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America's 'Free' Falling Economy
Investor's.com ^ | February 1, 2010 | INVESTOR'S BUSINESS DAILY staff

Posted on 02/01/2010 6:33:06 PM PST by raptor22

Competitiveness: The latest index of economic freedom shows America falling fast, being ranked for the first time as "mostly free." We've fallen behind Canada, and it's look out below.

Our accelerating descent into a command-and-control economy with government pulling the strings is taking its toll.

The Heritage Foundation's 2010 index of leading economic indicators shows that the land of the free is only mostly free, falling to eighth in the world from sixth last year, now sandwiched between Canada and Denmark.

That Canada, long considered a bastion of socialized medicine, is ranked as economically freer may surprise some. But our neighbor to the north has at least been trying to develop its domestic energy reserves, from hydroelectric to natural gas to oil extracted from its tar sands. Energy is the lifeblood of a free economy.

We have shackled our domestic energy producers with environmental regulations, leaving vast pools of energy lying offshore and in the ground. We regulate what you can build, where you can build it, even how. Endangered critters rank above equally endangered entrepreneurs. Climate change is more important than the business climate.

(Excerpt) Read more at investors.com ...


TOPICS: Business/Economy; Canada; Culture/Society; Editorial; Front Page News; Government
KEYWORDS: agenda; bho44; bhoeconomy; bhofascism; bhosocialism; business; economy; endangeredspecies; energy; esa; heritagefoundation; ibd; liberalfascism; liberalprogressivism; livefreeordie; obama; socialism; species; taxes
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1 posted on 02/01/2010 6:33:07 PM PST by raptor22
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To: raptor22

if it is this serious,

you’d think someone would do something

to stop it.


2 posted on 02/01/2010 6:37:59 PM PST by ken21 (i am not voting for a rino-progressive.)
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To: raptor22

All levels of our government are engaged in rampant and escalating treason against the founding principals of the nation.


3 posted on 02/01/2010 6:39:23 PM PST by Psycho_Bunny (ALSO SPRACH ZEROTHUSTRA)
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To: Psycho_Bunny

I’ll second that. And if we as a country punished those who committed treason we wouldn’t have so many of them.


4 posted on 02/01/2010 6:41:55 PM PST by unixfox (The 13th Amendment Abolished Slavery, The 16th Amendment Reinstated It !)
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To: ken21

Obama has accomplished what he was hired to do and that is to bankrupt US, there is now way out now. We are past the tipping point now.


5 posted on 02/01/2010 6:44:56 PM PST by mel
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To: unixfox; Psycho_Bunny

“It is terrible to contemplate how few politicians are hanged.”


6 posted on 02/01/2010 6:45:46 PM PST by OneWingedShark (Q: Why am I here? A: To do Justly, to love mercy, and to walk humbly with my God.)
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To: raptor22
5.7% GDP growth 4th quarter, income rising faster than rising spending, lifting the savings rate to a hair under 5%, manufacturing up, inventories rebuilding, profits coming in 17% above analyst estimates...

Reports of the death of the US economy are greatly exaggerated. They always are.

Don't get me wrong, policy is poor on the fiscal side and in proposed taxes, spending we don't need etc. Monetary policy has been entirely sound and correct, however, and the adjustments of American business to the recession were thorough, efficient, swift, downright merciless. And entirely effective.

In the long run, betting against the US economy, like betting against the US military, is for losers.

7 posted on 02/01/2010 6:45:56 PM PST by JasonC
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To: OneWingedShark

GK Chesterton, btw.


8 posted on 02/01/2010 6:46:05 PM PST by OneWingedShark (Q: Why am I here? A: To do Justly, to love mercy, and to walk humbly with my God.)
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To: Psycho_Bunny; ken21; raptor22

Obama promised wealth redistribution. Even boasted the largest in the history of America! Thus it is he is wiping out all capital and equities by crashing the economy. That is why he wants the “civilian” police force. Once you bankrupt the nation, it is maleable.

You would think that people want employment. That the nation would wake up to this crashing and pull the nose up!!!

But no, Obama is taking it into the next realm. The after America Era or the post American era. MArxism can not save nor solve dirt!


