Something To Talk About

A young man recently had a commentary he wrote published in our local paper. I read with devoted interest as he paraphrased a well known supply-side economist’s view of our economic future, if the reduced tax rates set in place during President Bush’s term in office are not extended beyond the end of this year.  Showing interest in our economy is important for all of us, yet when I see that young people have such a bleak outlook for the future I begin to worry. 

This is the portion of his commentary that disturbed me most.  “So, this falsely bloated economy compiled with companies rightfully protecting themselves for next year and seniors anticipating a grab at all they have saved and worked for will cause a rapid sell-off on the stock market and an extreme drop in tax revenue.  The debt will rise twice as quickly and the already crippled and unstable credit markets will be nonexistent.”

Obviously, this young man’s belief in the American Dream has been damaged by the financial crisis and easily influenced by one economist’s view of the future.  So in an attempt to help the younger generations, along with everyone else, feel positive about our country I am offering you all something else to talk about.

• The U.S. economy is three times the size of China.
• The U.S. produces approximately 25% of the world’s output.
• The U.S. is the world’s largest exporter with approximately 10% of all global exports.
• The U.S. is the world’s largest manufacturer with over 17% of the world’s total.
• The per capita income (the income of every man, women and child) in America is approximately $40,000.  The per capita income of China is approximately $3,600.
• The net worth of U.S. Households and non-profit organizations increased $1.06 trillion in the First Quarter of 2010, to a total of $54.6 trillion.
• U.S. Corporations (non-financial) hold over $1.8 trillion in cash, up 26% from a year ago.
• The cash holdings of U.S. Corporations are more than five-times the total GDP of Greece.
• The U.S. population is younger and growing faster than all other developed nations.
• Six of the top 10 universities in the world are right here in America.
• One-fifth of all international college students are educated in the U.S.
• Approximately 22% of all the patents issued in the world are issued to Americans and American Corporations.
• The U.S. Dollar has been, and will remain for a long time to come, the world’s reserve currency.

Follow this link to the commentary referenced in this article:

 http://www.heraldonline.com/2010/06/12/2236928/dont-forget-success-of-reagans.html

Kendall Anderson