Everybody Loves Your Money

The End of America?

Here’s an interesting article that talks a bit about the current financial state of America but also looks at the ongoing strategy of spreading capitalism around the world.  I have to agree with this guy.  I think it’s time we all look inward both at a personal level, by living below our means, and as a country by starting to look inward to increase domestic production of goods and services and by working to bring our imports down and our exports up.  We can only sustain a trade deficit and massive budget deficit for so long.  At some point we have to recognize that it’s time to get our own books in order.

http://www.bu.edu/today/campus-life/2008/10/07/end-america

Anyway, you can certainly disagree with me but I think most of us agree on at least the fact that we should all practice some fiscal conservatism by living below our means and buying only the things that we can truly afford.  I particularly liked the quote:

The American economy has since become import- and credit-driven, he said, drawing on outside forces to support an increasingly consumeristic lifestyle. Bacevich said that he felt this distinct shift in values when Black Friday, the first day of the holiday shopping season, became a prime indicator of economic health rather than exports and savings accounts.

and

“We need to live within our means, as individuals in our households and in terms of the services provided for by government at various levels,” he answered. “I’m no economist, but I do believe there is no free lunch. Everything has to be paid for.”

2 Responses to “The End of America?”

Comment from Nick
Time October 17, 2008 at 3:22 pm

As history has shown, a world power going through extended economic hardship is never able to sustain that status of ‘power.’