A Quote by Stephen Moore
The trade deficit always goes up when the economy is strong and plummets when the economy sinks, as it did during both the Great Depression of the 1930s and the Great Recession of 2008-09.
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The 2008 financial crisis and the Great Recession that followed have had devastating effects on the U.S. economy and millions of American lives. But the U.S. economy will emerge from its trauma stronger and widely restructured.
During the Great Depression, levels of crime actually dropped. During the 1920s, when life was free and easy, so was crime. During the 1930s, when the entire American economy fell into a government-owned alligator moat, crime was nearly non-existent. During the 1950s and 1960s, when the economy was excellent, crime rose again.
Government intervention in the economy - through taxes, regulation and, most importantly, currency inflation - causes distortions and misallocations of capital that must eventually be unwound. The distortions degrade the general standard of living, and the economy goes into a recession (call that an incomplete cleansing). Or it goes into a depression - wherein the entire sickly structure comes unglued.
I know many of you are hurting and angry about the economy, and I don't blame you. It's the worst economy since the Great Depression. When consumers can't buy and businesses won't expand for lack of customers, the government has to be the purchaser and employer of last resort. We learned that in the Great Depression, but Republicans obviously didn't - and they've blocked every jobs program I've offered.
In the five years since the end of the Great Recession, the economy has made considerable progress in recovering from the largest and most sustained loss of employment in the United States since the Great Depression.
The 2008 economic crisis and Great Recession forced widespread restructuring throughout the U.S. economy - not unlike a company gritting its teeth through a lifesaving bankruptcy.
As the U.S. trade deficit, and the portion of that deficit attributed to China, continue to grow, our own economy is at risk of losing its reputation as a leader in world trade.
World War II was really unusual, because America was in the Great Depression before. So the war did help the US economy to get securely out of this decline. This time, the war [in Iraq] is bad for the economy in both the short and long run. We could have spent trillions in research or education instead. This would have led to future productivity increases.
I believe strongly that we need a finance industry that is good for the economy, and I don't think anybody would argue that during the eight years leading up to the Great Recession, a lot of bets were made [and] risks taken that weren't good for the economy.
At the center of every recession is a serious imbalance in the economy and mirrored in the financial system. Think subprime mortgage and the Great Recession, or the technology bubble and the early 2000s recession. There are no such imbalances today.
I think the fundamentals of the economy are finally in the electronic economy and they are strong are we have reason for great optimism.
In my view, Obamacare is the most existential threat to our economy than anything we've ever had since the Great Depression, so I think a little bit of additional deficit is nothing compared to delaying if not repealing Obamacare.
Market capitalism survived and prospered after the boom-bust industrial revolution of the 19th century, and the Great Depression and world wars of the 20th century. It will recover from the financial panic of 2008-09 and Obamanomics.
With a strong domestic economy, low national unemployment at 5 percent, and increasing retail sales, the picture should look rosy. But one look at the trade deficit changes all of that.
Well obviously the economy is critical to everything we do and we need to get the economy back in shape, the deficit down, the debt paid off, so that the economy can grow again and grow properly.
From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial 'boom' followed by a recession or depression when the Fed-created bubble bursts.
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