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Allen Johnson
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Was scanning the CIA World Fact Book last night to compare the AAA rated Country's Public Debt/GNP ratios, in addition to looking at the other economic growth indicators. Seems all of them have higher debt ratios than USA, except China and India (not surprising) as their denominators are growing quickly. As I understand it, the concern is the dramatic increase in our ratio over last 5 years. So with a combination of growing the GNP and reducing the size of government we could reduce or maintain the ratio. On growth, most of the large GNP Countries have very low growth rates in the last couple of years, except for you know who. I do subscribe to the Creative Destructive model and I believe the USA is still the best innovator for creating products. But here is the catch. A lion's share of our workforce still need jobs in traditional product build sectors. I do support global markets. I understand the need for corporations to seek profits by outsourcing manufacturing to low cost labor markets, but here we are. Some will say its a transition. But what is the growth plan when you have a huge burden of entitlements, 50% of the population paying near zero tax and a large number of displaced aging workers, who are not capable of relearning high intellect skill sets. Is it time to rebuild modern manufacturing plants in the USA? Wages and inflation in China are approaching 10% this year and although the government there is trying to cool off their growth, it won't be long before the attractive labor rates shrink. Anyway, I am hoping that the USA takes another look at reclaiming some new production manufacturing within our borders, as we need a balance of jobs directly mirroring our work force. btw. A little of topic, but why do mega corporations like GE and Exxon, who yes, do their part by creating markets, products and employment, not pay any tax. We need everyone, individual and corporation to chip in and pay something. But to pay nothing? while our debt is rising out of control, I have to shake my head. Are corporations and investment bankers beyond national borders? Perhaps its their mission to enslave all economies into a never cycle of debt repayment.
Toggle Commented Aug 8, 2011 on National Debt Meter at The Skeptical Optimist
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Aug 8, 2011