A Quote by David Wessel
I think it was seen as a symptom that the Chinese leadership may be really scared about their economy.Why would you want to depend more on exports if you're a country that has a stated policy of relying less on exports and more on consumer spending, domestic spending?
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In principle, there are only three main components of spending that much matter to monetary policy: consumer spending, business investment and exports and trade.
China's government has far more control over the country's economy than our government has over ours, and it is moving from export dependence to a model of growth driven by domestic demand. Any restriction on exports to the U.S. would simply accelerate a process already underway.
We want our exports to perform better. We want more exports. We want to reach out to more countries selling our products, and for that, a weaker rupee will be anytime better.
I made an effort to ensure social safeguards. But our economy has to grow - and Chile, with a population of 17 million, cannot depend entirely on its domestic market. Which is why the decision to focus on exports, made at the beginning of the democratic era, was the correct one. We are continuing to do so. For a long time, Chile has been successful in combating poverty. But now we must focus more on fighting inequality.
The reality is that business and investment spending are the true leading indicators of the economy and the stock market. If you want to know where the stock market is headed, forget about consumer spending and retail sales figures. Look to business spending, price inflation, interest rates, and productivity gains.
Spending $1 for a brand new house would feel very, very good. Spending $1,000 for a ham sandwich would feel very, very bad. Spending $19,000 for a small family car would feel, well, more or less right. But as with physical pain, fiscal pain can depend on the individual, and everyone has a different threshold.
We need the Chinese to - you know, spend more, save less - consume more and not be so focused on exports. There are big changes we need in the world.
I run a taxpayer group - the most powerful guy in D.C., nonsense. OK? There are buildings with thousands of people in them, all lobbying for more spending and higher levels of spending and more government commitments. And there are a handful - a handful of groups that fight for less spending.
Vladimir Putin is leading a dying country. Vladimir Putin's regime exports three things: petroleum products - coal, natural gas, and hydrocarbon energy in the form of petroleum. Number two, it exports arms, and, number three, it exports people.
We want to help U.S. entrepreneurs, small business owners, and brands and companies of all sizes sell their goods to the growing Chinese consumer class. Chinese consumers will get to buy the American products they want. This, in turn, will help create American jobs and increase U.S. exports.
I'm not advocating spending less on the elderly, but I am strongly advocating spending more on kids while also putting the country on a sound, long-term fiscal trajectory. To do that, we have to reduce the rate of growth of entitlement-related expenditures and add more revenues.
Why is Caterpillar bad if we create a new job in India or China to receive U.S. exports? It makes no sense to me. We want to drive all the exports we can from the United States. We want to concentrate on all those consumers, outside contractors, customers outside the United States that we possibly can.
The reality is the most important thing that can be done are these permanent changes like to the tax code, reduction of government spending. These are the things that pop up in economy and move it in the right direction, start to make it an economy that is moving because of the money in the private economy. When you think about it, when the Fed is lowering an interest rate, what it's doing is it's creating more liquidity. It's putting more money into the economy. The same thing happens when you reduce the tax except if happens from physical policy.
But the primary reason for wanting the dollar to become more competitive in the near future is that we may need an increase in exports this year and in 2007 to sustain the economy's current pace of expansion.
A very complicated mass of things influences the economy - the speculative effect, government policy, consumer borrowing and spending, the level of technical innovation (which I concede, although everyone emphasizes it too much), and much more - including, of course, the rate of inflation.
The American people elected us here to cut spending so we can create an environment for jobs in America. The House has acted. We have demonstrated that we want to see spending, discretionary spending, brought down to levels of 2008. We've seen no counteraction. We have seen no position that has been expressed by the other side at all.
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