Hows the economy doing?

[HappySqurriel]

akuma587 said:

HappySqurriel said:

akuma587 said:

Kasz216 said:
Additionally here is an article of a historian who agrees the UK and other european countries could go bakrupt.

Historical Economist is a kickass profession I wish i would of known existed when i went to college.

http://www.guardian.co.uk/books/2009/may/25/hay-festival-niall-ferguson

I think you are missing something.  As a percentage of GDP, our national debt has been higher than this before.  And guess what happened in the years following that massive deficit spending?  The U.S. emerged as the strongest economic power in the world. Thus, the assumption that massive government spending will lead to bankruptcy can be refuted by historical evidence in this country.

So are you planning on physically destroying all of Europe's (and most of Asia's) manufacturing sector in otder to ensure that the next 25 years of rebuilding them will be done using American manufactured goods and equipment?

The U.S. shifted away from a production-based economy to a service-based economy a long time ago, so I really don't see the point you are trying to make.  Just because you are building something with your hands doesn't mean it is more valuable.  Why do you think first year associates at law firms typically make in the range of $160,000?

The point was that the boom that you refered to in your post was heavily related to the rebuilding of Europe after World War II, which required massive quantities of manufactured goods and equipment from the United States; which allowed the US economy to grow in-spite of its very large debt.