Quote:
Originally Posted by pj67coll
Well, it will take some time before I'm proven right or wrong. But I forsee things getting far worse before they get any better and this time we don't have a WWII to fix it for us. There is no manufacturing to pull us out of it because now, unlike after WWII we don't make everything the rest of the world needs or wants. And most of what we consume is made by the rest of the world.
What exactly is there then that will generate the growth necessary to pull the US back up?
I don't see anything and absent that how is it going to happen?
We'll see. For the record I'll be perfectly happy to be proven wrong.
- Peter.
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You are right in that regard. Perhaps people will learn to live more modest and simple lives. Basing an economy on ever-increasing needless spending (the trend we have been on) is a recipe for ultimate disaster.
So now the Gov is trying to figure out how to compel more people to buy new cars. Makes sense, now that they are stake holders. Only it pushes more people into debt they don't need. I thought the bailout was a bad idea, but I may be wrong.
The best bet is a WPA type program for rebuilding America's infrastructure, much of which is 50+ years old and needs replacement. There is plenty of steel and concrete and muscle available.