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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Dale Baker who wrote (67823)	5/22/2008 6:22:44 PM
From: KyrosL	Read Replies (1) \| Respond to of 542802

"valid point" I think the Obama critic's point is invalid. I am glad that at least one politician raised the issue of American overconsumption and lack of savings. He didn't quite phrase it this way, but overconsumption and lack of savings are clearly linked. We save little and consume consistently far more than we produce - the difference being our enormous trade deficits. As a result we are now a debtor nation, while countries like Brazil and Russia have been transformed to net creditors. This may be good for the industrialization of BRIC, but it's terrible for the US, whose industrial wealth is being drained away and replaced by white elephant McMansions and SUVs. When the debt tap is turned off, as it inevitably will be, we will find that we are suddenly poor, just like Britain after the end of the empire and the fall of the pound.