Wall Street is betting that the cuts, which the Congressional Budget Office estimates will take 0.6 of a percentage point of economic growth this year and cost 750, 000 jobs, won't be enough to derail the recovery.
Roberto Newell, director general of the Mexican Institute of Competitiveness, estimates this could add an additional percentage point of annual economic growth.
And both private sector as well as public sector economists are estimating that we could lose as much as six-tenths of a point, maybe a little bit more, of economic growth.
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While there are a variety of methods and data sources, the results consistently point to significant negative effects of taxes on economic growth even after controlling for various other factors such as government spending, business cycle conditions, and monetary policy.
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From an economic growth point of view, this is a very bad thing.
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The energy industry was also quick to point out that much of our economic growth can be directly tied to the rise in domestic energy production.
The ECB had announced it was leaving euro zone interest rates on hold, but, in a subsequent press conference, Trichet appeared to have softened his stance on inflation to point to the risks of slowing economic growth.
The point of course is that innovation is the primary rocket fuel of economic growth.
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Economists here point to the fact that much of the economic growth has been spurred by domestic investment by the government, or government linked companies such as Petronas - a powerhouse of the Malaysian economy.
Blomberg and colleagues used a database of 12, 164 world-wide terrorism incidents between 1968 and 2001 to compute the macroeconomic effect of such acts, and found that on average they are linked to a decline in a country's economic growth of half a percentage point.
The audit a praiseworthy attempt to get to grips with the nuts and bolts of future economic growth makes another point too.
And the Treasury estimates that the economic growth rate has been boosted by a quarter-point because of immigration.
International Monetary Fund economist Dora Iakova has modeled what she terms the "immigration shock" and is convinced it boosted real economic growth in Britain by at least 0.2 of a percentage point per year after 2004, helping the country overcome an uptick in interest rates.
Though it's difficult to predict exactly how the year will pan out, weak job growth, a slowing economy and troubled housing markets all point to signs of an economic recession.
Overall, since America abandoned the firm link to gold of Bretton Woods, real economic growth (1972-2010) has been a full percentage point lower than during the Bretton Woods era (1948-1971).
The report makes a strong case for broadband as a driver of economic growth and new jobs, citing country case studies and reports by leading consultancies that point to increased employment opportunities, higher labour productivity and a strong stimulus to GDP.
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