9 posted on 02/01/2010 6:49:17 PM PST by himno hero
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To: mel
Wanna - bet?
10 posted on 02/01/2010 6:52:29 PM PST by JasonC
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To: raptor22
Our government has taken upon itself the task of picking winners and losers, instead of letting the free market decide, and as a result we all lose. From car companies to financial institutions, the long arm of government has grabbed freedom by the neck, seeking to decide who gets paid what and how big companies and banks can grow.

Profound.

11 posted on 02/01/2010 6:55:09 PM PST by The Duke
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To: The Duke
To follow up on something that I've not heard before ... imagine the injustice of income taxes taken from an employee at Ford being used to subsidize his competitor at GM.

The word "un-American" comes to mind.

12 posted on 02/01/2010 6:57:33 PM PST by The Duke
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To: The Duke

Fortunately, the sales numbers seem to indicate that the American people “get it” on that. Ford is doing pretty well. The General? Not so much.


13 posted on 02/01/2010 6:59:35 PM PST by FreedomPoster (No Representation without Taxation!)
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To: JasonC
All that “growth” is government spending of borrowed dollars coming out of future economic activity.

That is totally unsustainable.

As the borrowed money dries up things will return to their downward trend until Obamacare and his endless spending and new taxes finally die. If those things do not die, things are going to be meager for years to come.

14 posted on 02/01/2010 7:15:47 PM PST by DB
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To: raptor22

http://www.youtube.com/watch?v=1lWJXDG2i0A


15 posted on 02/01/2010 7:17:15 PM PST by mamelukesabre (Si Vis Pacem Para Bellum (If you want peace prepare for war))
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To: JasonC

No way out if you expect to actually pay it all back and maintain the current standard of living.


16 posted on 02/01/2010 7:19:21 PM PST by mamelukesabre (Si Vis Pacem Para Bellum (If you want peace prepare for war))
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To: JasonC

Someday we’ll be at a point where the US economy will no longer be able to support the US military and all will come to an end.

We arent’ there. But every day we get a little closer.


17 posted on 02/01/2010 7:21:07 PM PST by mamelukesabre (Si Vis Pacem Para Bellum (If you want peace prepare for war))
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To: raptor22

It really isn’t a “free fall” when someone is intentionally and continuously pushing it down the next flight of stairs.


18 posted on 02/01/2010 7:52:16 PM PST by Repeat Offender (While the wicked stand confounded, call me with Thy Saints surrounded)
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To: mamelukesabre

That is part of the plan


19 posted on 02/01/2010 8:04:57 PM PST by mel
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To: Repeat Offender

You’re right! It’s a slinky!


20 posted on 02/01/2010 8:13:17 PM PST by mamelukesabre (Si Vis Pacem Para Bellum (If you want peace prepare for war))
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To: DB
Why would anything "dry up"?

Households are saving 5% of income now, they were saving zero at the top of the bubble. It was the top of the bubble that was unsustainable.

Yes federal spending needs to come down and Obama isn't helping. But health care and cap and trade are both dead, and the right is headed for major gains in November. The economy will recover and usual, and the right would be well advised to be ready for that inevitable development when it happens. If all they've done for two years is stand on a streetcorner screaming "doom, doom" and there is no doom in 2012, they are going to look awfully silly.

They ought to be highlighting the differences between the Fed's actions, which were entirely effective, and boon doggle giveaways on entitlements. But instead the entire populist set is in full cry against finance as such. Dumb.

Things are not going to be "meager for years to come". Unemployment will remain high for several years, most that can be said on that score.

21 posted on 02/01/2010 8:43:38 PM PST by JasonC
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To: mamelukesabre
The standard of living in the US will go up. It will be higher 10 years from now than today, materially so. Lots of people will have collected plenty of fair payments for their lent capital in the meantime - quite low ones early on, moderately higher ones later, that they will richly deserve.

Borrowing in a recession isn't a waste. Paying interest on capital isn't a waste. Investing in banks that pay it back in full with interest isn't a waste. Handouts to middle class voters who don't need it to buy their votes with their own money, now that's a waste.

22 posted on 02/01/2010 8:45:47 PM PST by JasonC
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To: mamelukesabre
In 500 years that might happen. Nothing happening now has anything to do with it, and it is typical doom mongering hyperbole.

It was one recession, we've had dozens. It was one election lost to the left, we've had dozens. It doesn't matter a tinker's darn in the grand scheme of things. The ship of state sails on, crushing such trivial obstacles beneath it.

