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What a silly retort
US will always be wealthy? Always is a long time, and a silly retort to generalize such a statement, which you cannot prove. No one can even guarantee that US can even get to its third century, so always wealthy is a empty statement at least, and a unsupported claim at best. |
You give the President too much credit or blame, depending on how you look at it, for the past and future of the US economy. He has less influence on the US economy than the Chairman of the Federal Reserve, and the Central Bankers around the world.
At the rate the US is accumulating debts and deficits, who is President is less important than how others in the world, specifically other Central bankers around the world, see the US, and its underlying economy. It should not be lost on anyone that Greenspan will yet again be forced to increase interest rates soon. Why you ask? A poor creditworthy borrower like the US needs to pay higher and higher interest just to attract foreign financing. Inflating away the debts is just blind wishful thinking since that assumes US doesn't need to borrow again. Since we know that isn't true, the price for poor credit is higher interest rates.
But there is an answer, and it will not come from the US politicians or the US President, since this problem is bigger than all of them combined. The Central bankers around the world will decide how much more credit to grant US, and when to cut the credit line. Therefore, the real financial power doesn't rest with the President, but with all the Central Bankers around the world who grant credit to US, to keep its economy afloat.