Posted on 07/11/2008 5:59:27 PM PDT by Kaslin
Economy: Barack Obama is making hay out of McCain adviser Phil Gramm's unpolitic claim that "we've sort of become a nation of whiners." But Gramm is right that America's economic stature is underappreciated.
When Gramm gave a videotaped Q&A to the Washington Times last week, his sophisticated insights on America's economic role in the world were just what you would expect.
Unfortunately, Gramm, for the last year an economic adviser to John McCain, topped it off with a throwaway remark about us being "a nation of whiners" who don't realize what fundamental good shape we're in globally. Not surprisingly, Obama and other Democrats have jumped all over the ill-considered one-liner.
"We're in the midst of an export boom in manufacturing," Gramm pointed out. China and India's populations entering the global work force "greatly increased the supply of labor," and "almost everything Americans buy from China" is produced by American manufacturers utilizing Chinese workers.
The availability of so much new labor has meant that with America holding 60% of the world's capital, we have been huge beneficiaries, he added.
(Excerpt) Read more at ibdeditorials.com ...
That one would make an excellent ad. That is.....if McCain would allow it to be used. I doubt it though. It might irritate his peeps south of the border.
Sorry but things are FAR from crumbling. Did you get to read the whole story?
NP
Graham has some good points, but he was a politician long enough to know his remarks were a bonehead thing to say, even as a joke. It’s never a good idea to insult the American people in an election, particulary when there are many very real long term problems that government is doing nothing about.
Ought oh, if they use that birth control and insurance companies video, it will be awful.
McCain looked old and confused and the reporter had to remind him that he voted for it.
He even acted clueless or wigged out. It was bad.
So you saw it, the one I was talking about. It made me ill and they were all laughing at him.
Heaven knows I do not like McCain.....but I felt sorry for him.
I think McCain is too old and has been in the Senate too long. He just doesn’t have the energy needed to fight in this campaign.
“China and India’s populations entering the global work force “greatly increased the supply of labor,....and “almost everything Americans buy from China” is produced by American manufacturers utilizing Chinese workers.”
Gramm may be more honest than McCain would like. Someone finally admitted that MFN with China is nothing but a cheap labor contract. I wonder when they’ll admit the price of gas is because of demand by China because we buy all their cheap goods? When did this great labor shortage in America occur? When THEY said it did, I suppose.
There are too many fat cats in Congress that do not know what it is like to have no money for gas to go to the doctor when you have a terminal illness, nor do they know what it is like to go without food, because some concerted effort thought it would be good to make Americans suffer.
The government has been charged with looking after the good of the people, and they have failed.
If we wanted a candidate with 'deer in the headlight' problems we could haave chosen Dan Quayle. Actually I wanted Dan Quayle back in 96, and he'd be a d-mn sight better than McCain right now.
I agree.
gramm has a ph.d. in economics.
Here’s full context of what Phil Gramm REALLY SAID.
“You’ve heard of mental depression; this is a mental recession,” he said, noting that growth has held up at about 1 percent despite all the publicity over losing jobs to India, China, illegal immigration, housing and credit problems and record oil prices. “We may have a recession; we haven’t had one yet.” “We have sort of become a nation of whiners,” he said. “You just hear this constant whining, complaining about a loss of competitiveness, America in decline” despite a major export boom that is the primary reason that growth continues in the economy, he said. “We’ve never been more dominant; we’ve never had more natural advantages than we have today,” he said. “We have benefited greatly” from the globalization of the economy in the last 30 years. “Misery sells newspapers,” Mr. Gramm said. “Thank God the economy is not as bad as you read in the newspaper every day.”
“Gramm may be more honest than McCain would like. Someone finally admitted that MFN with China is nothing but a cheap labor contract. I wonder when theyll admit the price of gas is because of demand by China because we buy all their cheap goods? When did this great labor shortage in America occur? When THEY said it did, I suppose.”
Yep, and that’s all any of these free trade agreements, NAFTA and since, really are. Those nations have nothing to offer but cheap labor, some natural resources, and some unique agricultural products. They are all about giving US corporations access to the world’s cheapest labor, and then low or no tariff access to ship the products produced back to the US market for sale.
And, yep, all the US fueled growth in China is the biggest reason we are paying so much for gasoline and many other products (and all those jobs outsourced to India). No one mentioned any of this when selling MFN as the way to democratize China. But the Red Chinese right now are more interested in developing weapons and tactics to defeat US carrier groups.
Whether our great leaders intended it or not, many Americans are now having their standard of living lowered, both by lower earnings and higher living expenses, so that jobs and growth can be created in China, India and other nations.
Maybe old Phil will explain that next, and tell us how eliminating the minimum wage would create many new jobs. That’s always a big vote getter for Republicans.
“gramm has a ph.d. in economics.”
And, that’s his problem. Too many theories for a world that doesn’t operate on theories.
`
“despite a major export boom that is the primary reason that growth continues in the economy, he said.”
Sort of forgot to mention the sharp fall of the US dollar there, Phil.
Chinese Government is Top Foreign Holder of Fannie Mae, Freddie Mac Bonds
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