The lasting financial crisis is only a symptom, the cause is the huge moral decline in our nations and in the business world, as portrayed by Michael Douglas in the ‘Wall Street’ movies. The greed is good, no accountability, an 18 trillion dollar economy is too big to fail and too big to bail! This philosophy has caused the crisis and loss of trust in the United States by the rest of the world, now suffering from our previous financial actions. The U.S. debt ratio is over 100% of GDP!
A lower credit rating was avoided by the British by slashing 25% from government spending in order to keep the interest rate on their massive debt low. Their rating has now fallen to AA because of Brexit. Only one third of Britain’s 65 million population are employed compared to almost half of the 315 million in the U.S., yet we continue to neglect our responsibility to halt the increase in our national debt, losing our highest Standard and Poors credit rating for the first time in modern U.S. history, with the actual debt figure estimated at more than 20 Trillion!
One third of U.S. industry ‘Has Left The Country’ since the mid 90’s! Two thirds of the U.S. economy is now service related, with only 20% of U.S. manufactured product sold oversees. Today 75% of all world industrial investment takes place outside the U.S.. Even though American workers remain the most productive in the world, only 11 million Americans are now employed in industrial production! Higher wages help make U.S. produced goods 20% more expensive given the current trading terms with many low wage nations.
It is important to grasp the size of the U.S. economy. Even in it’s weakened state the Gross Domestic Product is slightly smaller than the Chinese, Japanese and German economies combined, between 5 to 9 trillion dollars, although the U.S. GDP has been reduced in recent years. Most Chinese still live in poverty with a combined family income of two thousand dollars a year. Much of what China produces is lower quality with a lower price, the U.S. continues to supply 20% of the world’s best quality exported product!
During the last 65 years the U.S. has borne the huge cost of policing the world and has given financial support to most nations, taking the U.S. from the largest creditor nation to the largest debtor nation partly by bearing this heavy burden. For this, the United States Of America is owed a debt of gratitude by ALL nations.