Quote:
Originally Posted by onwebcam
Here's a good tune for that comment. 
Only now it's 1 trillion and he's looking at adding more to it. |
Good video and shows the problem. But does it show the reason for the problem?
For the last 30 years the West has dreamed it was the top dog by some sort of right. We looked down on the rest of the world as some place to provide us with cheap goods while we sold them our vastly superior technical goods. Well that dream is now being exposed as a dream.
The truth is different. We sent jobs to Mexico, Taiwan and China so we could buy the goods cheaper than we could make them ourselves. And we employed the people who lost their jobs in shops selling those goods, or banks, insurance companies and other service industries.
But it all worked, we were getting lower taxes paid for by increased debt, a bribe to keep us voting for them, and we were all shopping like there was no problem. Welcome to the real world where there are no free lunches.
We now have to pay for all those free lunches, so don't blame anyone but ourselves for swallowing the dream we were something special because we were American, English, etc. Truth is we now owe the under dogs a small fortune.
Will borrowing more get us out of the hole we dug for ourselves? Not if we give it back in tax cuts. Because all that will do is send more people to more malls to buy more Chines T Shirts or coffer percolators. Which is why they loan it to us in the first place.