington budget discussions, rather than follow. The key question … More

    Trade Agreements Can Advance Economic Freedom

    The United States is currently engaged in Trans-Pacific Partnership (TPP) trade negotiations designed to reduce barriers to international trade and investment. The latest text from these negotiations shows how trade agreements, if properly designed and implemented, help advance economic freedom around the world. Among other things, the draft text calls … More

    Obama Tax Hikes Will Balance the Budget (April Fool's)

    In the ongoing debate over deficit reduction, President Obama and his colleagues in the House and Senate incessantly call for tax increases as if our budget problems persisted because of taxes being too low. If only the federal government could usurp more of taxpayers’ hard earned money, the line of … More

    Attention, Reporters: A Trade Deficit Is Not Bad

    The latest trade deficit figures are out, and, as always, most reports fail to accurately explain what these numbers mean. Consider the following widely reported statement: A narrower trade gap boosts growth because it means U.S. companies are earning more from overseas sales while U.S. consumers and businesses are spending … More

    America’s Double Jeopardy: Surging Debt and Waning Economic Freedom

    A new study on public debt presented at the recent University of Chicago Booth School of Business monetary policy forum in New York has highlighted “tipping point dynamics” that can occur to countries with high debt loads. The study entitled, Crunch Time: Fiscal Crises and the Role of Monetary Policy, … More

    Sequestration Will Make the U.S. Less Safe, Despite CATO’s Claims to Contrary

    A February 26 article by CATO Institute Analyst Christopher A. Preble wrongly asserts that the imposition of automatic spending cuts, called sequestration, will not make the U.S. less safe. In fact, these reductions, which come on top of reductions to the defense budget that are already being made, will not … More