Financial Planning | Leadership / Management | Training & CPE

‘The train keeps on rolling …’

Tompeters That is the title of a recent post on Tom Peter's blog. He debunks the rhetoric that the U.S. economy is in the tank and losing in the global competition game. In the past few weeks, I have heard from two economists, one at the AICPA Council meeting and Maryland's own Dr. Anirban Basu at our Business and Industry Conference; both said the economy is still "chugging along" despite the subprime crisis, rising fuel costs, taxes, etc.

Tom quotes some statistics on global output from an article by Fareed Zakaria in Foreign Affairs Magazine, titled "The Future of American Power," that show the U.S. share of global output has remained steady over the last century (around 26 percent) despite the "rise of others (Japan and Southeast Asia and Europe, now China, India and Eastern Europe)." He goes on to say, "The Good Ole American Economy just seems to mimic the Energizer Bunny."

I like to think that the rising tide floats all boats and that the American economy has helped raise others over the years. I also believe that in a truly global economy, others are lifting us as well. The reality is that we do have some significant challenges to deal with and we cannot sit on our laurels. But it isn't the end of the U.S. economy either. Thanks for reminding us of that, Tom.

What do you think?

P.S.: There is that global economy thing again ...