Saturday, February 11, 2006

Today's Econ 101 Chapter

"But despite self-righteous accusations leveled at foreigners by the likes of Senators Schumer and Graham, the fact remains that U.S. government indebtedness is not caused by foreigners buying Uncle Sam's bonds, but by Congress spending beyond its means. If government debt is a problem, then Congress should stop borrowing. Complaints about the trade deficit are a red herring.

We Americans have many real problems confronting us. The trade deficit isn't one of them."