by OLD1953 » Sat Sep 11, 2010 3:02 am
It would seem that most of our fellow citizens have forgotten the first lesson you get on the first day that you are in any beginners class on bookeeping or economics. Income must match outflow. IOW, the books will balance.
In the case of the US, we can run a trade deficit over a considerable period of time, solely because the government of the US can issue bonds that are in demand in the countries that have a trade surplus with the US. If such bond issuance ceased, trade deficits would not be possible, and would cease over a relatively short period of time. Doubtless laws would be passed to hasten this outcome, but the outcome would not be the result of the laws (though they'd surely be blamed for it, such being the nature of politics) but would be the result of this natural law - income and outflow must match.
The most immediate result of a real balancing of the budget, and refusal to issue new bonds, would be price increases for every item imported - which would effectively be the end of WalMart, Target, Sam's, Costco and every other discount retailer. Somehow, I have to doubt the Tea Party demonstrators really want that outcome.
I do heartily agree that the Tea Party is indeed the "Revenge of the Boomers". When I was in the US again for a while, I mentioned to an old friend, who is fairly "hippie" in his outlook, that the Tea Party seemed to me to be the hippie protestors grown gray or baldheaded, and cynical in their old age. I also said they were still holding similar anti establishment anti government attitudes to the ones they were holding in the 60's. He looked very peculiar for a minute or so, then said he totally agreed with me.
And just a side note, I will never understand Christians demanding public prayer. Christ did not approve of public prayer, and doubly did not approve of these ten minute long "we are so great" prayers.
Given that I'll doubtless be called on to support that (as most bibles seem to be dust collectors), here we go:
Matt 6 5-8
5"And when you pray, do not be like the hypocrites, for they love to pray standing in the synagogues and on the street corners to be seen by men. I tell you the truth, they have received their reward in full. 6But when you pray, go into your room, close the door and pray to your Father, who is unseen. Then your Father, who sees what is done in secret, will reward you. 7And when you pray, do not keep on babbling like pagans, for they think they will be heard because of their many words. 8Do not be like them, for your Father knows what you need before you ask him.
It would seem that most of our fellow citizens have forgotten the first lesson you get on the first day that you are in any beginners class on bookeeping or economics. Income must match outflow. IOW, the books will balance.
In the case of the US, we can run a trade deficit over a considerable period of time, solely because the government of the US can issue bonds that are in demand in the countries that have a trade surplus with the US. If such bond issuance ceased, trade deficits would not be possible, and would cease over a relatively short period of time. Doubtless laws would be passed to hasten this outcome, but the outcome would not be the result of the laws (though they'd surely be blamed for it, such being the nature of politics) but would be the result of this natural law - income and outflow must match.
The most immediate result of a real balancing of the budget, and refusal to issue new bonds, would be price increases for every item imported - which would effectively be the end of WalMart, Target, Sam's, Costco and every other discount retailer. Somehow, I have to doubt the Tea Party demonstrators really want that outcome.
I do heartily agree that the Tea Party is indeed the "Revenge of the Boomers". When I was in the US again for a while, I mentioned to an old friend, who is fairly "hippie" in his outlook, that the Tea Party seemed to me to be the hippie protestors grown gray or baldheaded, and cynical in their old age. I also said they were still holding similar anti establishment anti government attitudes to the ones they were holding in the 60's. He looked very peculiar for a minute or so, then said he totally agreed with me.
And just a side note, I will never understand Christians demanding public prayer. Christ did not approve of public prayer, and doubly did not approve of these ten minute long "we are so great" prayers.
Given that I'll doubtless be called on to support that (as most bibles seem to be dust collectors), here we go:
Matt 6 5-8
5"And when you pray, do not be like the hypocrites, for they love to pray standing in the synagogues and on the street corners to be seen by men. I tell you the truth, they have received their reward in full. 6But when you pray, go into your room, close the door and pray to your Father, who is unseen. Then your Father, who sees what is done in secret, will reward you. 7And when you pray, do not keep on babbling like pagans, for they think they will be heard because of their many words. 8Do not be like them, for your Father knows what you need before you ask him.