Read and see it at The Atlantic
Where Did All the Workers Go? 60 Years of Economic Change in 1 Graph
by Derek Thompson
(h/t Lambert Strether at Naked Capitalism)
Short answer — from making stuff to services.
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5 comments:
Trying to figure out how he has gov't at all levels at 13.8 percent of GDP, while all other sources I look at show Fed gov't alone near 40 percent ... what am I missing?
Ken, Transfer payments such as Social Security, Medicare, and Unemployment don't contribute to the Government Portion of GDP.
OK, that clears it up .. thanks.
Unrelated - sorry. Anyone want to contribute to the discussion on deficits do not matter at Motley Fool:
http://www.fool.com/investing/general/2012/01/30/why-the-deficit-isnt-a-problem.aspx
Awesome job Crake.
Clear concise and to the point. One caveat. The critics might say that the Fed is monetizing the debt.
The reply to this is? ... I know but want to see if you do.
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