Fact of the day, courtesy of Luigi Zingales’ A Capitalism for the People:
“At the beginning of the twentieth century, when modern capitalism was taking shape, US government spending was only 3 percent of gross domestic product.” (emphasis added)
And if the US government at all levels didn’t take so much of GDP today (over 40% of nominal GDP!), perhaps we’d have more money to spend on things like this pool in China (article on it here):
