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Right, Portugal nominal GDP is 300B EUR so that 3B EUR subsidy is 1% of GDP. Tennessee nominal GDP is $420B and the last figure I found for federal aid to TN w
by steveBK123 2y ago
Right, Portugal nominal GDP is 300B EUR so that 3B EUR subsidy is 1% of GDP.
Tennessee nominal GDP is $420B and the last figure I found for federal aid to TN was $10B but this was 2014 data, at which point TN GDP was $350B.
So ~2.5-3% of GDP in aid from the feds, quite a lot more than Portugal.
Also this is simply the direct aid in TN budget that comes from Feds.
Often there are other direct payments/transfers from Feds to individuals who file federal taxes while living in TN, which is not captured in that $10B number.
- alephnerd 2y agoYep. A major issue was the ascension of then poorer CEE states in the 1990s and 2000s. This meant the bulk of EU Development Funds which used to go to Southern European countries like Portugal and Greece ended up getting diverted to countries like Hungary, Poland, Romania, Bulgaria, Slovakia, etc. Unlike the CEE countries, Portugal's pre-EU era rulers (eg. Salazar, post-Revolution military junta, trade unions) did not invest in human capital to the same degree that CEE's pre-EU rulers did.