Originally Posted by iseeyou

The middle East would continue selling oil to other countries if the usa stopped importing oil from that region. I seriously doubt they would just go out of business.

What you wrote about Reagan is ironic. Not only did he help to bankrupt the USSR, he also helped to bankrupt the USA too.

You exaggerate the benefits of increased oil supply (and thus reduced oil prices) on the overall economy. Lower oil prices would not change the fundamental problems of the American economy. The fundamental problem is overconsumption: too much government spending (through bank credit), too much consumer spending (through bank credit), too many workers wasting too many natural resources by producing too much unnecessary stuff for too many unnecessary people (only bubble economies can create high population/economic growth and low unemployment but its usually unsustainable).

All the credit and debt which has been issued since the Great depression, has spurred unsustainable human population levels and unsustainable economic production. The only way to return to low unemployment is:

1. reinflate the bubble with even more bank credit (but it will almost certainly burst again)

2. reduce the number of workers and future workers (let them die and dont allow them to reproduce)

The good news is that technology and productivity has advanced so much that we may not even need low unemployment to be a highly productive society which continues to advance. Large numbers of people can live on meager government assistance. But excessive population growth (especially in the unemployed population) could become a serious future problem.