The Corner

A Way Out of the Morass

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.

Members of the National Review editorial and operational teams are included under the umbrella “NR Staff.”

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