By 2065, world population growth will have stopped, the number of people living in poverty will be less than half of what it is today, Americans with jobs will work 10 percent less than today, and the U.S. governments spending will account for a larger share of GDP, despite having defaulted on its debt and scaled back Medicare and Social Security. Developing economies will grow faster than those of established countries, whose growth will be hobbled by increased taxes and regulation.
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|Other Independent Review articles by David R. Henderson|
|Fall 2016||An Economists Case for a Noninterventionist Foreign Policy|
|Spring 2015||A Philosophical Economists Case against a Government-Guaranteed Basic Income|
|Spring 2014||The Inevitability of a U.S. Government Default|
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