Here Are 12 Popular Myths About The US Economy

Magde.infoThere remain a lot of misunderstandings and all-out myths out there about the state of the U.S. economy.

The Bureau Economic Analysis is here to help.

They’ve put together a presentation (via Barry Ritholtz) to sort through what’s real and what’s hearsay.

Taxes, debt, offshoring and wages are all covered.

It’s pretty eye-opening.

Taxes are not that high.

Spending is up, but not at a record high.

Our debt is way up, but not at a record high relative to GDP.

labour income has been falling as a share of national income has held steady.

Real wages have actually gone since the recession.

Real middle class income is down, but up on per capita and adjusted bases.

We're still the world's richest economy.

Production isn't going to just low wage countries.

Most of the goods produced in China are sold to Chinese customers.

No foreigner, not even China, owns too many U.S. assets.

Detroit has bounced back in a big way.

As has long been clear, domestic U.S. growth has migrated from the North to the South.

In sum: America's taxes are down, it's continues to be the richest country in the world, and offshoring isn't destroying the economy.

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