For all the China bashers out there about how it's China's fault we have this huge trade deficit, please refer to the actual data before letting your emotions trump your intellect. Hmmm. approaching $1 trillion.
Blame China? Please. Americans simply spend too much. Debt is not prosperity. When Americans borrow against their house and spend it at Walmart, they take on more debt and money heads to China or some other nation where it was manufactured. Of course the most obscene consumer is the federal government.
Really? I've always heard that we didn't spend enought - that if we really wanted to stimulate the economy, we should be out shopping and spending more, that's why "black friday" is so important for retailers in the US, and for those who depend on retailers.
...of course, Bastiat might object to that assertion, but what does an old theorist like him know about the real world? Humbug.
Blame China? Please. Americans simply spend too much. Debt is not prosperity. When Americans borrow against their house and spend it at Walmart, they take on more debt and money heads to China or some other nation where it was manufactured. Of course the most obscene consumer is the federal government.
ReplyDeleteReally? I've always heard that we didn't spend enought - that if we really wanted to stimulate the economy, we should be out shopping and spending more, that's why "black friday" is so important for retailers in the US, and for those who depend on retailers.
ReplyDelete...of course, Bastiat might object to that assertion, but what does an old theorist like him know about the real world? Humbug.