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February 15th, 2008
06:05 PM ET

Bloomberg: U.S. resembling third world country?

[cnn-photo-caption image= http://i.l.cnn.net/cnn/2008/images/02/15/art.bloomberg1.gi.jpg caption=" New York City Mayor Michael Bloomberg."]

FROM CNN's Jack Cafferty:

The United States has a "balance sheet that's starting to look more and more like a third-world country."

New York Mayor Michael Bloomberg is lashing out at Washington over the federal government's plan to give rebate checks to more than 130 million people.

Bloomberg says: "I suppose it won't hurt the economy but it's in many senses like giving a drink to an alcoholic." A spokesman later said the mayor meant Washington can't stop itself from spending, and he wasn't saying Americans who get the checks are part of the problem.

Bloomberg is also critical of the current crop of presidential candidates, accusing them of looking for easy solutions to complex economic problems. The mayor added that while they seem to be talking more about the economy now, they're looking for quick fixes in order to win votes instead of taking a good, hard look at the roots of the problem.

He did have some kind words for Barack Obama, praising his plan to create a "National Infrastructure Reinvestment Bank" to rebuild things such as highways and bridges.

It's funny how our mayor here in New York keeps popping up. His supporters think the country's economic problems create a unique opportunity for Bloomberg, with his business background, to run as a third-party candidate for president.

Bloomberg continues to insist he's "not a candidate" and says he's speaking out on national issues as part of an "experiment" to see if he can influence the dialogue of the race.

Here’s my question to you: New York Mayor Michael Bloomberg says the U.S. resembles a third world country when it comes to our economy. Is he right?

Interested to know which ones made it on air?

Jim writes:
Right on, Mr. Bloomberg! These fat cat politicians are spending our money like it was theirs. Easy to do when you can rack up debt on someone else's dime.

Mary Beth from Neptune, New Jersey writes:
Of course our economy is like a third-world country… that's where all the middle-class jobs went. All of our manufacturing and now our tech jobs went to third-world countries while CEOs make multi-million dollar bonuses and we spiral down into a service economy. Restaurant and retail jobs just aren't going to pay for houses and cars. college costs are making the kind of education that will allow you to have the kind of life our grandparents had simply out of reach.

Eric from New York writes:
Anyone who says that the U.S. resembles a "third world country" has obviously never lived in one. Maybe Mike Bloomberg, (who I like) should visit Haiti, the poorest country in the western hemisphere, where the poverty rate is 80%. The current unemployment rate in this country is hovering around 4%. During the height of the Great Depression, it was 34%. There are a lot of things wrong with how things are these days. But this country has been through a lot, and we got through it. With the right leadership, we'll get through it again.

David from Langley, Washington writes:
We're a 3rd world society by many measures: extreme wealth concentration, declining standard of living for most Americans, difficulty influencing our government, an enormous military, an economy mostly owned by a rich few, enormous debt, and exporting raw materials to import finished products.

Sherry writes:
After spending over 20 years traveling as a military wife and going overseas, I think Bloomberg is right. And we are reaching third world status faster than some of the other countries where we are sending aid.

J.R. writes:
Third-world country, third-party candidate… hmmmm. I think he's just teasing us.


Filed under: Uncategorized
soundoff (144 Responses)
  1. Amy from Jersey City, NJ

    There are 37 million poor people hidden in this land of plenty; 16 million of which are absolutely destitute. And there are 85,000 homeless people living in Los Angeles alone.

    If the legal definition of poor is lving on $15,125 per year for a family of four, and SOME families of four made $15,126 therefore not being accounted for on the roster, YOU do the math.

    February 15, 2008 at 2:17 pm |
  2. David, Tampa, Fl

    Yes, he is right. A shrinking middle class, an increasing concentration of wealth into fewer hands. We have an economic nobility in America that is concerned with becoming the new titled inherited nobility. They repersent a new low in this country.

    February 15, 2008 at 2:20 pm |
  3. Dave Brooklyn, NY

    He is more right than he realizes. We also resemble a third world country when it comes to our dictatorship too!

    February 15, 2008 at 2:21 pm |
  4. Bert

    Dear Jack:

    Yes, we are a 3rd world economy or worse. We are an economy based on Stealing jobs and wages from our Low & Middle Income American Citizens and exploiting an endless supply of Slave Labor caused by our government allowing employers to hire Illegal Aliens over Legal American Workers.

    February 15, 2008 at 2:21 pm |
  5. Rex in Portland, Ore.

    He is just one country off - 2nd world.

    February 15, 2008 at 2:22 pm |
  6. Larry from Georgetown, Tx

    I wonder if Mr. Bloomberg has ever been in a third world country, they don't even know what the word means. Their looking to survive on a day by day basis, and maybe find something to eat. He needs to get out of New York City and see the real world. Is our economy going in the wrong direction, yes. If it continues to go in the negative direction, will we be a third world country, only during and after the next great depression.