23 posted on 02/01/2010 8:47:40 PM PST by JasonC
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To: mamelukesabre
The reality is, none of this economic sound and fury is more than a tempest in the proverbial teapot. 10 years from now, the only thing anybody will remember about the Obama presidency was that he didn't do anything about Iran getting nuclear weapons, and in particular didn't exploit a chance to support a popular uprising against the regime there when the people were in the streets against it.

That one will have real historical repurcussions. All this economic stuff that everyone is hot about every minute on the idiot box, it will be a footnote in some economist's thesis, discussing how Lehman was a screw up but the Fed fixed it pretty well afterward. And nobody else will care one way or another. Healthcare and such boondoggles, nobody will have the slightest idea they even happened.

24 posted on 02/01/2010 8:55:17 PM PST by JasonC
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To: JasonC

What I don’t see in the near future is economic growth. There does not seem to be a wave of innovation that has given the US the steam to be an industry leader. Venture capital is not much there. IPOs aren’t there. New industries are moving to tax friendly nations. Where & what will be the next new “things” that propels us into 5% GDP growth & increased wages? (like tech).
Also, I think that people are saving more money because they are hoarding it. No one wants to spend in an uncertain environment. And because of that, tax revenues to the treasury will be lower again this year. (good). And the gov’t will be looking for more $, again.


25 posted on 02/02/2010 1:13:24 AM PST by vidbizz
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To: vidbizz
Also, I think that people are saving more money because they are hoarding it. No one wants to spend in an uncertain environment.

I wouldn't call it hoarding, but rather behaving sensibly. I am going to have a drop of income this year of about 8%. Fortunately, it looks like I still have choices to make. I can cut back on funding my retirement account or continue to fund it and cut back my consumption. After taking a nice hit to the 401K, It wouldn't be wise to cut back on 401K contributions at this stage in my working career.

26 posted on 02/02/2010 4:08:12 AM PST by EVO X
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To: raptor22

De-regulate....Detax....BTW ..the same minds that created the problem....are not capable of solving it...


27 posted on 02/02/2010 4:18:15 AM PST by mo
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To: raptor22
Our accelerating descent into a command-and-control economy with government pulling the strings is taking its toll.

It's called the Cloward-Piven Strategy
28 posted on 02/02/2010 5:47:45 AM PST by Man50D (Fair Tax, you earn it, you keep it! www.FairTaxNation.com)
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To: mamelukesabre
Photobucket
29 posted on 02/02/2010 6:12:46 AM PST by Canedawg (Our government has become a travesty.)
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To: JasonC
"In the long run, betting against the US economy, like betting against the US military, is for losers."


I agree, the U.S. economy is far harder to sink that most people realize. The tragedy is that we could be doing so much better if we had a sound fiscal policy.
30 posted on 02/02/2010 6:15:20 AM PST by rob777 (Personal Responsibility is the Price of Freedom)
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To: The Duke

“Our government has taken upon itself the task of picking winners and losers, instead of letting the free market decide, and as a result we all lose. From car companies to financial institutions, the long arm of government has grabbed freedom by the neck, seeking to decide who gets paid what and how big companies and banks can grow.”

We will NOT PULL OUT OF THIS UNTIL WE GET RID OF OBAMA. HE SET US UP TO FAIL . THAT WAS HIS GOAL ALL ALONG!


31 posted on 02/02/2010 6:15:32 AM PST by stephenjohnbanker (Support our troops, and vote out the RINO's!)
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To: EVO X

Many persons don’t have the 5% to save after a drop in salary. So any savings is actually hoarding as consumption has decreased more significantly in proportion to the decrease in capital earned.

I own my own biz. I have had an average of 12% decrease in revenue year to year since 2008, with 2009 being the worst since 1994. My net though has decrease less than 6%. How do I do it? No capital improvement expenditure, letting go personnel, freeze advertising, cutting any overhead, just so I can stay in biz.

On a personal level, no dinners out, no mall visits, no starbucks. No extra to fund that SEP/IRA.


32 posted on 02/02/2010 7:06:23 AM PST by vidbizz
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To: JasonC

“In the long run, betting against the US economy, like betting against the US military, is for losers.”

Growth in real health spending per capita has outpaced growth in real GDP per capita by more than 2 percentage points during the past 50 years. Should this trend continue for just 35 more years, our real standard of living—i.e., what we have to spend on everything besides health care—will begin to decline. That is, even though our aggregate standard of living (measured in GDP/capita terms) will continue to grow, our NET standard of living will decline because health care will have crowded out so much of what we can spend all the other things in life that make it worthwhile.

