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By A Smith (anonymous) | Posted March 04, 2012 at 23:20:16 in reply to Comment 74998
Here is something that will blow your mind...
From 1990Q3-1995Q3, Canadian real GDP averaged 1.75%.
Since that time, we have focused on being lean and mean. Low deficits, low welfare and corporate tax cuts.
What have these changes done for economic growth. Well, since 2000, real GDP has averaged only 1.57%. It gets better, from 2005-2011, real GDP averaged only 0.89%.
Meanwhile, we have more people accessing food-banks and record household debt.
In the U.S., the story is similar. From 1990-95, prior to welfare reform, real GDP averaged 2.62%. Since 2000, it has averaged only 1.78%. And from 2005, it has managed only 0.89%.
You said this a while back...
"that's because morality is not, and should not I think, be part of economic decision-making. "
Okay, then how about pragmatism?
If it can be seen that higher welfare leads to better GDP growth (and likely lower health costs), isn't that a good reason to help the poor?
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