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To: Sarmad Y. Hermiz who wrote (121593)	3/25/2001 1:28:14 PM
From: GST	Respond to of 164684

"The only important issue is whether the economy produces enough goods and services to support the aggregate standard of living. After that, it is just the details of distribution." The ability to increase production of goods and services is through productivity growth -- that is the definition of productivity growth: more output per unit of input. When inputs are not wisely used, productivity growth suffers. Let me give you a recent example from Japan -- the government of Japan financed a $5 billion bridge where none was needed to "stimulate the economy". This adds to the public debt and does nothing to increase output. It is money wasted on infrastructure that is not going to yield lasting economic growth. We have, in some cases, built infrastructure in the past couple of years that will not pay for itself.