Like with our deteriorating educational system, our economy no longer
measures up to previous standards of performance. In education, you can
see the difference through comparison to a century old Jr. High School test that
I believe would stymie most of today’s college graduates. Our economic
deterioration can be seen in our high trade deficits, big budget
deficits, high public and private debt levels and the explosion in the
number of people who rely on government assistance be it in the form of
welfare, food stamps, or disability.
However, according to many economists, none of this is cause for
concern as it is simply the way things work in our new “consumer-based,”
“service-sector,” economy. Instead of growth through savings, capital
investment, and production, we now rely on money printing, asset
bubbles, leverage, and consumer credit. Inflation, which was once
acknowledged as being bad, is now considered good. Persistent trade
deficits, once a sign of economic distress, are now considered signs of
strong domestic demand. Instead of dealing painfully with intractable
problems, we have redefined our liabilities as assets and declared
victory.-Peter Schiff: http://www.lewrockwell.com/2014/04/peter-schiff/forget-college-2/
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