But does that one statistic really reflect the overall health of the economy? Economist John Garen says he looks at a combination of indicators: the employment and the unemployment rates as well as growth in overall productivity and the gross domestic product GDP. While the trends are generally positive, Garen says Americans are also concerned about one other indicator. Wages and salaries for civilian workers rose 2. Labor Department data.
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But Garen says those gains are happening faster for higher skilled employees than for unskilled labor. He says it will take decades of sustained productivity and wage growth to create an economy that lifts people out of poverty.
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He says many rural counties and some minority groups continue to suffer higher unemployment than national averages. He says more than a quarter of Kentucky jobs now pay below the poverty line for a family of four.
Andrew McNeill of Americans for Prosperity-Kentucky points to another troubling factor for the commonwealth: a relatively low labor participation rate. That compares the number of people who have a job or are actively seeking one versus those who have dropped out of the workforce. Government statistics put the national workforce rate at about 63 percent, but in Kentucky the rate is In the short term, they say Americans will see relief on their personal income taxes and many workers will receive bonuses or pay raises from employers that are now paying lower corporate tax rates.
McNeill says the even greater benefit will come over the long term as corporations invest more of their tax savings in domestic expansion, which will result in more job growth.
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With even better tax incentives and more regulatory reform, McNeill says the GDP could grow as much as 3. Bailey and Londrigan take a more pessimistic view of the benefits of the Republican tax package passed late last year. A number of NGOs have started to promote "fair trade," arguing that trade can promote development if it is environmentally sustainable and includes respect for human and labor rights.
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General Analysis on International Trade and Development This page provides articles, documents and reports on international trade and development. This page provides information on international trade agreements such as NAFTA and their impact on development. This page provides articles and papers on agricultural subsidies and how they obstruct development.
This page analyzes economic globalization, and examines how it might be resisted or regulated in order to promote sustainable development. This section explores how TNCs dominate the global economy and exert their influence over global policymaking, including the increasing influence of corporations at the UN.
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The World Economic Crisis. For example, notwithstanding the WTO Agreement on Agriculture , agro-food products overall face higher trade barriers than industrial goods. Tariffs applied to agricultural products are on average three times higher than for industrial goods. Agro-food products are also more likely to face non-tariff measures. These include quotas banned for other products as well as regulations which, while aimed at legitimate public policy objectives, can nonetheless sometimes be more trade restrictive than necessary to achieve that objective.
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Support to agricultural producers remains high, with over two thirds provided via meaures that distort production and trade strongly. There is significant scope for reform of agricultural markets and trade , with considerable gains from even partial reform.
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There are also growing concerns about rising government support across a range of industrial sectors, and that current trade rules on industrial subsidies are not able to effectively tackle this support and that new rules are needed to ensure a level playing field. Part of this concern is related to rapid internationalisation of state-owned enterprises SOEs.
In some countries, SOEs benefit from preferential domestic treatment, or from cheap finance, including from commercial lenders perceiving an implicit government guarantee. While this can sometimes be justified within their national jurisdiction where there are public services these SOEs are expected to perform, the internationalisation of their operations calls for action to maintain a healthy competitive environment.
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