I was on the beach yesterday in long island with a friend who works in Washington basically explaining new bills to industries. We, as usually, got into politics and my concerned with the deficits. Then we had this really interesting conversation about how to fix the problem.
I pointed out that after World War ll we had a big deficit as a percentage of GDP and paid it off. However, the entire world.. Europe, Japan, China.. had been leveled. The United States was the only country that could manufacture goods. Our economy skyrocketed from the increase in productivity. Those were great years. Perhaps the best years for America. Jobs everywhere. They lasted for a lifetime. Everyone was having large families and shooting 8mm films.
Today, we have the huge debt. The jobs are all gone oversees. The baby boomers are now old, in need of healthcare and social security. We don't have a projected booming economy to take care of the booming expenses of the aging baby boomers.
So what's the solution.
My friend, with all his heart, said, American needs to discover the next big thing. We need to reinvent industries that produce millions of jobs and opportunities, in addition to, tons of tax revenue to pay down the massive debt and keep up with the growing bills.
Great, but what are the industries. He didn't know, but that is the solution to the problem. He said with strong conviction.
So what are the new industries that will take this country out the looming crisis? Biotech, green energy,...
Anyone go ideas on this subject?
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