This is not betting against the U.S. economy: it is simply recognizing that a tumor largely of the government’s making needs to be addressed before it kills the otherwise healthy patient in which it is growing.


33 posted on 02/02/2010 7:10:52 AM PST by DrC
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To: raptor22

Our government is threatening businesses right now, so it’s not surprising.

But remember: a lot of these businesses helped get Obama elected....do they regret it now? Bet they thought when he said “Hope and Change” and “We’re going to redistribute the wealth” they thought he meant someone else’s.....


34 posted on 02/02/2010 9:39:18 AM PST by Tzimisce (No thanks. We have enough government already. - The Tick)
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To: JasonC

I don’t know of any “households saving 5% of income” these days. Just another BS government statistic.

It wasn’t the “top of the bubble that was unsustainable”. It was years leading into the top of the bubble that were based on borrowed money that that was unsustainable. That debt is still mostly floating around.

Let’s mark this post and return in a year and see what really happens, particularly if Obamacare becomes law and his tax increases on the “wealthy” happen.


35 posted on 02/02/2010 9:43:08 AM PST by DB
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To: DrC
Health care isn't a loss. It is a valuable benefit that people voluntarily pay for, that dramatically extends lives and improves their quality.

All one entry accounting games that pretend that this or that piece of income or wealth that you don't care for, isn't income or wealth to those to benefit from it (and provide it, for that matter), are economic nonsense.

36 posted on 02/02/2010 12:53:44 PM PST by JasonC
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To: Man50D
It's called the Cloward-Piven Strategy

Why weren't they killed as traitors? Inciting rebellion for the downfall of the US is sedition is it not? Why are these things still alive?

37 posted on 02/02/2010 12:56:42 PM PST by John O (God Save America (Please))
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To: JasonC
Health care isn't a loss. It is a valuable benefit that people voluntarily pay for, that dramatically extends lives and improves their quality.

If I'm paying for the health care of someone who is not my family then it is a total loss to me. Obamacare would be a finacial disaster.

38 posted on 02/02/2010 1:00:12 PM PST by John O (God Save America (Please))
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To: DB
So you've never smelled money, your problem. Americans are not paupers. The net worth of the US household sector is $55 trillion.

Personally, I save between 15 and 25% of my income, depending on how you count things like 401k employer matching contributions, principle payments on a mortgage, and bank savings account savings that in practice I use now and then for big ticket items.

Plenty of Americans save material portions of their income, especially from middle age to retirement, as opposed to when just starting out. But their gross savings are partially obscured by net borrowing of others. Much of it investment in education, some of it just economic cycle or life cycle smoothing of their lifetime income. The recession cut off a ton of net borrowing by deadbeats, and that alone contributed to the savings rise.

Next to the underlying error. Debt is not unsustainable. Debt is not evil. Debt is not negative net worth. Debt is merely one form, one of the two major forms, in which assets are financed (the other being equity). It is entirely normal for total debt outstanding to rise continually, because the total value of all assets owned by Americans also rises continually. By large amounts, over full cycles. 7% a year on average since World War II.

The British government has had debts outstanding since the mid 18th century without the slightest ill effects to anybody.

Nor are investments magically more virtuous when financed 100% out of prior savings of the investor, than when half of the amount is borrowed, instead. If an investment is stupid, you can invest 100% equity out of income savings into it, and still lose every penny of the investment, and still suffer all the consequences of economic dislocation that such loss of capital entails. Not just for the investor, but for everyone else, all of whose activities adapted to his plans and commitments and demand, and have to readapt again when he comes a cropper.

If on the other hand an investment it financed by debt (the horror, the horror), but fully earns the returns the investor hoped for and expected when he decided that was a safe course of action, then it will fully cover the cost of that debt and fully justify that debt's value, in an increase in the total value of all assets combined.

Good investment makes debt sound, bad investment makes equity unsound. The form is not relevant to the outcome.

When too much debt is used to carry assets with *volatile* returns, rather than *low* or inadequate ones, it can cause a different problem - transfer of the assets to the lenders at the bottom of volatile swings, and messy fights over them sometimes. For that reason, there is a level of debt that is prudent for a given kind of asset, that depends on the smoothness or lack thereof in its returns.

That is really quite completely all.

