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I am posting some interesting stats below that I run across in my surfing…
Singapore has grown its economy by 9% p.a. the past 44 years. Per capita income is $50,000, the fourth wealthiest in the world, from $600 per capita 44 years ago, below that of Guatemala. The unemployment rate is 3%. The government runs a budget surplus and it has zero national debt. How did they do this, seeing they have no natural resources? They kept the size of government to 12% of GDP. The maximum tax rate is 20%. This is how a country creates prosperity. Governmentspending, no matter how virtuous, sucks growth out of the economy. Ms. Baum gets it, but alas, there are too few Ms. Baums in the world of journalism.