Monday, August 17, 2009
Great promise or end of an era? You decide.
Which way do we go from here?
America's industry is running at 68% of its potential, yet there is nothing wrong with it. The nation's means of production and the capital that is a part of it have not been ravaged by war or destroyed in some natural disastser. The capital--both physical and human--is available to bring output back up to 70, 80, 90 or even 100 percent if we desire, but the question is, do we desire it? Do we understand this?
There are two ways we can go from here as a nation. We can wake up and realize we have all this great, unused potential and we can decide as a nation that we are not going to sit around and have it remain idle when it could be producing boundless wealth and prosperity.
Or, we can make that excess capacity go away by shrinking this wonderful wealth producing machine called the U.S. economy...make it permanently smaller.
If we opt for the latter, and I am afraid that is the course we are on because of an irrational belief system, then the standard of living of all Americans, whether they are of the current generation or future generations to come, will be far lower than what their promise was.
What a shame.