America's Economic Ills: Loose Spending, Lending

[MissMillie]

http://www.npr.org/templates/story/story.php?storyId=18518896

click on "listen now" to hear his commentary.

Makes you wonder how we'll ever get around it.... an economy based upon spending beyond our means....

[no_hypocrisy]

1. I think it's easy to understand.

1. This country's economy is now built upon consumerism, spending, and debt.

2. In order to "grow" this economy, you have to get people to buy stuff. If they don't have the money or the credit, you have to offer easy assess to loaned money.

3. In a twist on Gordon Gecko's "greed is good", in this economy, debt is good as it indicates that stuff and services were sold, elevating the profits of companies.

4. Unfortunately an average consumer runs out of even cheap credit and faces losing his/her/their security such as a home.

5. And consequently when people stop spending, the entire economy contracts. See #1.

[MissMillie]

2. I get all that

my question is... how do we change it?

[no_hypocrisy]

3. With a progressive leader in the White House

1. "Bribe" companies with tax breaks that give them advantage over competitors to build factories in this country. Rebuild the manufacturing base of this country and compete against China with better products.

2. Hire more workers at decent wages, which means far less outsourcing.

3. Universal healthcare so workers cannot go bankrupt and avoid having to decide the cost-benefit analysis of their survival.

4. Levy fines on companies that have holding companies in Bermuda, the Caymen Islands, etc. in order to avoid paying their share of income tax.

[HooptieWagon]

4. Have to chance from an economy based on consumerism

to one of manufacturing and services. IOW, fixing the trade imbalance will go a long way. Stop outsourcing jobs. Pay people enough that they can buy what American companies are selling.

[Demeter]

5. Too Many Thieves, Not Enough Gainfully Employed.

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