From my most recent NRO article today, on the economy — specifically, on the havoc wrought by inflation over the past few decades:
Much of the GDP is really just the velocity of money and not real production, and there are too many jobs in the U.S. that are not productive work. Nearly $5 trillion of the total U.S. GDP of $14 trillion is legal fees, consultants’ fees, and payments to financial-transaction facilitators, reflecting the overlawyered nature of the country and the excessive preoccupation with deal-making (with insufficient attention to whether the deals are wise or not). Medical activities consume another $2.5 trillion, at least $1 trillion of that traceable to the fact that the recipient of coverage is usually not the person who pays for it, and the fact that the legal-preventive component is excessive. (Neither of these problems is addressed in the slightest by the current health-care bill.)
Whether you agree or disagree with my economic diagnoses and prescriptions, your comments are, as always, most welcome.