Wars, Debt and Outsourcing

The world is uniting against the Bush Imperium

Wars, Debt and Outsourcing:

" Is the United States a superpower? I think not. Consider these facts:

The financial position of the US has declined dramatically. The US is heavily indebted, both government and consumers. The US trade deficit both in absolute size and as a percentage of GDP is unprecedented, reaching more than $800 billion in 2005 and accumulating to $4.5 trillion since 1990. With US job growth falling behind population growth and with no growth in consumer real incomes, the US economy is driven by expanding consumer debt. Saving rates are low or negative.

The federal budget is deep in the red, adding to America's dependency on debt. The US cannot even go to war unless foreigners are willing to finance it.

Our biggest bankers are China and Japan, both of whom could cause the US serious financial problems if they wished. A country whose financial affairs are in the hands of foreigners is not a superpower.

The US is heavily dependent on imports for manufactured goods, including advanced technology products. In 2005 US dependency (in dollar amounts) on imported manufactured goods was twice as large as US dependency on imported oil. In the 21st century the US has experienced a rapid increase in dependency on imports of advanced technology products. A country dependent on foreigners for manufactures and advanced technology products is not a superpower."