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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: orkrious who wrote (252137)7/25/2003 4:51:28 PM
From: mishedlo  Read Replies (1) of 436258
 
from DR

Next to exterminating male members of the Hussein line, the
Bush administration has made economic recovery a top
priority. To that end, it has given the nation a tax cut,
expected to provide an economic stimulus equivalent to 1.6%
of GDP.

Too bad so much of the stimulating is done overseas,
particularly in China.

For if an American consumer has an extra dollar in his
pocket, about 2 and a half cents of it will end up in
Chinese hands. That may not seem like a lot of money, but
it is more than the return from money market funds, more
than the inflation rate, more than twice the Fed funds
rate... and more than $200 billion dollars a year.

And the Chinese know how to get even more money; they just
have to build more factories, hire more people and produce
more and better goods - all the things that the tax cut was
supposed to stimulate in America.

Likewise, lower interest rates were supposed to stimulate a
recovery in America. What they have actually stimulated is
mortgage refinancing... which permitted Americans to spend
more... which allowed them to buy more goods from
China... which put more money in Chinese hands, stimulating
their businessmen to compete even more with U.S.
enterprises... !
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