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Since London's high-wage economy generates a disproportionate share of tax revenues, Londoners are likely to get grumpier than they already are.
ECONOMIST: Public-sector pay
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And the last point is we think we need to rebalance our economy in order to succeed globally, because if the United States is going to be a high-wage, high-performance export-led economy, it needs to do three things that the other successful wealthy industrialized exporting countries have done.
WHITEHOUSE: President Obama Meets with Economic Recovery Advisory Board | The White House
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The public finances may be solid (public debt is around 40% of GDP), but the government has been slow to make reforms such as trimming a high minimum wage, reducing the size of the unregistered economy and increasing competition to reduce energy and other costs.
ECONOMIST: The Turkish economy