U.S. Cost of Violence Surpasses 15% of GDP

New Report Calculates Total U.S. Public and Private Expenditure on Containing Violence -- International & Domestic

NEW YORK, Sept. 20, 2012 /PRNewswire/ --

$2.16 trillion or $15,000 per taxpayer spent on preventing or dealing with violence
Violence-related expenditures four times greater than the Department of Defense budget
If Violence Containment was classified as an industry, would be the largest in the U.S.
Economic value of containing violence in the U.S. equal to the entire GDP of the UK

On the eve of the International Day of Peace, the Institute for Economics and Peace (IEP) has released a report detailing how much of the U.S. economy is related to either preventing or dealing with the consequences of violence. The report conservatively estimates that in 2010, 15% of GDP or US$15,000 per taxpayer was spent on containing violence. This is the equivalent of 1 out of every 7 dollars spent in the U.S.



The study is the first systematic measure to account for all violence-related expenditure in the U.S. economy. It captures government, corporate, and individual expenditure regardless of whether it is related to international affairs, such as offshore military activities, or domestic spending, for instance, dealing with crime and its consequences.

"By defining a new industry as the 'Violence Containment Industry,' it is now possible to aggregate all expenditures related to the containment or consequences of violence. Our research indicates that when measured as a percentage of GDP this industry has expanded by 25% in the past ten years," stated Steve Killelea, Executive Chairman of IEP.

The report shows that if the $2.16 trillion of Violence Containment spending were represented as a discrete industry, it would be the largest industry in the United States economy, larger than construction, real estate, professional services, or manufacturing.

The study accounts for all expenditure that is related to violence, such as medical expenses, incarceration, police, the military, insurance, homeland security, and the private security industry. Expenditure is also divided by local ($154 billion), state ($101 billion), and federal ($1,305 billion) government as well as private spending by corporations, households, and individuals ($602 billion).

A 5% reduction in Violence Containment spending for 5 years would provide $326 billion. This would exceed the capital needed to rebuild the nation's levees systems, update the energy infrastructure, and complete the upgrading of the nation's school infrastructure. The American Society of Civil Engineers is currently estimating a $134 billion shortfall for the above infrastructure development.

"The study clearly demonstrates that even small reductions in violence and the spending associated with it would result in a meaningful stimulation to the U.S. economy," concluded Mr. Killelea.

Notes to Editors
The full report can be downloaded at www.visionofhumanity.org
Follow on Twitter: @globpeaceindex

About the Institute for Economics and Peace
The Institute for Economics and Peace (IEP) is an international non-profit research organization dedicated to shifting the world's focus to peace as a positive, achievable, and tangible measure of human well-being and progress. For more info: www.economicsandpeace.org.

Contact
Michelle Breslauer, IEP, mbreslauer@economicsandpeace.org, +1 (646) 963-2160

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Radio Address by President Bush to the Nation on the State of the Economy

3 May 2008 15:06 Africa/Lagos


Radio Address by President Bush to the Nation

WASHINGTON, May 3 /PRNewswire-USNewswire/ -- The following is a transcript of the radio address by President Bush to the Nation:


THE PRESIDENT: Good morning. This week, the Commerce Department reported that GDP grew at an annual rate of six-tenths of a percent in the first quarter. This rate of growth is not nearly as high as we would like. And after a record 52 months of uninterrupted job growth, April was the fourth month in a row in which our economy lost jobs, although the unemployment rate dropped to five percent.


My Administration has been clear and candid on the state of the economy. We saw the economic slowdown coming, we were up front about these concerns with the American people, and we've been taking decisive action.


In February, I signed an economic growth package to put more than $150 billion back into the hands of millions of American families, workers, and businesses. This week, the main piece of that package began being implemented, as nearly 7.7 million Americans received their tax rebates electronically. Next week, the Treasury Department will begin mailing checks to millions more across the country. And by this summer, it expects to have sent rebates to more than 130 million American households. These rebates will deliver up to $600 per person, $1,200 per couple, and $300 per child.


This package will help American families increase their purchasing power and help offset the high prices that we're seeing at the gas pump and the grocery store. It will also provide tax incentives for American businesses to invest in their companies, which will help create jobs. Most economic experts predict that the stimulus will have a positive effect on the economy in this quarter and even a greater impact in the next. And Americans should have confidence in the long-term outlook for our economy.


While getting more money back in the hands of Americans is a good start, there are several additional steps that Congress needs to take to ease the burdens of an uncertain economy. Americans are concerned about energy prices. To increase our domestic energy supply, Congress needs to allow environmentally safe energy exploration in northern Alaska, expand America's refining capacity, and clear away obstacles to the use of clean, safe nuclear power.


Americans are concerned about rising food prices. Yet, despite this growing pressure on Americans' pocketbooks, Congress is considering a massive farm bill. Instead, they should pass a fiscally responsible bill.


Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow state housing agencies to issue tax-free bonds to refinance sub-prime loans.


Americans are concerned about their tax bills. With all the other pressures on their finances, American families should not have to worry about the Federal government taking a bigger bite out of their paychecks. So Congress should eliminate this uncertainty and make the tax relief we passed permanent.


America is now facing a tough economic period, but our long-term outlook remains strong. This week we saw evidence that our economy is continuing to grow in the face of challenges. This should come as no surprise. No temporary setbacks can hold back the most powerful force in our economy -- the ingenuity of the American people. Because of your hard work and dedication, I am confident that we will weather this rough period and emerge stronger than ever.


Thank you for listening.


Source: White House Press Office

CONTACT: White House Press Office, +1-202-456-2580


Web Site: http://www.whitehouse.gov/