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Old Aug 9th 2017, 04:22 AM
Tom Palven Tom Palven is offline
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Default US Consumer-Driven Economy

Mainstream US economists say that the US has a "consumer-driven economy" as opposed to a "supply-side economy."

This news should make them happy:
https://www.rt.com/business/398954-us-credit-card-debt/

(Sorry to post so much. I can't help it. I wish that others would post more.)
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Old Aug 9th 2017, 05:46 PM
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Michael Michael is offline
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Default Re: US Consumer-Driven Economy

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Originally Posted by Tom Palven View Post
Mainstream US economists say that the US has a "consumer-driven economy" as opposed to a "supply-side economy."
Neither term is clearly defined.

All western economies are 'consumer-driven' simply because consumer spending is by far the largest component of GDP.

Supply-side economics has no actual meaning. It is an ideological term used by rightwing fanatics. No actual empirical data has ever been shown to illustrate supply-side theory. Basically, whatever the supply-side people say is going to happen with the economy and supply-side economics, you are safe to bet on the opposite happening.

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The Russian Government seeks to destabilize US politics because that's good for Russian power. Russia uses their own government owned websites (like www.rt.com for example) to propagate anti-American propaganda.

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(Sorry to post so much. I can't help it. I wish that others would post more.)
You are welcome to post as much as you like.

But as a general rule, posting links to opinion articles by Pat Buchanan and/or repeating Russia Today's agit-prop isn't going to get much of a discussion started.

How about posting some of your own opinions? That's way more interesting than reposting Pat Buchanan's wankery.
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Old Aug 15th 2017, 08:25 PM
Tom Palven Tom Palven is offline
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Default Re: US Consumer-Driven Economy

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Originally Posted by Michael View Post
Neither term is clearly defined.
Here's my point about a "consumer-driven" vs a "production-driven" economy:

Say that there's a tribe of hunter-gatherers in remote Amazonia that acquires technology allowing them to obtain their food in half the time. They would then have more leisure, or use the extra time to produce more to trade for consumer goods, or both.

But first they would have to have a "production oriented" economy wouldn't they? Having a "consumer-driven" economy where they consume more than they produce is still working for the US, but how long can this kind of economy last before someone gets wise?

You may say that this is just a chicken or egg word game or that it's just stating the obvious, but to me "consumer-driven" is Treasury Dept. public relations BS obfuscating the fact that a one-sided balance of trade can't go on forever.

And on an individual level isn't it best to first attempt to be a producer- of pottery, music, teaching, plumbing repairs, or something else that people will pay for? Even if you borrow in order to grow a business or acquire knowledge and skills, you effectively are producer-motivated first unless it's your intention to go on welfare or marry way up.

Imho.
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