The manufacturing base has completely eroded in this country and one chart dramatically highlights this (shown later in the article). It is deeply disturbing that we now have as many people working in restaurants as waiters and bartenders as we do in manufacturing. This of course is for good reason given that you can’t export (yet) the ability to order a meal and have a stiff drink served to you to drown away your economic sorrows. As a nation we have enjoyed spending on a lax credit card for an entire generation. And now that money is coming back rushing in buying up real estate, studios, hotels, franchises, and everything else you can imagine. For every debt there is a collector. That is basic accounting (assets and liabilities). In a simplified equation you want to have more assets and fewer liabilities. However when you look at our export and import data, a troubling picture emerges.
Spending more than we earn
If you want to see the current situation we are in take a look at our trade balance with our top trading partners in 2016. What this highlights is our spending beyond our means:
This post was published at MyBudget360 on Feb 12, 2017.
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