Economic Downward Spiral Continues
The United States’ credit rating was downgraded for the first time in history.
This is due to the continued uncertainty about the American economy. The only true uncertainty is how fast will it sink.
This problem is not unique to the United States; it also affects many nations in Europe and other parts of the world.
Both political leaders and economists have no understanding of how the economy works. All of them have theories. No facts or rules.
What is to be done?
– Find someone who understands economics. This eliminates anyone who has a degree in economics or held an elected office. (See previous post)
– Put that person in charge of all economic matters. This includes government spending and taxation.
Being in charge means that the politicians no longer have any control of economic matters.
Will this work? Of course not. Why?
Everyone cannot always get what they want. What will make the economy grow, provide jobs, and control prices will not please everyone. So some people will be unhappy. Also, politicians never relinquish control of anything.
Politicians are part of the problem, not part of the solution.
Prepared yourself for more economic bad news.
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