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Warner, Blunt and a few others join up on a bipartisan job effort


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    U.S. Sens. Mark R. Warner (D-Va.), Roy Blunt (R-Mo.), Sherrod Brown (D-Ohio), Mark Pryor (D-Ark.), Olympia Snowe (R-Maine) and Ron Wyden (D-Ore.) today introduced bipartisan legislation to increase U.S. manufacturing, competiveness and export opportunities.

    Lets hope they come up with something efficient and effective.
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    Retarded. Exports are a real cost. Imports a real benefit. Every real economist on the planet understands this.

    Here's a Facebook post I made today:

    MADE IN AMERICA ~ THE RULE OF LAW AND PUBLIC PURPOSE
    Message to Obama and the Democrats.....we export US dollars stamped with "made in America" everyday. This is better than real assets which would lower our standard of living. For that matter....is there some raging demand by the US domestic private sector to hold foreign dollar denominated assets instead of US dollars and reduce the quantity of real resources available for the domestic sector's consumption? No, it's quite the opposite.

    We are effectively selling savings accounts to the foreign sector in exchange for real goods and services. That's pieces of paper for real assets.
    The terms of trade are way in our benefit. The combined savings desires of the private and foreign sectors far outstrip so called runaway government spending. Any agent's savings must be offset by another agent's deficit, or that much in output won't get sold, and there will be that much less in incomes to save. "The funds to pay our taxes and buy government securities come from government spending!"- Warren Mosler. Involuntary unemployment, by definition, is created when the government does not spend enough for the private sector to pay its taxes and save what it wants to save.

    Deficit reductionism is pro-unemployment....no matter where you take from the pie to ostensibly "pay down the debt." If you want to adjust the composition of taxes, do so for reasons that actually serve public purpose, not to target the government's countercyclical account position.

    Video from Obama's speech.

    http://www.youtube.com/watch?v=DIGngljoM4U&feature=player_embedded#!