Charlie Rose - George Will

Columnist George Will has been observing and writing about America for almost 40 years. He has just published his eighth collection of his essays. In a wide-ranging conversation with him, he talked about China, Iran, America's resilience, the presidential campaign and how he changed his views about Iraq.

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• China
• Iran
• America
• George
• Will
• Barack
• Obama
• John
• McCain
• Hillary
• Clinton
• Bill

[ethancrown7777777]

Just like a great musical artist, he is not after popularity, he is into learning and thinking. Hannity is silly but he is after the buck.

[vizini1]

George Will is great. If ever ran for public office, I'd vote for him in a minute.

[TruthandJustice101]

He said just before the stock market plunged 850 points and plunged the nation into The Great Recession.

Talk about egg on your face...forever preserved on YouTube.

[Fronte999]

What a moron! This Don't Know How To Change a Lightbulb Because A Liitle Person Always Does It For Me lives in hiw own little world of newspapers and books.

[exbronco1980]

this video sure is dated. i'm sure you could find condescension with liberals and conservatives and anyone else. i don't think of liberalism as inherently condescending.

[RavingDissension]

@Zyworski

Citing nominal GDP might work in times of low inflation; however, the period of which you specifically cited date for, the Carter administration, was plagued with inflation. Remember stagflation, the nightmare of the Keynesians? Who can forget?

And you're telling me that all those price level increases have to counted as growth? I don't think even you believe that.

[RavingDissension]

@Zyworski

Moreover, the historical growth rate of the U.S., as most economists hold it, is about 2-3% increase in real GDP per year (not quarter). If you calculate the Bush years (4Q of X year - 4Q of previous year)/(4Q of previous year), you find that the growth rates fluctuated around this range.

[Zyworski]

@RavingDissension This opens up a whole other can of worms. The CPI that the BLS uses is a slanted statistic that has no relation to the real world. Some times I think that their basket of goods is a can of subsidized corn, section 8 housing, and a candy bar. Meanwhile in my world the cost of a tank of gas or some fish and chips at the local stand are going up like a sky rocket.

Theoretically real GNP and Adjusted GNP should be very close as putative inflation has been very low. LMFAO

[RavingDissension]

@Zyworski

There are several problems with your data. Nominal output only provides a cursory overview; it is far from conclusive. Any economist will tell you that economic growth is measured by changes in real GDP, not nominal. Nominal does not adjust for inflation, meaning that even if production stagnates while prices soar, the nominal GDP will portray a static economy as a growing one. Of course, for the sake of argument, we're assuming GDP and GNP are relatively one and the same.

[Zyworski]

@RavingDissension In the 32 quarter under Bush the nominal GNP growth was less than 1% in 9 of them. 4 quarters showed negative growth. The highest growth of 2.24% occurred in Q3 2003. Only 3 quarters exceeded 2%. I will send you the URL for my data and direct your attention to the Carter years for an example of growth at historic levels.

[Zyworski]

@RavingDissension That is true, the velocity of household spending is more than any bureaucracy could hope to match. Unfortunately the transfer did not come from the private sector, it came from Chinese and Arab dollar reserves through treasury bonds. I've said this many times high taxes promote capitalization in the short run because you either pay the taxes or look for deductions. In the long run they are bad because who wants to invest in an economy where you can't make a profit.