Johnson on "The Rise and Fall of American Growth" by Gordon

Calvin H. Johnson (University of Texas at Austin – School of Law) has posted Winter is Coming: Tax Policy for the Coming Bitter Hard Times: A Review of Robert J. Gordon, The Rise and Fall of American Growth (157 Tax Notes 851 (Nov. 6, 2017)) on SSRN.  Here is the abstract: The United States has always defined itself in terms of great optimism and progress. For long periods, that self-definition was accurate. It no longer is. Robert J. Gordon’s magisterial economic history, The Rise and Fall of American Growth, describes 1870-1970 as the miracle century that improved the real standard of living tenfold. For the future, says Gordon, the United States faces an anemic growth rate of less than a third of a percent per year, and — even worse — only the richest tier will see growth.For tax, the realistic expectations of slow future growth mean a high danger of collapse in our ability to run deficits or borrow money well within the decade. Federal…

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