Economists regularly go back and forth discussing things like gross domestic product – but why should we care about GDP?
It's important to have growth in gross domestic product, although Jared Meyer with Economics21 and the Manhattan Institute for Policy Research says bigger is better.
"When GDP growth is, let's say, at two percent over ten years, that makes a massive difference than if you had three-percent or four-percent growth," he explains to OneNewsNow. "That means the economy is going to be smaller and the shared gains of an expanding economy [are] going to be fewer ... to pass around."
The GDP for 2014 came in at 2.4 percent, which Meyer notes is slightly above the previous year (2.2%) – and which he interprets as more of the same. So what would he suggest to improve the economy?
"We need to cut back on the amount of regulation business is facing," he suggests. "And it's not just the sheer accumulation of pages of regulation, but it's the actual commands: you must do something, you cannot do something else.'
"The Mercatus Center at George Mason University actually looked at this. They found a 28-percent increase in restrictive terms from 1997 until 2012."
Meyer continues: "Business owners, who already have a hard enough job of trying to grow and maintain their business, now have nearly a third more commands from the federal government that they need to comply with."
According to Meyer, federal regulations now contain more than one-million restrictive terms.
"Clearly, we need some regulation to hold people accountable for when they harm someone," he acknowledges, "but the amount we have now – over one million things you either must or cannot do – is quite beyond what had before."