Income Growth Quotes & Sayings

UN studies conducted in more than forty developing countries show that the birth rate falls as women gain equality ... I believe income-earning opportunities that empower poor women ... will have more impact on curbing population growth that the current system of "encouraging" family planning practices through intimidation tactics.. Family planning should be left to the family. — Muhammad Yunus

Deflation means a slowdown of income growth. Markets shrink, new capital investment and employment also taper off, so wages decline. That is what's happening as deliberate policy in Europe and the United States. Falling or stagnant prices are simply the result of having less income to spend. — Michael Hudson

Are we interested in treating the symptoms of poverty and economic stagnation through income redistribution and class warfare, or do we want to go at the root causes of poverty and economic stagnation by promoting pro-growth policies that promote prosperity? — Paul Ryan

As income taxes and capital-gains taxes were reduced in the United States beginning in the 1980s, the share of federal taxes paid by "the rich" steadily went up. From 1980 to 2010, as the top 1 percent increased their share of before-tax income from 9 percent to 15 percent, their share of the individual income tax soared from 17 percent to 39 percent of the total paid. Their share of total federal taxes more than doubled during a period when the highest marginal tax rate was cut in half, from 70 percent to 35.5 percent. The wealthy, in short, are already paying more than their fair share of taxes, and the growth in their wealth and incomes has had nothing to do with tax avoidance or deflecting the tax burden to the middle class. — James Piereson

The gross domestic product (GDP) was created in the 1930s to measure the value of the sum total of economic goods and services generated over a single year. The problem with the index is that it counts negative as well as positive economic activity. If a country invests large sums of money in armaments, builds prisons, expands police security, and has to clean up polluted environments and the like, it's included in the GDP. Simon Kuznets, an American who invented the GDP measurement tool, pointed out early on that "[t]he welfare of a nation can . . . scarcely be inferred from a measurement of national income."28 Later in life, Kuznets became even more emphatic about the drawbacks of relying on the GDP as a gauge of economic prosperity. He warned that "[d]istinctions must be kept in mind between quantity and quality of growth . . . . Goals for 'more' growth should specify more growth of what and for what."29 — Jeremy Rifkin

The income tax is flawed for a number of reasons - it discourages economic growth and encourages a bloated government. — Mark Skousen

The consequences of inflation are malinvestment, waste, a wanton redistribution of wealth and income, the growth of speculation and gambling, immorality and corruption, disillusionment, social resentment, discontent, upheaval and riots, bankruptcy, increased government controls, and eventual collapse. — Henry Hazlitt

If you wanna maintain 20 percent of the world's income with 4 percent of the world's people, you gotta first of all have more shared prosperity and shared growth. — William J. Clinton

Entrepreneurship is when an individual retrieves a red hot idea from the creativity furnace without the constraint of the heat of lean resources, and with each persistent blow of the innovation hammer shapes the still malleable idea against the anvil of passion, vision, insight, strategy, and principles to forge a fitting vessel of a creative concern. — Amah Lambert

The test of a progressive policy is not private but public, not just rising income and consumption for individuals, but widening the opportunities and what Amartya Sen calls the 'capabilities' of all through collective action. But that means, it must mean, public non-profit initiative, even if only in redistributing private accumulation. Public decisions aimed at collective social improvement from which all human lives should gain. That is the basis of progressive policy - not maximising economic growth and personal incomes. Nowhere will this be more important than in tackling the greatest problem facing us this century, the environmental crisis. Whatever ideological logo we choose for it, it will mean a major shift away from the free market and towards public action, a bigger shift than the British government has yet envisaged. And, given the acuteness of the economic crisis, probably a fairly rapid shift. Time is not on our side. — Eric Hobsbawm

There are many people who think we should have zero tax on capital gains, interest and dividends for everybody, as - the very, very wealthy. But recognize that means that Bill Gates and Warren Buffett would pay no income tax at all. And some people say, 'Well, that's a good thing for growth of the economy.' — Mitt Romney

We very much hope that as we get growth that we can reduce the burden of taxation, that we can reduce income tax and increase the amount of genuine free enterprise and business enterprise ... This is going ... toward the restoration of the personal responsibility, the independence, with every man a property owner, every man a capitalist. — Margaret Thatcher

In the major state capitalists economies, Europe and the US, it's low growth and stagnation and a very sharp income differentiation a shift - a striking shift - from production to financialization. — Noam Chomsky

