SatStats

SatStats

GDP graph in the U.S. since the Revolution:

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This year alone, interest payments on the national debt will reach $892 billion, which is larger than defense-based funding. Annual interest payments will reach $1.71 trillion by 2034, widening the gap into an abyss.

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The IRS last week published its annual data on the migration of taxpayers and adjusted gross income (AGI) between states. California ranked, again, as the biggest income loser ($23.8 billion) in 2022, followed by New York ($14.2 billion), Illinois ($9.8 billion), New Jersey ($5.3 billion) and Massachusetts ($3.9 billion). The top gainers were Florida ($36 billion), Texas ($10.1 billion), South Carolina ($4.8 billion), Tennessee ($4.7 billion) and North Carolina ($4.6 billion).

Although higher interest rates and housing prices reduced mobility in 2022, the flight from progressive states far surpassed pre-pandemic levels. California lost nearly three times as much income in 2022 to other states as it did in 2019. New Jersey’s net income loss hit a record in 2022, largely owing to fewer New Yorkers moving across the Hudson River.

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In 2016 America was the world’s second-leading exporter, exceeded only by China. Yet on a per-member-of-the-workforce basis, America that year exported more than two-and-a-half times what China exported.

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The Tax Foundation estimated that the Trump tariffs cost American households more than $625 annually. A 2019 study by Fed economists looked at two waves of trade policy “shock,” first in 2018 and then in the first half of 2019, and estimated the impact reduced GDP growth by about one percentage point. Tariffs contributed to the slowing economy and business investment late in 2019, which then plunged at the onset of the pandemic.