Quote:
Originally Posted by pocketkangaroo
As far as our deficit, we've had one for decades and people have been claiming doom and gloom as well. While it does have negative effects, it is also correctable by responsible spending and higher taxes. It's also odd how you leave out Japan who has a similar budget deficit percent. China and most European countries work at a deficit as well. Why are you only singling out the US?
And for all these thriving economies, you do realize that they rely heavily on the US? Where do many of your jobs in India come from? Who buys most of the products made in China? If the US economy tumbles, those countries tumble just as hard.
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"China and most European countries work at a deficit as well." - in that case the world is running at a deficit and totally unsustainable if any deficit is even remotely in the same league as the US. Can the person leaving last, please switch off the light? ;-)
Sure, China has a major exporting agenda with the US. The issue in more recent years is the ability of the US to pay for the mass of product consumed from China and where the Fed Res are issuing IOU's at a rate of around $3billion daily to the Central Bank of China and trying to persuade China to reduce their currency. China has since established a range of trading relationships with other continents/nations and, who knows, presumably an element of that policy is out of caution. Agree.. China would be hit economically irrespective, tho they do have an industrial base and an avenue ahead if that ever happened. The same cannot be said for many western countries.