Mainstream economists habitually treat asset depletion as income, while ignoring the value of the assets themselves. If the owner of an old-growth forest cuts it and sells the timber, the market may record a drop in the land's monetary value, but otherwise the ecological damage done is regarded as an externality. Irreplaceable biological assets, in this case, have been liquidated; thus the benefit of these assets to future generations is denied. From an ecosystem point of view, an economy that does not heavily tax the extraction of non-renewable resources is like a jobless person rapidly spending an inheritance. — Anonymous

Listen to learn. Learn to earn! — Rob Liano

Thus, consumption taxes tend to reduce conspicuous consumption and promote longer-term retirement security, family wealth, social welfare, technical progress, and economic growth. In essence, income taxes penalize people for what they contribute to society (labor and capital), whereas consumption taxes penalize people for what they take out of society (new retail purchases). So, to tax experts, it is no surprise that U.S. and U.K. citizens spend too much and don't save enough, relative to what would be optimal for society and even for themselves. — Geoffrey Miller

We must learn to think in terms of an articulated structure that can cope with a multiplicity of small-scale units. If economic thinking cannot grasp this it is useless. If it cannot get beyond its vast abstractions, the national income, the rate of growth, capital/output ratio, input-output analysis, labour mobility, capital accumulation; if it cannot get beyond all this and make contact with the human realities of poverty, frustration, alienation, despair, breakdown, crime, escapism, stress, congestion, ugliness and spiritual death, then let us scrap economics and start afresh. — Ernst F. Schumacher

Kids from small families grow about an inch taller than those from large families. This is true regardless of income and social class, because a body can't grow well while fighting off nine siblings' cold viruses. — Arianne Cohen

There are several states that move from Karl Marx-like policies to Adam Smith-like policies and back again in a weekend. So for the states with huge volatility in their income tax policies over time, the differences in growth rates in those periods are really amazingly consistent with tax rates really mattering. — Arthur Laffer

As Erik Brynjolfsson and Andrew McAfee point out in their book, the four key measures of an economy's health (per capita GDP, labor productivity, the number of jobs, and median household income) all rose together for most of the Cold War years. "For more than three decades after World War II, all four went up steadily and in almost perfect lockstep," Brynjolfsson noted in a June 2015 interview with the Harvard Business Review. "Job growth and wage growth, in other words, kept pace with gains in output and productivity. American workers not only created more wealth but also captured a proportional share of the gains." In — Thomas L. Friedman

Under Obama, income growth has been confined almost entirely to those at the top of the income distribution, continuing a pattern that began under President George W. Bush. — Timothy Noah

The zero-income-tax-rate states have far faster growth in tax revenues than did the states with highest income tax rate over the same period. — Arthur Laffer

We still have a great amount of work to do in social development, including resolving one of the biggest challenges we face in this area, namely, reducing the gap between high-income earners and people, citizens of our country, who are still living on very modest means indeed. But we cannot, of course, adopt the solution used 80 years ago and simply confiscate the riches of some to redistribute among others. We will use completely different means to resolve this problem, namely, we will ensure good economic growth. — Vladimir Putin

Look back over the last hundred years and you'll see the pattern. During periods when the very rich took home a much smaller proportion of total income - as in the Great Prosperity between 1947 and 1977 - the nation as a whole grew faster, and median wages surged. The basic bargain ensured that the pay of American workers coincided with their output. In effect, the vast middle class received an increasing share of the benefits of economic growth. We created that virtuous cycle in which an ever-growing middle class had the ability to consume more goods and services, which created more and better jobs, thereby stoking demand. The rising tide did in fact lift all boats. On the other hand, during periods when the very rich took home a larger proportion - as between 1918 and 1933, and in the Great Regression from 1981 to the present day - growth slowed, median wages stagnated, and we suffered giant downturns. — Robert B. Reich

Indonesia is a very huge country, geographically and in number of people, and there is still a lot of growth in the income level; It is very easy to assume there is a lot of demand for travel. — Edwin Soeryadjaya

Played out over time, the differences in growth and middle-class prosperity between countries that have decreased incentives (through increased income redistribution) and those that have not are startling. Look at the differences between Europe and the U.S.; East and West Germany; and Communist China versus Hong Kong, Taiwan, and China today. There are enormous and compounding costs to dulling incentives for entrepreneurial risk-taking with few, if any, exceptions. — Edward Conard

The data does not support that high-income tax cuts are the main drivers of growth, so I don't think that uncertainty over what the tax rate will be for someone that makes a million dollars a year has that big an impact on the economic growth rate in the country. — Austan Goolsbee

The actual growth in a person's life is the rise in his wisdom and not the raise in his pay or income. — Anuj

