Thrifty China, Spendthrift America

But some day, the US may well have to pay the bill for its spendthrift ways.

With the weak dollar hanging like the sword of Damocles over the global economy, almost everyone laments America s spendthrift habits.

Those true believers argue that America s consumers can long pursue their spendthrift ways because their country s economy is better than everyone else s.

It is thus a source of moral hazard, for it relieves pressure on spendthrift politicians to balance budgets and push ahead with reforms.

In the wake of the Glorious Revolution of 1688, when Britain revolted against the spendthrift Stuart dynasty, the British government adopted a new approach to debt.

The US is running external deficits because of a national savings shortfall, which once reflected spendthrift households but now is the fault of a feckless government.

And give to the kindred his due and to the Miskin ( poor ) and to the wayfarer . But spend not wastefully ( your wealth ) in the manner of a spendthrift .

And give to the kindred his due and to the Miskin ( poor ) and to the wayfarer . But spend not wastefully ( your wealth ) in the manner of a spendthrift .

And render to the kindred their due rights , as ( also ) to those in want , and to the wayfarer But squander not ( your wealth ) in the manner of a spendthrift .

And render to the kindred their due rights , as ( also ) to those in want , and to the wayfarer But squander not ( your wealth ) in the manner of a spendthrift .

There is also a moral hazard aspect to the austerity argument easing repayment terms for spendthrift governments will only encourage reckless behavior in the future forgiving past sins perpetuates sinning.

And let not your hand be tied ( like a miser ) to your neck , nor stretch it forth to its utmost reach ( like a spendthrift ) , so that you become blameworthy and in severe poverty .

And let not your hand be tied ( like a miser ) to your neck , nor stretch it forth to its utmost reach ( like a spendthrift ) , so that you become blameworthy and in severe poverty .

With the weak dollar hanging like the sword of Damocles over the global economy, almost everyone laments America s spendthrift habits. But did it ever occur to anybody how hard Americans must work to make everyone else look good?

In the late seventeenth century, in the wake of Britain s Glorious Revolution, when Britain revolted against the spendthrift and autocratic Stuart dynasty, the British government that was formed after William and Mary assumed the throne adopted a new approach to debt.