Debt isn't negative net worth because somebody owns it. You can't borrow from the Great Pumpkin in the Sky. It is a liability to the borrower but an asset to the lender. One entry accounting is, again, at the root of every common economic fallacy.

39 posted on 02/02/2010 1:06:28 PM PST by JasonC
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To: John O
And if somebody else is paying for the health care of your entire family and you are not, it is a total (opposite of loss) windfall to you.

Obamacare is stupid but because of the dead losses and inefficiencies it involves, not because it is a transfer. Transfers as such do not create or destroy wealth, or cause loss. They may be inequitable for other reasons; they may have secondary incentive effects. But you are pretending that a transfer is a loss, and that's just incorrect.

Doctors deserve their incomes. Medicine companies earn their profits. Johnson and Johnson is not a den of thieves. Health care spending is entire legitimate economic activity and part of our overall production and income.

40 posted on 02/02/2010 1:10:11 PM PST by JasonC
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To: vidbizz
"...as consumption has decreased more significantly in proportion to the decrease in capital earned."

Fact one - consumption has not decreased. Consumption is now running at the same rate as before the recession.

Yes Virginia, even with 10% unemployment rather than 4%.

Business investment fell by a quarter. Tax receipts fell by a sixth. Transfer payment benefits increased by 3% of GDP. The trade deficit was cut in half (halving oil prices alone added several percent to GDP).

Initially, consumption fell by all of 3%, to finance the increase in the savings rate, from 0 to 7%. Then the stock market turned around, and as soon as it did, consumption began to recover. The savings rate fell back to 4%, then rose again slowly to 5%, where it is now. Consumption came back first from the savings rate turning around, and then from higher disposable income as GDP began growing again.

That is the reality. There has been no great hardship in the aggregate reflected in American consumers behavior. They took a sixth month hiatus from big ticket purchases like cars, and things are now back to normal - on the consumption side.

On the income side, a portion of the population is now dependent on transfers and on not paying taxes, and another portion is benefitting from recovering financial markets, netting to zero between them - the same level of overall consumption we have back before the recession began.

41 posted on 02/02/2010 1:17:02 PM PST by JasonC
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To: JasonC
And if somebody else is paying for the health care of your entire family and you are not, it is a total (opposite of loss) windfall to you.

No one pays my health care costs except for me. And that is the way it should be. Unfortunately my tax dollars are being used to fund other's health care (abortions etc) and that is a loss.

Obamacare is stupid but because of the dead losses and inefficiencies it involves, not because it is a transfer. Transfers as such do not create or destroy wealth, or cause loss.

Say What!?. If someone transfers wealth from me it most certainly is a loss. I no longer have my wealth. It is lost to me forever. It is as much a loss as if I took the bills out of my pocket and burned them. In fact, it is more of a loss than that (If I burned them at least I profit from the heat produced).

They may be inequitable for other reasons; they may have secondary incentive effects. But you are pretending that a transfer is a loss, and that's just incorrect.

Your frame of reference must be really wacked. If someone takes money from me, it's a loss.

Doctors deserve their incomes. Medicine companies earn their profits. Johnson and Johnson is not a den of thieves. Health care spending is entire legitimate economic activity and part of our overall production and income.

I agree entirely. But what does any of that have to do with my money being stolen and used to pay for someone else's health care?

42 posted on 02/02/2010 1:42:36 PM PST by John O (God Save America (Please))
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To: JasonC

“So you’ve never smelled money, your problem.”

What does that mean?

No country in the history of the world borrowed their way to wealth.


43 posted on 02/02/2010 2:30:57 PM PST by DB
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To: JasonC

“Obamacare is stupid but because of the dead losses and inefficiencies it involves, not because it is a transfer. Transfers as such do not create or destroy wealth, or cause loss.”

Dude, that is economic ignorance in the first order.

Money is a tool like any other tool. Some people know how to use that tool and create things of value beyond the value of the tools used to create it. Others do not. When you take away the tools from the people who know how to use them and give them to people who do not, the result is a loss of productivity and a loss of future wealth. Your claim is the lamest thing I’ve heard a Freeper say in a long time.


44 posted on 02/02/2010 2:37:08 PM PST by DB
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To: John O
Oh god. Is accounting new to you? Is economics foreign to you? Do you understand the concept of a public good, or a non-zero sum benefit or loss?

