Global Economy, Competitiveness, Government Policy
It’s a fitting time of year for miracles, and the Tax Cuts and Jobs Act, passed by Congress today fits that description. Granted, the first major tax overhaul in more than three decades is not a panacea. It’s come under an increasing amount of criticism from many factions.
One day in mid-October, more than 1,200 U.S. websites were taken down by a massive botnet attack launched through hacked Internet of Things (IoT) devices such as home Wi-Fi routers and CCTV cameras. There doesn’t seem to have been a political or criminal motive for the assault. Rather, it was more like some sophisticated hackers taking a joyride at the expense of millions of Americans.
Americans are surrounded by manufactured goods at home and work— so how can the manufacturing sector represent only 11% of GDP? The explanation is that it doesn’t. MAPI Foundation research examining the full value chain reveals that manufacturing accounts for 32% of GDP. We also find that the manufacturing multiplier is almost three times as high as official data suggest.