I have recently been expressing doubts about our nation-building in Islamic countries. I am extremely worried about the money we are spending to help people whom I believe hate us. In fact, after the bombing of that golden-domed mosque–they blamed us for not being there.
Some of my favorite readers commented on the article by Paul Craig Roberts. Dr. Roberts has some problems with current measures of our economic progress. One thing he keeps talking about is spending on credit. My commenters think that he is crazy. I don’t like the fact that he gets so angry that he calls Bush names, but I want to know if he is right on the economics.
I have long had a intuitive problem with how we measure economic health. I majored in Economics at Texas A&M–but that experience is not the source of my reservations. My reservation is that I think that consumer debt is a problem. I was terribly angry at the pundits who, after 9-11, told people to go to the mall to buy a bunch of crap to show that we weren’t defeated. Or, who told them to buy stock just for the hell of it–regardless of the company–again as some kind of patriotic gesture.
I just ordered this book. I want to know if we are economically healthy as opposed to appearing so because of credit.
If we aren’t , and our government is killing the golden goose (us) by spending money to rebuild the homes of a bunch of people who will always hate our guts–I am going to be really pissed.
Walter Williams writes about how we are not a democracy and Iraq shouldn’t be either. He has some good ideas. Maybe his ideas could save us men and money over there.
Update II: Here is another provocative column about the state of the economy by Paul Craig Roberts.