Mr. Obama, in a speech Sunday, took his appeal for a new world economic order to the leaders of Asia that must help make it happen. He said the United States would strive to consume less, save more and restructure its economy around trade and exports. But he appealed to Asian nations to make their own economies more dependent on domestic consumption than U.S. profligacy.
Like POTPAC, apparently, I am not much of an economist, but I wonder how does T.O. intend to deliver on this commitment to his PacPals? Don't get me wrong, curbing our consumption of imports and having more personal savings both appeal to me, but in this age of government-intervention in my personal decisions (those personal decisions where my choice does not involve the death of another human) I am deeply suspicious of the mechanisms he has in mind for his continental subjects east of The Pac.
Doesn't "strive to consume less" mean the same thing as "purchase fewer goods and resources"? If so, does this mean POTPAC is intending to enact policies to cut back US manufacturing of products for which consumption of resources is generally considered a necessity? At the consumption of goods level, does that mean that POTPAC has plans for our remaining personal discretionary earnings with which we tend to make such purchases?
And as for his "appeal" to Asian nations, isn't "make your own economies more dependent on your own domestic consumption than [continued] US profligacy pretty much the bellringer that he has little faith in American economic recovery? Or perhaps that he has great faith that his vision for a socialist America will in fact be realized and that his PacPals better get hot on reconfiguring their economies because POTPAC is taking America back to the Good Ol' Days:
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