Wealth comes from multiple incomes. Always think of growth and new businesses to create new income streams. — Ehab Atalla

In contrast to what many people in Britain and the United States believe, the true figures on growth (as best one can judge from official national accounts data) show that Britain and the United States have not grown any more rapidly since 1980 than Germany, France, Japan, Denmark, or Sweden. In other words, the reduction of top marginal income tax rates and the rise of top incomes do not seem to have stimulated productivity (contrary to the predictions of supply-side theory) or at any rate did not stimulate productivity enough to be statistically detectable at the macro level. — Thomas Piketty

There are many countries in the world that when they reached the middle-income stage, they witnessed serious structural problems such as growth stagnation, a widening wealth gap and increasing social unrest. — Li Keqiang

America's peak years of indigenous innovation ran from the 1820s to the 1960s. There were a few financial panics and two depressions, to be sure. But in this period, a frenzy of creative activity, economic competition and rapid growth in national income provided widening economic inclusion, rising wages for all, and engaging careers for most. — Edmund Phelps

A bond price, for example, will grow with accrued interest between two coupon cuttings. That growth in its value is not income but increase of capital. Only when the coupon is detached does the bond render, or give off, a service, and so yield income. The income consists in the event of such off-giving, the yielding or separation, to use the language of the United States Supreme Court. If the coupon thus given off is reinvested in another bond, that event is outgo, and offsets the simultaneous income realized from the first bond. There is then no net income from the group but only growth of capital. If the final large payment of the principal is commonly thought of not as income (which it is if not reinvested) but as capital it is because it is usually and normally so reinvested. — Irving Fisher

There is also the idea, widespread among economists, that modern economic growth depends largely on the rise of "human capital." At first glance, this would seem to imply that labor should claim a growing share of national income. And one does indeed find that there may be a tendency for labor's share to increase over the very long run, but the gains are relatively modest: — Thomas Piketty

Regarding the Economy & Taxation: America's most successful achievers do pay a higher share of the total tax burden. The top one percent income earners paid 18 percent of the total tax burden in 1981, and paid 25 percent in 1991. The bottom 50 percent of income earners paid only 8 percent of the total tax burden, and paid only 5 percent in 1991. History shows that tax cuts have always resulted in improved economic growth producing more tax revenue in the treasury. — Rush Limbaugh

(a) Recent U.S. income growth primarily occurs at the top 1 percent of the income distribution. (b) As a result there is growing inequality. (c) And those at the bottom and in the middle are actually worse-off today than they were at the beginning of the century. (d) Inequalities in wealth are even greater than inequalities in income. (e) Inequalities are apparent not just in income but in a variety of other variables that reflect standards of living, such as insecurity and health. (f) Life is particularly harsh at the bottom - and the recession made it much worse. (g) There has been a hollowing out of the middle class. (h) There is little income mobility - the notion of America as a land of opportunity is a myth. (i) And America has more inequality than any other advanced industrialized country, it does less to correct these inequities, and inequality is growing more than in many other countries. — Joseph E. Stiglitz

If you or me go to the gas station to fill up our car and it costs us much more than we expected, it will zap our discretionary income. We won't have the extra money to buy that washing machine or new winter coat-all big ticket items that are important to economic growth. — Maria Bartiromo

Does inequality in the distribution of income increase or decrease in the course of a country's economic growth? — Simon Kuznets

Greater consumption due to increase in population and growth of income heightens scarcity and induces price run-ups. A higher price represents an opportunity that leads inventors and businesspeople to seek new ways to satisfy the shortages. Some fail, at cost to themselves. A few succeed, and the final result is that we end up better off than if the original shortage problems had never arisen. That is, we need our problems, though this does not imply that we should purposely create additional problems for ourselves. — Julian Simon

For most people, wages are the most important source of income. Macroeconomic and monetary policies that result in higher unemployment - and lower wages for ordinary citizens - are a major source of inequality in our society today. Over the past quarter century macroeconomic and monetary policies and institutions have failed to produce stability; they failed to produce sustainable growth; and, most importantly, they failed to produce growth that benefited most citizens in our society. In — Joseph E. Stiglitz

Our GDP growth rates are creating - our high GDP growth rates, the success of our economy means we're creating lots of disposable income. — John W. Snow

The growth stock theory of investing requires patience, but is less stressful than trading, generally has less risk, and reduces brokerage commissions and income taxes. — Thomas Rowe Price Jr.

