Quotes & Sayings About National Income

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

I can spend somebody else's money on somebody else. And if I spend somebody else's money on somebody else, I'm not concerned about how much it is, and I'm not concerned about what I get. And that's government. And that's close to 40 percent of our national income. — Milton Friedman

He had a penis one inch in diameter and seven and a half inches long. During the past year, he had averaged twenty-two orgasms per month. This was far above the national average. His income and the value of his life insurance policies at maturity were also far above average. — Kurt Vonnegut

If you look at payments to labor as a proportion of national income or gross domestic product, you find profits going way up, investment and savings going up. — Michael Hudson

In the tradition of national income accounting, economic policymakers have typically focused on variables such as income, wealth, and consumption. — Ben Bernanke

Is it just a coincidence that as the portion of our income spent on food has declined, spending on health care has soared? In 1960 Americans spent 17.5 percent of their income on food and 5.2 percent of national income on health care. Since then, those numbers have flipped: Spending on food has fallen to 9.9 percent, while spending on heath care has climbed to 16 percent of national income. I have to think that by spending a little more on healthier food we could reduce the amount we have to spend on heath care. — Michael Pollan

Skousen's movement (it changed its name from the Freemen Institute to the National Center for Constitutional Studies after militia groups began to use the "freemen" label) persisted. Skousen, claiming to represent the beliefs of the Founding Fathers, called for the abolition of Social Security, farm subsidies, and education and welfare funding; pulling out of the United Nations; and eliminating federal income taxes and most federal regulatory agencies. Skousen's ideas might have died with him, but all that changed when Beck turned The 5,000 Year Leap into his manifesto. Skousen, — Dana Milbank

The New Deal was going to redistribute the national income according to ideals of social and economic justice. — Garet Garrett

I support both a Fair Tax and a Flat Tax plan that would dramatically streamline the tax system. A Fair Tax would replace all federal taxes on personal and corporate income with a single national tax on retail sales, while a Flat Tax would apply the same tax rate to all income with few if any deductions or exemptions. — Ralph Hall

Companies like Google and Facebook may offer jobs allowing or requiring imagination and creativity, but the whole of Silicon Valley accounts for only 3 percent of national income and a smaller percentage of national employment. — Edmund Phelps

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

Socialists will often talk as if some form of superbly equalized destitution were preferable to "maldistributed" plenty. A national income that is rapidly growing in absolute terms for practically everyone will be deplored because it is making the rich richer. — Henry Hazlitt

In time of this grave national danger, when all excess income should go to win the war, no American citizen ought to have a net income, after he has paid his taxes, of more than $25,000 a year. — Franklin D. Roosevelt

A tax cut means higher family income and higher business profits and a balanced federal budget ... As the national income grows, the federal government will ultimately end up with more revenues. Prosperity is the real way to balance our budget. By lowering tax rates, by increasing jobs and income, we can expand tax revenues and finally bring our budget into balance. — John F. Kennedy

Although labor income is by far the largest component of gross national product, a job is not just a commodity. For many, work is an important reason for living. Even for those who are less fortunate in their allocation of work, being unemployed is a miserable state. — Dale T. Mortensen

Mr. Speaker, in 1848, Karl Marx said, a progressive income tax is needed to transfer wealth and power to the state. Thus, Marx's Communist Manifesto had as its major economic tenet a progressive income tax. Think about it, 1848 Karl Marx, Communism ... I say it is time to replace the progressive income tax with a national retail sales tax, and it is time to abolish the IRS, my colleagues. I yield back all the rules, regulations, fear, and intimidation of our current system. — James Traficant

Reasonable taxes for this purpose need not hurt production much. The kind of government services then supplied in return, which among other things safeguard production itself, more than compensate for this. But the larger the percentage of the national income taken by taxes the greater the deterrent to private production and employment. — Henry Hazlitt

Spending by government currently amounts to about 45 percent of national income. By that test, government owns 45 percent of the means of production that produce the national income. The U.S. is now 45 percent socialist. — Milton Friedman

A consumption tax, a national sales tax makes some sense. But I think that if we move towards a Fair Tax, if we move towards a national sales tax, we have to make sure that we do away with the income tax. — Ken Buck

Every time a woman leaves the workforce because she can't find or afford childcare, or she can't work out a flexible arrangement with her boss, or she has no paid maternity leave, her family's income falls down a notch. Simultaneously, national productivity numbers decline. — Madeleine M. Kunin

The alienation, the downright visceral frustration, of the new American ideologues, the bone in their craw, is the unacknowledged fact that America has never been an especially capitalist country. The postal system, the land grant provision for public education, the national park system, the Homestead Act, the graduated income tax, the Social Security system, the G.I. Bill
all of these were and are massive distributions or redistributions of wealth meant to benefit the population at large. — Marilynne Robinson

Economic experts tell us that the women of America spend 80 per cent of the national income, and the largest part of this expenditure is made for the necessities and the small luxuries of life. — Judith C. Waller

