Skip to comments.NIALL FERGUSON: This Is The Study That Shows Why The US Economy Is Doomed
Posted on 04/07/2012 7:05:08 PM PDT by TigerLikesRooster
NIALL FERGUSON: This Is The Study That Shows Why The US Economy Is Doomed
Rob Wile | Apr. 5, 2012, 2:02 PM | 17,651 | 67
A Harvard Business School study that Niall Ferguson pointed us to today shows the U.S. has fallen severely behind in terms of international competitiveness.
The study, from January, found that for Harvard alums personally involved in a company relocation decision, 57 percent said the decision "involved the possibility of moving existing activities out of the U.S."
Meanwhile, only 9 percent considered moving existing activities from another country into the U.S. "A U.S.-based respondent was three times as likely to be considering moving business activity out of the U.S. than a non-U.S. respondent was likely to be considering moving an activity into the U.S," writes Professor Michael Porter, the study's author.
The most interesting table from the study plotted current versus expected American industry sector global success.
No, you're not missing something: The respondents expect a decline in competitiveness for all sectors.
(Excerpt) Read more at businessinsider.com ...
This started years ago but Obama has accelerated the process.
This is what I hear often overseas in different countries. It does not help to be an ostrich and feign this does not exist. It is indeed a big problem and is TRUE. Obama bears a great responsibility for it, because companies are being harrassed, molested and taxed to death. Is it any wonder their executive management wants to move them offshore to friendlier environments? We see this even among US states. The more tax burdensome that state, and more companies will flee such a state (like California or New York or New Jersey), for greener pastures. These are usually states with strong Democrat Party majorities in their state legislatures.
We’re a democratic republic. The people get the politicians they want and deserve. Bashing Obama and the Democrats is pretty meaningless and shortsighted. We should be bashing the people who vote these people in as their representatives.
Moreover, we need to address the larger societal trends that taught these voters their value system. This bad economic trend will not change as long as hedonism remains the driving motivating force of the public. With the decline in religion on the increase with no turnaround in sight, selfish hedonism is likely to continue to rule the day. The move towards socialism and Marxism goes hand-in-hand with selfishness.
People’s personal aspirations increasingly center around substance abuse and sexual perversions. It has been getting worse with each new generation. The latest statistics out for children and teens now on these issues are devastating.
Without religion, people are not taught to seek the deeper self-fulfillment that comes from controlling one’s impulses, creating a family and finding a vocation that contributes to society (and, through capitalism, correspondingly rewards them). As long as people are seeking these selfish and irresponsible pursuits instead of finding a way to CONTRIBUTE to society, they will demand that the rest of society, through the government, meet their needs (and then some) with free food, medical care, education, housing, general welfare, etc. As long as they are demanding that, the government will need to continue to attack wealth creators, businesses and producers in order to get the money to redistribute goodies to the selfish, hedonistic, leeching class.
Only religion has proven able to control people’s worse impulses and instill the values of discipline, responsibility and service to others in them. This is why there can be no such thing as a Republican party that stays conservative on economic issues but goes liberal on social issues. Without social conservatism, there can be no lasting economic conservatism. Unless people are taught moral values, they will attempt to leech off of the rest of society in order to bankroll the pursuit of their own selfish desires.
That is what we’re seeing now. It’s part of a long-term trend to which there is no end in sight. Perhaps the NUMBER ONE issue conservatives should be focused on is ending the government monopoly on the schools. 100% school choice needs to be the law of the land, so that religious schools could be freely chosen by everyone who wants to attend them. Because the private sector is failing on this front more than it ever has before, more drastic measures may need to be taken, such as massively stepped-up anti-drug and anti-alcohol government intervention.
The bottom line is that it’s an uphill battle, so conservatives need to choose their battles wisely. Focusing strictly on these economic issues without looking at the fundamental reasons we got to this point is missing the point. If we successfully address and solve our society’s moral, ethical and social issues, the economic issues will pretty much take care of themselves. If we fail to address where the values of this nation stand, then there will be NO HOPE to escape the downward economic spiral that we’re on.
Well said. We lack what our Framers called virtue. It is a prerequisite for self government. Without it, the once freest people on earth are suited only for despotism.
Wow. I couldn’t possibly add anything to that.
Good luck with your project mayhem there.
Very definitely some scary statistics you quote, but it’s not as dire as you conclude. If the US government stopped borrowing, all the money currently going to buy T-bills would go elsewhere, possibly including funding new startups, low-interest business loans, buying new bonds, ... all of which would grow our economy much more than government spending.
Unfortunately, lately the Fed has been one of the biggest buyers of T-bills which means the last 2 years of our economy have been largely fictitious.
Jesus is the answer.
And I’m 100% serious.
You understand and articulate the problem very well. Thank you.
Yep. But while our medicine will make us worse off for a bit, it's the only way to get well.
i.e. CWII. Ok. Lets do it.
So long as the gov. subsidizes stupidity we will get increasing stupidity.
“Romney and a Republican dominated congress would only slow things down a tiny, tiny bit.”
Or make things worse, if they rubber stamp his big government agenda.
Harvard, Yale, and Columbia need to be closed and their charters revoked and their buildings raised
They have given the US the worst minds of the last 50 years and will be the death of our country if we do not destroy them first
Harvard has surprised me in the last little bit of time. Michael Sandel’s course on Ethics is now the most popular undergraduate course at Harvard. And they hired Ferguson. So there is hope for the beast. This is a change from radicals as younger faculty doing the “teaching” while doddering New Dealists held the prestigious chairs.
People should read this article and look at the bar charts. The things that are killing us is our legal/political/regulatory regime coupled with k-12 education. Our political system is destroying us. When we are at the point that Texans view Austin as almost as much of an enemy as DC it has gotten pretty bad. When a guys son studied petrochemical engineering and is now doing offshore drilling in Thailand rather than exploration closer to home (where he wanted to be) you know things are pretty bad.
And when it pops the puss will be everywhere.