Some actions of government or investment or markets, increase the total size of the value pie shared by all of us combined. Others reduce the value of that pie. Others leave it unchanged.

Actions and policies that add value overall are economic, even if and when they change who the winners and losers are who reap those gains. Buggy whip manufacturers making lower profits when cars are invented does not harm us as a whole. "But hey, it is a loss of their profits, that's an outright loss to their pockets, its horrible it must be stopped!!!" is not economic analysis.

Government transfer are largely neutral in overall value. They can have a secondary cost on incentives that is negative - which are more severe the least productive or deserving the end beneficiary is - and sometimes entail useless bureaucracy costs to implement, which are dead weight losses to everyone. Those are legitimate economic concerns against them. That they moved money from A to B is *not*. It isn't a net loss to society that someone else has the benefit - a car manufacturer - instead of the sainted makers of buggy whips.

The economic perspective is precisely to look at the whole pie effect of policies, and not on the one-entry accounting of their benefit or cost to one individual. Every action you can mention can be made to benefit somebody or other, who would on that basis support it - which way lies sorrow.

45 posted on 02/02/2010 3:04:36 PM PST by JasonC
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To: DB
It means if you think it impossible in the insanely rich society that is modern America to save even just 5% of income, you haven't got the sense God gave squirrels.

And yes, the Dutch borrowed their way to wealth, and the British, and America. They actually paid for the services of capital and lo and behold, capital therefore flocked to their shores, they invested it wisely, and it made them rich.

India has been hording wealth since the dawn of time, continually running trade surpluses and saving it in imported specie. As recently as 50 years ago, the entire wealth of the country consisted of assorted manure piles.

Fear of finance is economic stupidity, embrace of finance has caused all the economic outperformance and commercial ascendency ever seen on this globe, anywhere.

46 posted on 02/02/2010 3:09:19 PM PST by JasonC
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To: JasonC

“It means if you think it impossible in the insanely rich society that is modern America to save even just 5% of income, you haven’t got the sense God gave squirrels.”

Learn to read. I didn’t say it was “impossible”.

I said I simply don’t know anyone doing it TODAY. Most the people I know are barely making it TODAY.

Grow up.

Producing things of value is what made us rich.


47 posted on 02/02/2010 3:15:32 PM PST by DB
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To: JasonC

Dunno.
Based on how Afghanistan and Iraq are turning out, if you hang on long enough the Democrats will sabotage the war. Might make betting against the US military safe bet.

Of course, actually meeting the US military in a pitched battle will still be suicidal.


48 posted on 02/02/2010 3:15:34 PM PST by Little Ray (Madame President sounds really good to me...)
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To: DB
Money is not wealth. It is a tiny subset of it. Second, I mentioned secondary effects on incentives but they are second order, not first. People here do not know basic accounting and think a debt is a negative net worth. They haven't thought of a combined balance sheet in their lives. They think government spending is emitted into the ether and disappears, and debt issued to finance spending is spent without anyone loaning it, and that it amounts to a negative net worth for the entire society.

They sincerely tell me, endlessly, that America is "broke" and cite as proof the existence of debt of any kind. When I tell them Americans have $55 trillion in net worth they stare in incredulity and cannot wrap their minds around it. They think Americans have a net worth of minus that amount somehow, without asking how that is even possible. Something or other to do with money and that mysterious Federal Reserve.

The first order of business with such ignorance is to start with the basics - that nothing can be owed from without being owed to, and similarly nothing can be transfered from without being transfered to.

They endlessly tell me that "unfunded liabilities" for entitlements prove Americans have negative net worth, without ever asking what Martians are supposedly going to receive these benefits.

49 posted on 02/02/2010 3:15:45 PM PST by JasonC
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To: JasonC

Commercial Foreclosure Bomb about to burst...
Almost 10% of FHA Mortgaes now 90+ Days late..
Warnings already out of January’s unexpectedly unexpected increase in Unemployment...
Highest black (ie. Inner-city) Unemployment in 25 years.
Air Freight Volumes down 10% over last year.
U.S. railroads reported originating 227,327 carloads, down 1.5 percent compared with the same week in 2008 and down 17.9 percent from the same week in 2007.
Construction spending DOWN for January...

There is NOTHING propping up Wall Street except 401K Payroll withdrawals looking for a home.


50 posted on 02/02/2010 3:16:16 PM PST by tcrlaf (Obama White House=Tammany Hall on the National Mall)
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