Public education is a great instrument of social change. Through it, if we so desire, we can make our country more nearly a democracy without classes. To do so will require the efforts of us all-teachers, administrators, taxpayers and statesmen. Education is a social process, perhaps the most important process in determining the future of our country; it should command a far larger portion of our national income than it does today. — James Bryant Conant

According to the World Health Organization, an average of Rs. 6500 per person was lost in India due to lack of cleanliness and hygiene. Swachh Bharat would make a significant impact on public health and in safeguarding income of the poor, ultimately contributing to the national economy. — Narendra Modi

Income inequality increased quite sharply in the United States during the 1920s, however, peaking on the eve of the 1929 crash with more than 50 percent of national income going to the top decile - — Thomas Piketty

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

No nation in history has ever survived a tax burden that reached a third of its national income. — Ronald Reagan

The larger the percentage of the national income taken by taxes the greater the deterrent to private production and employment. When the total tax burden grows beyond a bearable size, the problem of devising taxes that will not discourage and disrupt production becomes insoluble. — Henry Hazlitt

If you are born into a family below the national median income, we provide you with an additional $500, and for every contribution made to a child's account below the national median income, we match it dollar for dollar - the federal government will. — Harold Ford Jr.

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

Presidents Dwight Eisenhower and Richard Nixon lent their support to such interventionist measures as Medicare and the Environmental Protection Agency. Eisenhower pushed for the greatest public works project in the history of the United States - the National Interstate and Defense Highways Act, which linked the nation together with four-lane (and occasionally six-lane) interstate highways covering forty thousand miles. The GOP also backed large expansion of federally supported higher education. And to many Republicans at the time, a marginal income tax rate of more than 70 percent on top incomes was not repugnant. — Robert B. Reich

There's a grosser irony about Politically Correct English. This is that PCE purports to be the dialect of progressive reform but is in fact
in its Orwellian substitution of the euphemisms of social equality for social equality itself
of vastly more help to conservatives and the US status quo than traditional SNOOT prescriptions ever were. Were I, for instance, a political conservative who opposed using taxation as a means of redistributing national wealth, I would be delighted to watch PC progressives spend their time and energy arguing over whether a poor person should be described as "low-income" or "economically disadvantaged" or "pre-prosperous" rather than constructing effective public arguments for redistributive legislation or higher marginal tax rates. [ ... ] In other words, PCE acts as a form of censorship, and censorship always serves the status quo. — David Foster Wallace

One of the most ridiculous defenses of foreign aid is that it is a very small part of our national income. If the average American set fire to a five-dollar bill, it would be an even smaller percentage of his annual income. But everyone would consider him foolish for doing it. — Thomas Sowell

Economists are coming to acknowledge that measures of national wealth and poverty in terms strictly of average income tell you little that is significant of the health or viability of a society. — Rowan Williams

Liberty is not about class war, income war, race war, national war, a war between the sexes, or any other conflict apart from the core conflict between individuals and those who would seek power and control over the human spirit. Liberty is the dream that we can all work together, in ways of our choosing and of our own human volition, to realize a better life. — Jeffrey Tucker

Within the coming decade alone, three signal amendments would be added to the Constitution: the Sixteenth, giving the national government the power to levy a progressive income tax, without which many of the New Deal's social programs might not have been possible; the Seventeenth, providing for the popular election of U.S. senators; and the Nineteenth, finally granting American women the right to vote. — Doris Kearns Goodwin

While opponents label (Howard) Dean a throwback liberal, The New York Times recently noted that as governor, Dean cut income taxes, reformed welfare and balanced Vermont's budget - all traditionally conservative policies. Dean also received an 'A' rating from the National Rifle Association, which I think you can't get unless you've killed a guy. — Jon Stewart

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

Here's the truth. The proposed top rate of income tax is not 50 per cent. It is 50 per cent plus 1.5 per cent national insurance paid by employees plus 13.3 per cent paid by employers. That's not 50 per cent. Two years from now, Britain will have the highest tax rate on earned income of any developed country. — Andrew Lloyd Webber

During the years I was on the board of directors of the National Organization for Women [chapter] in New York City, the most resistant audiences I ever faced in the process of doing corporate workshops on equality in the workplace were not male executives they were the wives of male executives. As long as her income came from her husband, she was not feeling generous when affirmative action let another woman have a head start vying for her husband's (her) income. — Warren Farrell

The whole trouble with the Republicans is their fear of an increase in income tax, especially on higher incomes. They speak of it almost like a national calamity. I really believe if it come to a vote whether to go to war with England, France and Germany combined, or raise the rate on incomes of over $100,000, they would vote war. — Will Rogers

taxes consumed less than 10 percent of national income in all four countries during the nineteenth century and up to World War I. This reflects the fact that the state at that time had very little involvement in economic and social life. — Thomas Piketty

From the perspective of the world's national security apparatuses you exist in several locations. You appear on property and income-tax registries, on passport and ID card databases. You show up on passenger manifests and telephone logs . . . You are fingertip swirls, facial ratios, dental records, voice patterns, spending trails, e-mail threads. — Mohsin Hamid

