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To: LRoggy

Haven't the deficits been lower every year than the enormous projections? The never tell us exactly what the deficit WAS. They only tell us the outlandish projections.


58 posted on 05/12/2005 6:54:31 AM PDT by johnb838 (Free Republicans... To Arms!)
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To: johnb838
You can go to the either the Federal Reserve's website or the Treasury Department's web site to get the actual number.


As for the people who wonder what will come along, remember that twenty years ago we didn't have:

Mass use of the PC
Mass use of cell phones
Biotechnology
A Long Term Care industry beyond some nursing homes
High definition electronics
Companies like Toyota building manufacturing plants in the US


For the future, some promising industries:

Geriatric services (an interesting fact: two-thirds of all the people that have ever lived past the age of 65 are alive today) - as the population ages, the need to provide health care and quality of life, as well as financial planning for their needs will be huge.

Financial Services (yes, you might think you are cute in saying 'to the world', but that is happening - I am in this). As the world moves towards full implementation of capitalism, (and don't try to make the case that is not happening) it will require knowledge and skill sets we have developed, such as trade financing, merger services, etc.)

Leisure - as more people live longer, they will desire experiences as much as things. Part of manufacturing's decline is that as we grow our wealth as a society, there are only so many things we can buy, then we go on to experiences, such as visiting places in our country and the world, taking classes in interests we didn't have the time before for, etc.

Generational Wealth Transfer - as the WWII generation dies off, it is estimated that $10 Trillion of wealth will be inherited. That also fits into the financial services niche.

Housing Construction - putting aside the potential bubble of today, home ownership percentages continue to rise. Where I live, just south of the hurricane damaged areas of last year, we have a huge shortage of construction, particularly roofing and electrical. Craftsmen will be in big demand.

Notice I haven't even touched on technology yet.

I'm old enough to remember well all of the pessimism of the last 35 years - Paul Ehrlich, Jimmy Carter (our worst president ever in my opinion), Reagan deficits, trade deficits (30% of the trade deficit is solely American multinationals importing into America from division to division), Mexico and others defaulting on all debt to US banks, the death of manufacturing, the death of the family farm, etc. Sorry Chicken Little, the sky isn't falling.

One last note: The net worth of households in this country hit $48 Trillion in the first quarter, up another $1 Trillion since 12/04. Pessimists, to paraphrase Marx, throw off your chains, you have nothing to lose!
60 posted on 05/12/2005 7:17:48 AM PDT by LRoggy (Peter's Son's Business)
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