    Larry from Georgetown, Tx

    February 15, 2008 at 2:24 pm |
  7. Matthew E. from Philadelphia

    I think he's referring to the sharp divide between the "haves" and the "have nots" that exists in the third world and is increasingly evident in our country. While this is true, further philosophical contemplation of this statement doesn't interest me nearly as much as the prospect of Bloomberg running as a third party presidential candidate with a populist message, as his statement might suggest. He's a multi-billionaire and evidence of the situation which he's describing. Mayor Bloomberg could not possibly make an effective case without facing earnest accusations of hypocrisy.

    February 15, 2008 at 2:25 pm |
  8. Ralph

    Yes, Jack. The high rate of unemployment and loss of homes, the lack of medical care for all citizens with government leaders who ignore the needs of the population and often look overseas and/or are concerned about their own needs first resembles what we see in these other countries. In fact it is worse, as the United States has so much it could give to its own citizens, but poverty is so rampant. The streets are certainly not lined with gold.

    February 15, 2008 at 2:26 pm |
  9. David of Natchez Mississippi

    Well it has been awhile since I've gone to the general store and traded chickens,eggs and milk for goods. I doubt Bloomberg was raised on a farm in the past 60 years but that was a third world economy. What we do have in this country are a lot of folks that are clueless about life and happiness.

    February 15, 2008 at 2:31 pm |
  10. Bob from Traverse city Michigan

    Jack if Mr Bloomberg means that like a third world economy ours is becoming an economy with a rich, corrupt, ruling class and a struggling underclass who must try to survive on the cookie crumbs that drop on the floor of this trickle down theory of economics, then yes he is correct. Ever since President Reagen declared war on the middle class during the air traffic controllers strike and that war was continued with the free trade agreements the middle class has been facing extinction. We are becoming an economy of extreme haves and extremely have nots.

    February 15, 2008 at 2:36 pm |
  11. Ted Texas

    Boy is he dead right. My underwear used to be made in El Salvador and now they are made in Jordan. My socks are made in Pakistan and my clothes are made in countries I have no clue to where they are. I for one would pay more if the jobs would come back across this side of the pond. I do not want to buy my drugs and food from China. They are trying to kill us.

    February 15, 2008 at 2:38 pm |
  12. Sheila from NC

    Simple answer, yes absolutely.

    At the rate we are going I give it 10 years before America is the land of the rich and poor as the majority and the middle class a very small minority. We keep making trade deals that are lopsided. They give away the jobs of Americans and are guaranteed to increase the trade deficit.

    Maybe CNN should ask Bloomberg to submit a list of questions for the upcoming debate. Better yet ask him to be a moderator on the economic questions. That way we have someone who could call them on their answers right there rather than trying to analyze it after the debate and for days and days after.

    February 15, 2008 at 2:39 pm |
  13. Albert

    We are certainly becoming more like a third-world country in regard to the gaps between the rich and the poor. CEO's who bankrupt companies by issuing sub-prime loans, leave the company with fifty- or one-hundred -million-dollar golden parachutes. Meanwhile lesser employees lose their pension, their health insurance, and often, their jobs.

    Albert
    Columbia, MO

    February 15, 2008 at 2:40 pm |
  14. Michael

    Absolutely Jack, It's right on the money or lack thereof. In every imaginable way the mask if falling off with a huge thud. I guess it is time we stopped resting on the laurels we built during the 1950's and get off our collective Gen X,Y,Z rear ends and actually do something. The days of prepackaged everything, no brainer, cheap choices is over.

    Inverness FL

    February 15, 2008 at 2:41 pm |
  15. Mark (AZ)

    Our parties are generally described as tax and spend democrats vs borrow and spend republicans.

    I would prefer a save and invest approach? One that rewards corporations and individuals who invest in America, rather than an economy which divests money out of America faster than it can borrow it.

    February 15, 2008 at 2:48 pm |
  16. Daniel in Chicago, Illinois

    Well the mayor is certainly right in his assertion that the government is a 'spendoholic.' With current economic and monetary policies causing foreclosures people are being left homeless and in poverty. Meanwhile wealthy elites are getting richer, and on top of it all we continue to become a market for foreign countries like China. These are all traits of a 3rd world country's economy. Add in the growing state of corporatism, aristocratic politics, propagandist media, and manipulative banking machines and you have the perfect equation for a 3rd world, fascist disaster and end of the 'real' America. Don't look to the upcoming election to save yourself, the best hope for this country has already been nearly stomped out.

