The US is still rich with newly developed natural resources of frac/horizontal drilled natural gas, and frac oil. Even though the conservative and Republican businessmen/politicians have continued to screw up the economy for the last few decades.
Clinton handed the Republicans a budget surplus, and the Republicans turned Clinton's budget surplus into the 2008 Great Recession.
Carter implemented high milage car laws which drove OPEC and foreign oil prices below six dollars a barrel, and the Republicans trashed the high milage car laws to get the US enslaved to foreign oil, which prices kept climbing after the Republican Vice-President went to Arabia to regroup a disintegrating OPEC. Republican oil people had wasted the US "cheap" oil deposits with promoting gas guzzling SUV's, which has hurt the US economy with the need to import expensive oil.
It is fortunate that the vast fertile land mass of the US still produces much more food than can be consumed. Cross the fingers that the Republican oil and coal interests will not cause drought from possible global warming.
The conservative business corporations have outsourced and automated away millions and millions of US domestic jobs. The private sector corporations have destroyed millions and millions of domestic US jobs without being able to create new US domestic jobs in any meaningful numbers to make up for the millions of domestic jobs outsourced and automated away. The rich conservatives did create new hedge fund jobs to further pillage, and destroy the US economy for the selfish short term gains of the rich even at the expense of the long term soundness of the US economy.
The Republican Trickle-Down economy will destroy the US economy for the selfish short term gains of the rich by ultra deregulation to let the rich, and their hedge fund flunkies to pillage and destroy the US economy. Why has so much US money been printed in the last few years? The money has been printed to bailout the banks and the rich.
WHAT RUNAWAY SPENDING?
Declining revenue, not increased spending, caused the federal deficit.
BY GERALD FRIEDMAN | MARCH/APRIL 2013 | Dollars&Sense
Conservatives claim that massive government spending threatens the economy. The corporate-funded Fix the Debt coalition, for example, warns that, under President Obama, wasteful government spending includes “unsustainable entitlement costs.” Swelling government debt, Fix the Debt contends, will force the United States to pay ruinous interest rates that will drive down living standards. While these charges serve the political interests of those who oppose government social programs, they confuse the real fiscal issues in America: the effects of the Great Recession on government revenues and the inadequacy of current levels of government spending to deal with massive unemployment.
FEDERAL SPENDING IS ACTUALLY DECLINING SHARPLY: As a share of national income, federal spending peaked during the Reagan administration. There was a brief jump in spending as a share of Gross Domestic Product (GDP) in 2009 due to the fall in national income as well as the Obama stimulus program. Since then, however, spending has fallen sharply as a share of GDP. Large federal deficits since 2001 have been the result of declining revenues, first due to the Bush tax cuts and then due to falling incomes in the Great Recession.
FEDERAL SPENDING HAS GROWN VERY SLOWLY UNDER OBAMA: Despite the stimulus program and demands for aid to the unemployed and to distressed local and state governments, inflation-adjusted spending has increased only half as fast under President Obama as under George W. Bush. Spending under Obama has risen at the slowest rate of any presidential administration since the 1960s, except Clinton’s. In past administrations, spending increased with higher unemployment. Had federal spending increased with high unemployment as fast under Obama as in the past, spending would have risen two percentage points faster each year. This increase, over $70 billion dollars a year or nearly $300 billion by the end of four years, would be enough to enact another stimulus program leading to over 2.5 million additional jobs.
DECLINING REVENUE IS TO BLAME FOR THE DEFICIT: Contrary to the conservative drumbeat about “out of control” spending, it is the decline in revenues, not rising spending, that accounts for the swelling federal deficit under Presidents Bush and Obama. Revenues have fallen dramatically due to the Great Recession because laid off workers and shuttered businesses do not pay income or payroll taxes, and because tax cuts, whether to favor the rich under President George W. Bush or to stimulate the economy under President Obama, have further reduced revenues. The shortfall in revenues compared with earlier administrations explains all of the increase in the federal deficit between the last year of the Bush administration (2008) and the last year of Obama’s first term (2012).
Sentiment: Strong Buy
liberal idiot -
America would, and could, be rich if it had (a) engineers, (b) people who made things, and (c), this is the more important bit, an educated population. It (America) doesn't. What America has is a lot of salesmen, which rank near null on a contribution to society scale.
All the printing presses in the world will not make you rich, assuming of course you have some rational connection to what 'rich' encompasses on a nation state level.
America has issues. Key to solving those issues is the ability to ask questions. Chasing red herrings, such as your printing press innuendo, while great sport, is light years removed from what you should be doing.