The impact of climate change is relatively small. The average impact on welfare is equivalent to losing a few per cent of income. That is, the impact of a century worth of climate change is comparable to the impact of one or two years of economic growth. — Richard Tol

The multiplication of public offices, increase of expense beyond income, growth and entailment of a public debt are indications soliciting the employment of the pruning knife. — Thomas Jefferson

On the other hand, there are a number of cases where economic growth did not produce better governance, but where, to the contrary, it was good governance that was responsible for growth. Consider South Korea and Nigeria. In 1954, following the Korean War, South Korea's per capita GDP was lower than that of Nigeria, which was to win its independence from Britain in 1960. Over the following fifty years, Nigeria took in more than $300 billion in oil revenues, and yet its per capita income declined in the years between 1975 and 1995. In contrast, South Korea grew at rates ranging from 7 to 9 percent per year over this same period, to the point that it became the world's twelfth-largest economy by the time of the Asian financial crisis in 1997. The reason for this difference in performance is almost entirely attributable to the far superior government that presided over South Korea compared to Nigeria. — Francis Fukuyama

In an exchange economy everybody's money income is somebody else's cost. Every increase in hourly wages, unless or until compensated by an equal increase in hourly productivity, is an increase in costs of production. An increase in costs of production, where the government controls prices and forbids any price increase, takes the profit from marginal producers, forces them out of business, means a shrinkage in production and a growth in unemployment. Even where a price increase is possible, the higher price discourages buyers, shrinks the market, and also leads to unemployment. If a 30 percent increase in hourly wages all around the circle forces a 30 percent increase in prices, labor can buy no more of the product than it could at the beginning; and the merry-go-round must start all over again. — Henry Hazlitt

Well, there'll be an outcry, of course, but then it'll die down and something else will come along for people to get annoyed about. The important thing is that we save ourselves a lot of money, and meanwhile a whole generation of children from working-class or low-income families will be eating nothing but crisps and chocolate every day. Which means, in the end, that they'll grow up physically weaker and mentally slower.' Dorothy raised an eyebrow at this assertion. 'Oh, yes,' he assured her. 'A diet high in sugars lead to retarded brain growth. Our chaps have proved it.' He smiled. 'As every general knows, the secret of winning any war is to demoralize the enemy'. — Jonathan Coe

I can't imagine an argument that says that raising marginal tax rates on high income people, many of whom are business owners, is a recipe for economic growth. — Glenn Hubbard

Once we break out of the framework of national states as unified entities with no internal divisions within them, we can see that there is a global shift of power, but it's from the global workforce to the owners of the world: transnational capital, global financial institutions. So, for example, the earnings of working people as a percentage of national income has by and large declined in the last couple of decades, but apparently it's declined in China more than in most places. There is certainly economic growth in China and India. Hundreds of millions of people live a lot better than they did before, but then there are hundreds of millions more who don't. In fact, it's getting worse for them in many ways. — Noam Chomsky

The average well-being of our societies is not dependent any longer on national income and economic growth ... But the differences between us and where we are in relation to each other now matter very much. — Richard G. Wilkinson

I had accumulated some capital and was at an age at which I was interested in generating income. But even though I was risk averse, I was interested in growth stocks. — James MacArthur

A long decade ago economic growth was the reigning fashion of political economy. It was simultaneously the hottest subject of economic theory and research, a slogan eagerly claimed by politicians of all stripes, and a serious objective of the policies of governments. The climate of opinion has changed dramatically. Disillusioned critics indict both economic science and economic policy for blind obeisance to aggregate material "progress," and for neglect of its costly side effects. Growth, it is charged, distorts national priorities, worsens the distribution of income, and irreparably damages the environment. Paul Erlich speaks for a multitude when he says, "We must acquire a life style which has as its goal maximum freedom and happiness for the individual, not a maximum Gross National Product." [in Nordhaus, William D. and James Tobin., "Is growth obsolete?" Economic Research: Retrospect and Prospect Vol 5: Economic Growth. Nber, 1972. 1-80] — James Tobin

Overcome your barriers, intend the best, and be patient. You will enjoy more balance, more growth, more income, and more fun! — Jack Canfield

As a broad generalisation, the more people trust each other in a society, the more prosperous that society is, and trust growth seems to precede income growth. — Matt Ridley

The confidence is really driven by the woman - whether she can have the confidence that there will be enough earning or income to finance all the domestic spending - but also by the middle-income class, which for many Asian countries has become the growth power for the economy. — Sri Mulyani Indrawati

Research suggests that large divisions of income and wealth weaken demand and generate economic imbalances that create instability and undermine growth. — Victor Ponta

Reliability investing requires finding companies trading below their inherent worth
stocks with strong fundamentals including earnings, dividends, book value, and cash flow selling at bargain prices give their quality. — Amah Lambert

