The Fundamentals of Our Economy Are Strong
Posted at 10:30 a.m. on May 27
Despite a muddling economy recovery and considerable budget challenges over the years and decades ahead, Tyler Cowen has five reasons to be an optimist about the US economy over the long-term. Here are a few highlights.
“The nation’s high school graduation rate has risen — to 78 percent in 2010… On average, these additional high school graduates — not to mention college degree recipients — will find better jobs and enjoy better health, long-lasting benefits that will be reaped for many decades.”
“The growth rate in health care costs has been slowing for the last four years. In some years, in fact, it’s been no higher than the growth rate of the economy as a whole. And much of the change appears driven by efficiencies, rather than by the recent recession.”
“Countries like China, India, Brazil and Russia, despite recent slowdowns in growth, still are making progress in improving their educational systems and scientific networks. That increases their ability to supply technological innovations — or scientists and entrepreneurs — to the United States.”