USA is Bad China is Good
New member
happening again? During the G20 meeting, one of the proposals recommended that the USA should save more and spend less and export more, and that the Chinese should consume more and spend more or buy more goods and that they should export less. The USA economy is 67% consumer oriented meaning the USA economy is driven by people buying goods, that is why they get the label "materialistic". Americans savings rate before the financial crisis was a negative. Americans housing cost is 40% of their income. In contrast to the americans, the chinese citizens save most of their money. They have a savings rate of 60% and spends only 10% on housing costs. NOW, I have a problem with the G20 recommendations. Who are they to tell the chinese to consume more? If the chinese don't want to spend money on such superficial things as toys or fancy cars like the americans, when they rather use their money to more intelligent choices like food, shelter, and an education. They are happy to not go into debt like the americans, they have a different value system based on not being superficial with the way americans spend and waste their money on silly things. It is a choice that the chinese live the way they do, so don't tell us to spend what money we don't have, we don't live off of loans, we believe if we don't have the money, we don't spend it. It is a simple rule that americans consistently break and don't believe in, so you americans deserve to be in the ditch for your extravagance and keeping up with the Jones when in fact it is all loan money not your money, americans have fallen into the trap of keeping up a phony image of richness, and the financial crisis have exposed them to be financially poor with a rich exterior phony image because they don't own anything, what they possess is all from loans, not paid for assets.