My research in this period centered around growth, technical change, and income distribution, both how growth affected the distribution of income and how the distribution of income affected growth. — Joseph Stiglitz

Any strategy to reduce intergenerational poverty has to be centered on work, not welfare
not only because work provides independence and income but also because work provides order, structure, dignity, and opportunities for growth in people's lives. — Barack Obama

When the rate of return on capital exceeds the rate of growth of output and income, as it did in the nineteenth century and seems quite likely to do again in the twenty-first, capitalism automatically generates arbitrary and unsustainable inequalities that radically undermine the meritocratic values on which democratic societies are based. — Thomas Piketty

The top 10 per cent of the US population appropriated 91 per cent of income growth between 1989 and 2006, while the top 1 per cent took 59 per cent. — Ha-Joon Chang

Start by scrapping the tax code. Don't fiddle with it. Junk it. Throw it out. Bury it. Replace it with a pro-growth, pro-family tax cut that lowers tax rates to 17% across the board and expands exemptions for individuals and children so that a family of four would pay no taxes on the first $36,000 of income. — Steve Forbes

Suppose a country starts its independence with the three economic characteristics that globally make a country prone to civil war: low income, slow growth, and dependence upon primary commodity exports. It is playing Russian roulette. That is not just an idle metaphor: the risk that a country in the bottom billion falls into civil war in any five-year period is nearly one in six, the same risk facing a player of Russian roulette. — Paul Collier

And wages - we'll see the end of this decline we're having. The median income in America is down 10% in just the last four years. That's got to stop. We've got to start seeing rising wages and job growth. — Mitt Romney

Operate ahead of time. Plan your finances. Raise income. Reduce expenses. Save more. Invest diligently. Borrow for growth. Be generous. — Snehdeep Fulzule

The reason this system can't be overthrown in this country," Walter said, "is all about freedom. The reason the free market in Europe is tempered by socialism is that they're not so hung up on personal liberties there. They also have lower population growth rates, despite comparable income levels. The Europans are all-around more rational, basically. And the conversation about rights in this country isn't rational. It's taking place on the level of emotion, and class resentments, which is why the right is so good at exploiting it. — Jonathan Franzen

In the long run, greater investment would mean greater productivity and income growth. — Bob Frank

The basic issue of an American society which is fair, which is providing opportunity for all, is nowadays being replaced by the correct perception that we're living in a rigged economy - where it doesn't matter how hard you worked, the result will be all the income goes to the people at the very top. It's leading to a lot of frustration and anger, and people want some fundamental changes to the way we do economics and growth. — Bernie Sanders

The dual effect of high growth creating higher income that's taxed by government at all levels, combined with lessening demands placed on government that occurs during economic prosperity, is a worthy objective. — Jeb Bush

A very good career choice would be to gravitate toward those activities and to embrace those desires that harmonize with your core intentions, which are freedom and growth - and joy. Make a 'career' of living a happy life rather than trying to find work that will produce enough income that you can do things with your money that will then make you happy. When feeling happy is of paramount importance to you - and what you do 'for a living' makes you happy - you have found the best of all combinations. — Esther Hicks

Growth is a substitute for equality of income. So long as there is growth there is hope, and that makes large income differentials tolerable. — Henry Wallich

When the rate of return on capital significantly exceeds the growth rate of the economy (as it did through much of history until the nineteenth century and as is likely to be the case again in the twenty-first century), then it logically follows that inherited wealth grows faster than output and income. People — Thomas Piketty

The problem of the food price is structural. The growth of demand cannot be checked in that it is coming from middle income countries demanding more quality and more quantity of food. High demand is here to stay. — Sri Mulyani Indrawati

When there's deflation, it means that although most markets are shrinking and people have less to spend, the 1% that hold the 99% in debt are getting all the growth in wealth and income. Deflation means that income is being transferred to the 1%, that is, to the creditors and property owners. — Michael Hudson

Many of our problems are home-grown. Gordon Brown regularly advised the rest of the world to follow his British model of growth. But the model was flawed. It led to the highest level of household debt in relation to income in the world. — Vince Cable

The idea that a relatively fixed group of privileged people might shape the economy and government for their own benefit goes against the American grain. Nevertheless, the owners and top-level managers in large income-producing properties are far and away the dominant power figures in the United States. Their corporations, banks, and agribusinesses come together as a corporate community that dominates the federal government in Washington. Their real estate, construction, and land development companies form growth coalitions that dominate most local governments. — G. William Domhoff