I found this economic prediction disturbingly plausible. If it happens it will be the result of the United States standing on its “full faith and credit” (our full faith and credit) to borrow spending money from the rest of the world for such whims as millions of houses for the semi-indigent; governmental spending built on borrowing rather than taxation (for the purpose of electing anti-tax politicians); and, of course, some harebrained wars.
This borrowing on our full faith and credit coincided with massive consumer borrowing to purchase products from the same nations that were lending money to the US. This gave these nations modern industries overnight. We will be hard pressed to compete with them especially given their repressed labor costs.
The Red Plan is a local example of breakneck borrowing encouraged by the same banks and lending agencies that have led America into the worst economic melt down since the Great Depression. But don’t worry. The Duluth Chamber of Commerce will soon have a report from UMD demonstrating how lining JCI’s pockets will launch Duluth’s economy into the stratosphere.
