"Leap IN U.S. DEBT SADDLES TAXPAYERS": Each household 12% deeper in red. Such rise in red ink in 2008 stems from explosion of federal borrowing during the recession, plus an aging population driving up the costs and Medicare and Social Security.
Bottom Line: The government took on $6.8 trillion in new obligation in 2008, pushing the total owed to a record $63.8 trillion: Congress can reduce or incease the burden by changing laws. That remains to be seen, however. Such huge data are fitting during the age of digital operations. Ponder and reason with deep thoughts!
Higly recommending "WIRED" Magazine,June 2009 issue:
Page 108: The secrets of GOOGLENOMICS. It rules the world of search, but its secret sauce:A data-fueled auction-driven recipe for profitability that the rest of us need to start learning from fast.
MACRO side: altruistic behavior i.e. Internet use enriches Google and the users are friendly grateful for such good deal.
Professor Hal Varian is the high priest of Googlenomics. He'll be the keynote speaker at the conference of American Economics Association in 2010. Next year is the year of Expo 2010 in Shanghai for global trade, a super exhibition. What a coincidence for Sino-American Economics.
MICRO side: pay the price! High or low? Consumer behavior involves lifestyle,custom and tradition et al of humans. The idea and ideals are to be explored in the 21st century.
Qing Wu is one of Professor Varian's minions.In Pin Yin:"nupu" a yes-man servant. The servant serves the master but someday the servant knows all to surpass his master. We expect the unexpected i.e.the economy of China and the US economy.
Wu's specialty is forecasting. Professor John K. Galbraith commented forecasting several decades ago with humor: "Those who don't know and those who don't know they don't know." Is Professor Galbraith correct or otherwise? The answer lies with the readers from empirical evidence.
Such is the truth with mature wisdom as profound reflections re the science of Economics with Delta changes plus Delta choices.
Francis Shieh aka Xie Shihao, a lifelong student on May 30, 2009 at 2.42 p.m.