Geithner : Americans are "going to have to go back to living within our means."

[ASusilovic]

WASHINGTON (MarketWatch) -- Treasury Secretary Timothy Geithner said Tuesday the biggest achievement of two days of talks with his Chinese counterparts was a "framework for cooperation," mapping out future economic relations between the two countries.

"The most important thing that we accomplished today ... is to set out a path to a more balanced and more sustainable global recovery in the future," Geithner said at a dinner at the end of the closed-door talks.

The framework includes a pledge by both sides to seek more balanced growth, Geithner said.

He said that U.S. consumers must bolster their savings and that Americans are "going to have to go back to living within our means."

In that vein, the recent rise in the U.S. savings rate was likely to prove durable, he said.

Geithner said China understands "the basic pragmatic reality" that this change underway in U.S. consumption patterns will have to be complemented by changes in China's economy.

For instance, China must embark on a path where future growth comes from consumption and services, thereby moving away from carbon-heavy exports.

http://www.marketwatch.com/story/geithner-pleased-with-framework-reached-with-china-2009-07-28

 

[ba1]

Most of all that means a government that lives within our means. Also one that doesn't interfere with our means of making a living.

Until then we a just a bankrupt empire whose liabilities greatly exceed our assets because of welfare, entitlements and spendaholic government overbeings who are rapidly digging the hole deeper into an asteroidal crater. This includes the AGW CO2 thermal runaway nonsense, we are getter colder now, likely due to greatly decreased solar activity.

Fixing the economy is still simple at this moment, simply we oldies have to work longer and later with medical freedom to choose treatment and transparent billing, but we are at the threshold of going exponentially into ruin.

 

[Random.Capital]

Quote from ASusilovic:

He said that U.S. consumers must bolster their savings and that Americans are "going to have to go back to living within our means."

Does he mean before or after another round of stimulus?

 

[ByLoSellHi]

In the meantime, the government is handing out vouchers for consumption junkies to trash perfectly good cars to buy a new one, and encouraging people to build or buy a new house with other types of vouchers.

Same shit, different day, with an absolutely contradictory message from the government.

 

[maxitronixy]

yeah with a savings rate of what 6 %?

 

[countryBoy]

Yup, we're all gonna have to suck it in, because nobody in Washington is going to.

The craziest idea has to be:

* buying health insurance for 10 million illegal aliens when nearly 10% of America is unemployed

 

[Lucrum]

Geithner : Americans are "going to have to go back to living within our means."


That's easy for him to say. He doesn't pay all of his taxes.

 

[Humpy]

What he really means is that things are going to be in very short supply for the vast majority at the bottom of the heap.

Won't affect the fatcats around the top layer tho !!

 

[ByLoSellHi]

Translation: Get ready for the government tax-you-up-the-ass with higher income taxes, capital gain taxes, sales, fee, permit and service taxes.

Also, there are 30 million Americans unemployed, or 20% of the workforce, according to the broadest (and purest) form of unemployment measures.

 

[Scataphagos]

Quote from countryBoy:

Yup, we're all gonna have to suck it in, because nobody in Washington is going to.

The craziest idea has to be:

* buying health insurance for 10 million illegal aliens when nearly 10% of America is unemployed

Maybe not so crazy... if your plan is to wreak havoc both socially and financially... as an excuse to exercise "drastic government action against the populace"...