Bye bye, American pie?
Author | Cassell, Merrill |
Position | Letters - Letter to the editor |
"Bouncing exchequers" (February) was an eye-popping article given the struggling US economy. It was easy credit as much as the lack of regulation that boosted the insatiable appetite of Americans to spend beyond their means. Now the personal saving rate in the US has jumped to five per cent of disposable income (January 2009)--the highest figure in 14 years. This is good for the long-term health of the economy, but it doesn't help to put it back in gear. When people don't spend, stores can't sell, workers are laid off and the spiral continues.
After 25 years of economic growth we may now see a lull for years. The US boosted the economies of other countries--China and India in particular--by buying their goods and services. When those countries lose a major market, they stiffer as well.
And there are other factors at play. While the West dreamed of academic and technical excellence, the East worked to achieve it. We are now seeing a transfer of wealth from West to East as the latter produces goods and services at lower cost. By encouraging globalisation, the West boosted the prosperity of the East, but the East depends too heavily on exports and has neglected local infrastructure and social policy.
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In turn, the West...
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