Diversify and Thrive!
14 April 2006
Editor, Christian Science Monitor
Dear Editor:
Clay Bennett's April 14th cartoon showing the economy's eggs all in one basket - a basket containing also a grenade labeled "Debt" - is ironic. Uncle Sam's reckless fiscal policies do indeed burden Americans with excessive debt. But because we're globalized, our economic eggs are not in one basket.
Globalization means that American producers aren't dependent upon one country or region for supplies and customers, and that American consumers aren't dependent upon only American producers for goods and services. And America's capital-account surplus means that savings and investment flow into our economy from around the world. The only way America's economic eggs will be put into one basket is if we follow the foolish advice of those who would make us more insular by choking off immigration and by restricting our ability to buy goods and services from abroad.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Editor, Christian Science Monitor
Dear Editor:
Clay Bennett's April 14th cartoon showing the economy's eggs all in one basket - a basket containing also a grenade labeled "Debt" - is ironic. Uncle Sam's reckless fiscal policies do indeed burden Americans with excessive debt. But because we're globalized, our economic eggs are not in one basket.
Globalization means that American producers aren't dependent upon one country or region for supplies and customers, and that American consumers aren't dependent upon only American producers for goods and services. And America's capital-account surplus means that savings and investment flow into our economy from around the world. The only way America's economic eggs will be put into one basket is if we follow the foolish advice of those who would make us more insular by choking off immigration and by restricting our ability to buy goods and services from abroad.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Posted by Don Boudreaux on
Saturday January 20, 2007 at 10:03am