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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (68246)	1/24/2003 5:48:18 AM
From: Ilaine	Read Replies (1) \| Respond to of 281500

Hi Jay - >>if I understood your belief . . . . no debt problem in the US<< Not at all my belief. What I said, and went to a lot of trouble to substantiate, is that Joe 6 Pack's debt to disposable income ratio wasn't out of whack with other periods, in particular 1990-1991, which was, if you recall, a recession. If we've been doing it for decades without being much the worse for it, it may be a problem but we are able to deal with it. The US is >>the largest debtor nation<< at the same time that it has the largest GDP. It's something like ten times bigger than China's, even though China has a billion people and we only have 300 million. Debt-to-GDP is much lower than in China, if we can believe Crédit Lyonnais. I am far less likely to believe the Chinese government than I am my own, and I already know you don't believe ours at all, so I guess we're at an impasse. >>with little savings<< That is so funny. US GDP per capita is close to $40K, China's is less than $1K, and y'all are lecturing us about savings? Maybe it's 'cause y'all see all the tacky crap we buy from China and elsewhere and figure we must be spending our last dollar. Not that everything from China is tacky crap. Y'all know how to make good stuff. I am just thinking about, oh, for example, Happy Meals toys. When my kids outgrew them, I threw away two cases of Happy Meals toys. Hundreds of the damned things. Horrible. If I were Chinese and assembled Happy Meals toys all day long in a Happy Meals toy factory, I'd think all Americans were crazy. This reminds me of an argument or two I had on the BBR thread about the Grandfather website. All the bears thought the Grandfather was so reliable but refused to believe any statistics from the US government. I kept pointing out that the Grandfather got his statistics from an intermediate source which got theirs from the US government. Same source, same stats, just sliced and diced in a different presentation. Finally gave up beating my head against a stone wall.