To answer the question I’ve posed, consider the following table from the National Income and Product Accounts, accessed yesterday at the Bureau of Economic Analysis website. National Income and Product Accounts Table Table 1.1.6. Real Gross Domestic Product, Chained Dollars [Billions of chained (2005) dollars] According to the National Bureau of Economic Research, the...
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After BP’s oil spill in the Gulf of Mexico, President Obama demanded that BP turn over $20 billion to the federal government, to be paid as compensation to those who were harmed by the spill. At the time critics lashed out at Obama for his strong-arm tactics, extorting that money from BP, but as...
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