Economy Without Borders
Record 25,741,000 Foreign-Born People Employed in the U.S.
93,482,000 Americans Out of Labor Force in March
[T]he main thing wrong with the way that economics is taught in this country is just about everything. The problem starts with, as was posted here a few weeks ago, a little thing called Say's Law.
The short form of it is that production is what creates wealth, not sales. This wealth is created by making something worth more than the sum of its parts and the labor required to assemble it. When you sell something, you are only doing a transfer of the created wealth for stored wealth (money).
An economy without production does not create wealth, but constantly bleeds wealth as it buys imported products. This is why there cannot be such a thing as a consumer nation. Eventually, if you consume more than you produce, you run out of the money that makes consumption possible.
Or, basically, as common sense would put it... you can only buy what you can't afford until your credit runs out, and you can't spend your way to prosperity.
Back before FDR, there was a real economic theory that has died and we need to resurrect it, pat it on the back, and cheer for it like we cheer for Rick Perry. It was called Distributism. ... ownership of the means of production should be spread as widely as possible among the general populace, rather than being centralized under the control of the state (state socialism) or a few large businesses or wealthy private individuals (plutarchic capitalism). ...