The Cellar - View Single Post - Would someone give me the short version of this basic economics question?

busterb · 07-25-2005, 10:53 PM

From last weeks Molly Ivins.
The United States is more than $7 trillion in debt (no problem); China buys $1 billion worth of U.S. treasury bills a day (thanks for floating us); Americans love the prices at Wal-Mart (made in China -- cute!); the Chinese save 50 percent of their domestic product; the average American has $9,000 on his credit cards; our economy is fueled by a fragile housing bubble; the minimum wage is $5.15 per hour; taxpayers who earn more than $1 million saved $30K under Bush tax cuts; the war in Iraq costs $9 billion a month; by 2040, our kids will be unable to do more than pay the interest on the national debt; bankruptcy reform makes it impossible to escape your debts; in Darfur, people earn $1.25 a day. Bull? I'm not sure.

Also another link.Here

07-25-2005, 10:53 PM	#6
busterb NSABFD Join Date: Jul 2004 Location: MS. usa Posts: 3,908	From last weeks Molly Ivins. The United States is more than $7 trillion in debt (no problem); China buys $1 billion worth of U.S. treasury bills a day (thanks for floating us); Americans love the prices at Wal-Mart (made in China -- cute!); the Chinese save 50 percent of their domestic product; the average American has $9,000 on his credit cards; our economy is fueled by a fragile housing bubble; the minimum wage is $5.15 per hour; taxpayers who earn more than $1 million saved $30K under Bush tax cuts; the war in Iraq costs $9 billion a month; by 2040, our kids will be unable to do more than pay the interest on the national debt; bankruptcy reform makes it impossible to escape your debts; in Darfur, people earn $1.25 a day. Bull? I'm not sure. Also another link.Here __________________ I've haven't left very deep footprints in the sands of time. But, boy I've left a bunch.