Is wealth money or is the ability to produce what we consume wealth?
iamct01 asked:
Back in the 30s we had an industrial might and made what we consume so FDR`s spending was backed up by our industrial might but today we don`t have the wealth to back up our debt, we don`t have an industrial might, it is in China etc. This is why I worry about Obama`s spending this time. Should Obama bring back tariffs that Reagan lifted back when Wal-Mart had a made in the USA slogan.
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Back in the 30s we had an industrial might and made what we consume so FDR`s spending was backed up by our industrial might but today we don`t have the wealth to back up our debt, we don`t have an industrial might, it is in China etc. This is why I worry about Obama`s spending this time. Should Obama bring back tariffs that Reagan lifted back when Wal-Mart had a made in the USA slogan.
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Real wealth is goods and services that people use to fulfill their needs and wants.
And no single country can produce efficiently and effectively everything its people need and want.
That’s why international trade and commerce plays such an important role in making people and countries wealthy. And that’s why trade barriers will likely bring more poverty rather than more wealth.
Trade barriers increased poverty in 1930’s. And there is no good reason to think that doing the same thing now will somehow bring about a better result.