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Politics : Formerly About Applied Materials
AMAT 322.34+1.1%Jan 23 9:30 AM EST
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To: Joseph Beltran who wrote (46362)5/7/2001 7:03:09 PM
From: Cary Salsberg  Read Replies (4) of 70976
 
The trade deficit is due to the strong dollar which was partially due to relatively high real interest rates. The 1/2 point Fed cuts should weaken the dollar and the weaker dollar and the slowing economy should lower the trade deficit.

I agree with your bad feelings. Free trade is good for the world economy, but not necessarily good for many parts of the US economy. Free trade is definitely a plus for investors and entrepreneurs. In the US, free trade will be good for the best and the brightest, but the rest will see their salaries erode to the level of comparable skills in other countries.

I have worried that a democracy cannot survive if a large part of the population is reduced to third world standards of living. Social welfare, such as subsidized housing, nutrition, medical care, child care, aged care, and higher education, will be necessary to maintain a safety net for many citizens whose full time jobs fail to provide an adequate lifestyle.

I do not believe that a socialist society works as well as an isolated, integrated capitalist society where the members consume what they produce. I do think that large segments of the population living in third world conditions is more conducive to military dominated oligopolies than US style democracy.
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