The Decline of Innovation and Economic Growth | Robert J. Gordon - WSJ.com
What also might have been mentioned is that many of our most advanced multi-national companies are now being basically 'forced' by US tax policies to leave huge sums of money offshore.
It would seem blatantly obvious (but not to a social worker) that the money left offshore will be much better 'spent' and 'invested' offshore - rather than back in the US where it will be reduced by 35% (more or less).
All these 'pundits' comment that once the fiscal cliff is resolved, then American companies will be ready to invest this money and create (US) jobs.
They seem clueless as to where the money is located and what the tax implications are of bringing it back and spending it in the US!
An interesting example of living in a non-geographically constrained virtual world is that intellect and knowledge can be hired anywhere. When one talks about 'centers-of-excellence', these no longer need to be physical places, they can be virtual places.
Thus, those with the ability to live and locate anywhere in the world - such as myself, can live a very fulfilling and productive life outside of the US.
The real fiscal cliff should be the insane tax and spend policies of the Obama Administration. I ponder whether the "Obama Debt" won't be one of the legacies the President will be known for by future generations?
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