Loading ...In other words, the PAST artificial prosperity or credit induced affordability is no longer “SUSTAINABLE”. (another media mantra word) The country has to live with, and accept, the results of “free trade”, trade imbalances, budget deficits and off shoring of entire industries…..
“Getting the “financial house in order” means less gov’t spending on needs, and higher taxes, to pay for old debt burdens, increased “food stamps” and retired public employees costs.
Well, it won’t happen and it CAN’T happen. A default, bankruptcy, non-payment of bills makes more sense.
To avoid the above, and truly get or regain prosperity, the USA would have to resort to protectionism.
Raise the sales tax to 25%-50% on any and all imported goods only. No import tariff. Get it? Isolationism. Re-declare US independence. Hooray for us and to hell with the rest of the world. 🙂
And if all countries took the same stance, they would ALL be better off.