Nov
20
Bad Advice from Bad Leaders
Filed Under Economics
Tim “Strong Dollar” Geithner and Hillary Clinton teamed-up to pen an op-ed column for the Wall Street Journal
The best line:
“Raising personal incomes and strengthening the social safety net to address the reasons why Chinese feel compelled to save so much would provide a powerful boost to Chinese domestic demand and global growth.”
Of course, why should the Chinese citizens feel compelled to save their own money and be self-sufficient? Why bother saving money when you can consume it and trust your government to take care of you?
It’s not as though their government ever lies to them, screws them over or nearly runs over its dissenters with tanks?
Takeaway: Governments of all stripes love their citizens to believe in collectivism and be at their mercy. Don’t fall for it. People came to this country for opportunity, not safety nets.
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