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Politics : High Tolerance Plasticity
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From: schrodingers_cat10/27/2005 10:44:32 PM
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Actually Elroy, I've never advocated huge amounts of borrowing. I think you and many others are ignoring the role that Chinese policy has played in creating America's budget imbalance. They are manipulating things to grab as many jobs as possible in the short term. In the long run they will lose on the bonds but what will they have gained? A modern industrial ecomony.

The US economy is very efficient, and if somebody is willing to lend large amounts of money at very low interest rates, then the US will borrow heavily. I don't think that the US would be borrowing as much if interest rates weren't so low.

Another factor here is that our environmental policy has made us more dependent on foreign oil and gas than we have to be. If ANWR and OCS were developed, and more refineries built, then the US trade balance would improve.
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