The most pernicious of his [Obama] proposals will be the massive Make Work Pay refundable tax credit. Dressed up as a tax cut, it will be a national welfare program, guaranteeing a majority of American households an annual check to 'refund' taxes they never paid. And it will eliminate the need for about 20% of American households to pay income taxes, lifting the proportion that need not do so to a majority of the voting population. — Dick Morris

In 1928, the top 10 percent of earners captured 46 percent of national income. That was the highest share that the top tenth captured for nearly eighty years, until 2007, when we returned to the wealth distribution of the country on the eve of the Great Depression. The top 1 percent did even better. Between 1979 and 2007, nearly 88 percent of the entire economy's income gains went to the top 1 percent.49 One — Christopher L. Hayes

The illusiveness of this concept of national income is to be seen in its dependence on changes in the purchasing power of the monetary unit. The more inflation progresses, the higher rises the national income. — Ludwig Von Mises

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

Measurements of national income are subject to this type of illusion — Sidin Vadukut

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

The combination of higher income taxation and wealth taxation would thereby raise at least 2 percentage points of GDP from the very top earners. But even if they had to pay another 2 percent of GDP, there would certainly be no need to shed tears for the rich. Their net-of-tax income would remain around 10 percent of GDP, a share of national income two-thirds higher than the 6 percent of GDP in 1980. There — Jeffrey D. Sachs

America has invested her religion as well as her morality in sound income-paying securities. She has adopted the unassailable position of a nation blessed because it deserves to be blessed; and her sons, whatever other theologies they may affect or disregard, subscribe unreservedly to this national creed. — Agnes Repplier

The growing inequality of wealth and income distribution is both a moral and economic problem. If the wealthy are unwilling to pay more taxes, then this is going to lead to spending cuts. And if you put off the table things like national defense, then you're going to end up cutting more and more out of programs that aid the poor. So, I think there are consequences to this idea that tolerance for inequality requires us to - to just do nothing to make the wealthy contribute a higher share of resources to fund the government. — Bruce Bartlett

The [Donald] Trump plan would increase the national debt a little over a $1 trillion a year, the Trump plan would reduce taxes at all income levels with, of course, the biggest tax cuts going to the richest taxpayers as they always do. — Lawrence O'Donnell

In today's world, the elites are growing even more comfortable with one another across national lines, yet at the same time, less comfortable with low-income people who share their nationality. How we create those bonds of community that are truly global as well as national is one of our generation's great challenges. — Jacqueline Novogratz

[T]he Swiss people are the best practitioners of the ideals of non-aggression. The Swiss national government posts are parttime positions. Most decisions are made at the canton (state) level. Swiss per capita income is the highest in the world, showing that non-aggression pays. How did the Swiss come to adopt a relatively non-aggressive constitution in an aggressive world? In the mid-1800s, they imitated our constitution and stuck with it! — Mary Ruwart

The money our society spends goes to appease those with power. As such, it goes mainly to those who don't need it. A nation that redistributes income to its poor buys a civilized and humane society, and it buys this with a miniscule share of the national income and a modest reduction in the supply of cleaning women. A country that subsidizes workers in the prime working years sacrifices, not a dust-free living room, but the very muscle of the national economy. — Mancur Olson

Governments do not necessarily act in the national interest, especially when making detailed microeconomic interventions. Instead, they are influenced by interest group pressures. The kinds of interventions that new trade theory suggests can raise national income will typically raise the welfare of small, fortunate groups by large amounts, while imposing costs on larger, more diffuse groups. — Paul Krugman

The mass hallucination of the twentieth century is this: that all these national governments, which each year kill or threaten way more humans than they protect, and take a big chunk of your income to do so, are for some reason a great idea, an inevitable force of fucking nature. — Tyler Mcmahon

You don't lock into a ten-year family budget. You take it a year at a time - maybe even six months at a time. And then if the income really comes in the way you hope it does, then you can make some of those expenditures that you've been waiting to make. We think that same principle should apply to the national family we call America. — Dick Gephardt

Ourselves are cosmic and capacious beyond conjecture, and to experience some notion of the planetary perspective is the richest income from travelling. It takes all to inform and educate all. Sallies forth from our cramped firesides into other homes, other hearts, are wonderfully wholesome and enlarging. Travel opens prospects on all sides, widens our horizon, liberates the mind from geographical and conventional limitations, from local prejudices and national, showing the globe in its differing climates, zones, and latitudes of intelligence. — Amos Bronson Alcott

An economy cannot long remain prosperous by government's taxing and spending more, now absorbing national output at a rate equal to the entire income of every American living west of the Mississippi. If this trend continues, America will gradually sink into the status of a Third World nation - more unemployment, more shackles on production, more poverty. — John Hospers

Fewer than 5 percent of Danes attend church. In godless Denmark, the national government funds a high quality education for all children, rich and poor alike, while in God-fearing America, education is funded through local property taxes, so neighborhood and income dictate a child's educational opportunities. Add in race and ethnicity factors to create a perfectly stratified school system segregated by educational opportunity. — Frank Schaeffer

The welfare of a nation can scarcely be inferred from a measurement of national income as defined by the GDP. — Simon Kuznets