It was bound to happen sometime. Associated Press is reporting that the Chinese car market has surpassed the United States for the first half of this year.
No matter that we are in a severe recession, this is a big blow that has been coming on for a generation.
Poor fiscal management by our government and by the people for the last few decades is catching up with a vengenace.
Extremely poor management and greedy unions, along with government interference, has ruined our domestic auto industry. Now, much of it has been nationalized.
All of the above have driven a lot of our manufacturing capability overseas, with a goodly part to China.
Our economy was said to be fine, because we had the "services" industry, primarily meaning that the big financial institutions were thriving.
Well, now were are seeing the results of all of that.
We have spent trillions trying to cover the losses by the "service" industry, we are in a deep recession because of their excesses, and jobs are continuing to disappear at a frightening rate.
In spite of this, our politicians insist on trying to revive the same old economic paradigm that has led us to this situation.
Both Republicans and Democrats are responsible.
The ball is now in the Democrats' court and they are utterly failing to consider proper policies, instead wanting to borrow and spend our way out of a deep hole caused by borrowing and spending far too much.
They are still digging, and the hole is getting deeper by the day.
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