Supplying Economics on Demand
President Trump claimed throughout his campaign that he could help our economy hit that 3 percent. He has even gone as far to say that we can hit 4, 5, or even 6 percent growth. Yes, between 1948 and 2005, our annual economic growth rate had hit 3 percent two-thirds of the time. But since 2005, it has not risen above 2.7 percent. Additionally, the Congressional Budget Office and other forecasters are predicting an average economic growth rate over the next decade that won’t even hit 2 percent.
Why demonetization? One goal was to promote modernization. Modi believed that businesses could become more competitive with electronic payments. Another goal was to keep people safer. Keeping cash in drawers makes homes more attractive targets for robbers. The most important goal, however, was to combat corruption and tax evasion.