I cover a wide range of issues in this interview for Bloomberg Asia. My main theme, not surprisingly, is that government is too big.
And I specifically warn about the looming explosion of entitlement spending as the baby boom generation retires.
Debt, Entitlements, Downgrades, Unfunded Liabilities, and the Europeanization of America
August 9, 2011 by Dan Mitchell
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International Liberty 
[…] Sigh, how depressing. It seems like America will be “Europeanized.” […]
[…] Sigh, how depressing. It seems like America will be “Europeanized.” […]
[…] Sigh, how depressing. It seems like America will be “Europeanized.” […]
[…] Sigh, how depressing. It seems like America will be “Europeanized.” […]
[…] Sigh, how depressing. It seems like America will be “Europeanized.” […]
[…] Sigh, how depressing. It seems like America will be “Europeanized.” […]
[…] Sigh, how depressing. It seems like America will be “Europeanized.” […]
[…] Sigh, how depressing. It seems like America will be “Europeanized.” […]
[…] Sigh, how depressing. It seems like America will be “Europeanized.” […]
[…] Sigh, how depressing. It seems like America will be “Europeanized.” […]
[…] Sigh, how depressing. It seems like America will be “Europeanized.” […]
[…] First, we have a giant, bloated federal government that is spending too much money, putting us at serious risk of a Greek-style fiscal crisis at some point in the […]
Appreciate the concrete nature of your analysis. North American thinking has been too lofty and utopian to value mining and manufacturing. Too many folks in one place at one time want to be white collar e-mailers for a living.
We need a revival of nitty gritty ideas and the hard-tack jobs that go in tandem with it. The sort of jobs where you don’t need to pay gym dues in order to get a workout.
Daniel said in the interview,”we could grow out of the deficit and the debt.” Good enough, but what is this “growth” that the establishment economists and the political class of all stripes keeps hyping as the panacea?
The late Ed Hart from the old Financial News Network used to talk about growth in upscale shopping malls and luxury time-share resort condominiums. To that I’ll add 5000 square foot McMansions, new office buildings housing companies advising industry on outsourcing or personal injury lawyers suing everybody or mathematical geniuses dreaming up new arbitrage pricing strategies, etc. etc. How about growth in the footwear manufacturing industry or the optics industry or the ship building industry or the consumer electronics manufacturing industry? Nah, that’s the “old economy,” the “rust belt.” Hint to “new economy” touts: the “rust belt” was the driving force behind America’s great wealth. When you destroy your industry, you destroy your wealth.