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Trade is a relatively small share of total American output.
When total American output goes up, each individual quota gets proportionately larger.
The nation's net foreign obligations, which include debt and the claim on American profits by foreign investors, are equal to more than one-quarter of total American output.
"In 2008," Mandelbaum notes, "all forms of government-supplied pensions and health care (including Medicaid) constituted about 4 percent of total American output".
It is 30% of the total American output, and enough to give 3lb of spuds to every human being on the planet.Unfortunately, people do not want that many potatoes.
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As a percentage of total American economic output, corporate tax collections are at historical lows.
The news came amid the company's announcement that it will cut output in Japan and North America by another 50,000 vehicles, affecting its U.S. plants in Ohio and Alabama, meaning that its total North American output will fall by 12%, to 1.26 million vehicles, in the fiscal year ending in March.
The news came amid the company's announcement that it will cut output in Japan and North America by another 50,000 vehicles, affecting its U.S. plants in Ohio and Alabama and meaning that its total North American output will fall 12% to 1.26 million vehicles in the fiscal year ending March.
Thus while a boom in Japanese demand may increase American exports, the change would be reflected in America's total deficit only if American output went up more than American domestic spending -- a possible but not especially likely occurrence.
American output would still be about one-quarter of the world total, the average for the past 125 years, as Zakaria reminds us.
By 1937 American output had regained its 1929 level.
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