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...these 1.2 million workers spend enough to keep 1.7 million more people employed. That gets you to 2.9 million jobs tied to the Detroit Three, and even if you discount the figures because of CAR's allegiance, it's a big number. Shut down Detroit, and the national unemployment rate heads toward 10% in a hurry. (See Pictures of the Week...
...have heard plenty of liberals say the wealthy need to pay their fair share. Well, according to Fortune, in 2006, the wealthiest 3% of taxpayers paid 54% of all income taxes. Democratic President John F. Kennedy reduced the highest marginal tax rate from 90% to 70% because he felt that all taxpayers, regardless of financial status, deserved to keep more of their money. The change led to increased economic activity, more jobs, and more savings. Kent Frederick, Chicago
...bridge between the U.S. and Europe. Exports soared, helped by billions of dollars in E.U. development funds and the government's clever management of public finances. Growth took off too: the Irish economy expanded at an average of 6.5% a year during the '90s, more than double the rate of the previous decade...
...fifth since 2001, while housing investment grew to 14% of Ireland's economy by 2006, roughly three times the European average. When values and demand began to fall - house prices fell 10% in the year to August, while apartments at the Grange are now selling at a rate of just one or two a week - it left a gaping hole in Ireland's growth prospects...
Still, Ireland remains an attractive place to do business. It's blessed with a growing labor force of young workers, and it measures up well, too, in terms of taxes: its corporate tax rate of 12.5% is one of the E.U.'s lowest, while levies on labor and capital stack up well against rivals. That's one reason the world's second biggest advertising firm, WPP, announced in September that it plans to shift its headquarters from the U.K. to Ireland; and why pharmaceutical company Shire and publishers United Business Media both announced similar plans earlier this year. The arrival...