This Horse Ain't Dead
21 February 2007
Editor, The Wall Street Journal
200 Liberty Street
New York, NY 10281
To the Editor:
Donald Kalff asserts that the "deterioration of the current account deficit will burden the U.S. for years" (Letters, Feb. 21). I disagree.
The real burden is created by Uncle Sam's reckless budget deficits. Any resulting increase in the current-account deficit is merely a symptom of this fiscal irresponsibility.
More importantly, other factors that increase the current-account deficit - such as foreign direct investment in the U.S. - make Americans wealthier and, hence, better able than otherwise to bear the burdens foisted on us by wastrel politicians.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Editor, The Wall Street Journal
200 Liberty Street
New York, NY 10281
To the Editor:
Donald Kalff asserts that the "deterioration of the current account deficit will burden the U.S. for years" (Letters, Feb. 21). I disagree.
The real burden is created by Uncle Sam's reckless budget deficits. Any resulting increase in the current-account deficit is merely a symptom of this fiscal irresponsibility.
More importantly, other factors that increase the current-account deficit - such as foreign direct investment in the U.S. - make Americans wealthier and, hence, better able than otherwise to bear the burdens foisted on us by wastrel politicians.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Posted by Don Boudreaux on
Wednesday October 24, 2007 at 5:18pm