    February 15, 2008 at 2:49 pm |
  17. W B in Las Vegas

    where this country really is starting to resemble a 'third world country" is in the decline of the middle class due to the deindustrialization of America. the outsourcing of American manufacturing to places like Mexico and China has destroyed thousands of small business industrial shops and cost millions of good paying technical jobs. the so called "replacement" jobs at WalMart and McDonalds do not have the pay and benefits to keep those people in a middle class lifestyle.

    we are becoming a nation of a few very wealthy "haves" and an ever increasing number of hand to mouth "have nots" which is the basic definition of a "third world country"

    February 15, 2008 at 2:49 pm |
  18. Kurt

    Of course it is!!! This to me is the fruits of three policies, 1) A run away welfare system that does not promote self reliance and motivation to get off your rear and make your life better. 2) Uncontrolled mass immigration that affects the supply and demand principle of driving wages up if there is a limited supply of workers. 3) Trade policies like nafta that were pushed down the throats of many gullable americans and signed into law by Bill Clinton in 1994 that pits working middle class americans against 3rd world workers making as little as $2 a day.

    February 15, 2008 at 2:52 pm |
  19. Jo-Ryan, Long Beach, CA

    The accuracy of Bloomberg's statement is consistent with any hopes for him of getting votes as an independent in this election. If we do resemble a third world country, then we don't have 50 states in the Union. We got more than three times that many! "We're all living in America, America is wunderbar...."

    February 15, 2008 at 2:56 pm |
  20. Eugene in Northern California

    Jack, Mayor Bloomberg couldn't be more right. At the rate we're going now, our pandering congress should have us on par, with a fourth- world country, in no time. America needs to wake up and kick every damned incumbant out, of office, in 2008. Our pandering congress doesn't want to fix our nation's problems. They've proven that, to Americans, for decades. They just reguritate old ideas and end up, in an endless battle, over that.

    February 15, 2008 at 2:58 pm |
  21. Yvonne

    If multi-billionaire Bloomberg is referring to the widening gap between the rich minority and the chronically poor majority, then he is right. But if he were truly in touch with Third World realities he would never compare the US economy with the Third World.

    February 15, 2008 at 2:59 pm |
  22. Kevin Stidham,OH

    Just wait a few more years and the word resemble will be a understatement. Their are only a few assets left in this country and thats the common people and our military. Our so called leaders are leading us straight into devastation, and in more ways than just the economy. But they need not to worry, for they will be taken care of by the international bankers who tell them what to do.

    February 15, 2008 at 3:04 pm |
  23. Bert D

    Well let's see. Compared to other nations, we're at the bottom of the list of foreign aid as a percentage of GNP. We're something like a 14th from the top in infant survival. We're 35th in broadband internet penetration. We're 13th or so in quality of medical care. One seventh of our population lives in poverty. One seventh has no medical insurance. We have more per capita debt than any other nation. All our jobs are going overseas. But there is one bright spot. We spend more on defense, (623 Billion) than the rest of the world combined (500 billion). I feel so much safer.

    Iowa City, IA

    February 15, 2008 at 3:04 pm |
  24. Bonnie/New Port Richey FL

    Another 8 years of republican rule and we will certainly be looking like a 3rd world country. As I have learned, unfortunately too late in my life, if you keep spending like a drunken sailor you will end up with an awful hang over. The hair of the dog, more spending, is not the cure. We spend so much money on studying the sex life of rocks while our citizens are living in card board boxes and sleeping on sidewalk grates. The independents spend so much time criticising the candidates but why do they not have a dog in the hunt. Do they not have anyone who can cure the "hang over".

    February 15, 2008 at 3:06 pm |
  25. Tom, Avon, Maine, The heart of Democracy

    Do third world countries give no bid contracts to corporations that keep misplacing billions of dollars? Do they give half billion dollar grants to Big Oil while it is making record profits? Do they pass laws making it illegal to negotiate drug price increases? Do they ignore their Constitutions and illegally spy on the citizens they supposedly serve? I doubt it.

    February 15, 2008 at 3:07 pm |
  26. Kevin- Webster, MA

    Our dollar is getting closer to the Peso than the Euro. With a government that is constantly jabbing at each other, concerned more with tarnishing baseball heros, then with the economy, sending money all over the world but not fixing our own infastructure we are headed that way it would seem

    February 15, 2008 at 3:07 pm |
  27. Mary Whartnaby -California

    Jack-Yes to your question. New York's Mayor Bloomberg is very sensible and intelligent person with an excellent business background. How nice it would be if Mayor Bloomberg would "throw
    his hat in the ring" to run as a third party candidate for President.
    Jack-I believe he would help this country greatly and at this point in history, American needs all the help it can get! This country does needs change, but it also requires a leader with maturity, experience
    and and the determination to protect the American people.

    February 15, 2008 at 3:08 pm |
  28. Beth from Michigan

    No. the US doesn't resemble a third world country, economically. We might BE one, but people in third world countris know they are third world. We still think we are the richest, most powerful nation in the world, even though we're in debt up to our eyeballs.

    February 15, 2008 at 3:10 pm |
  29. James from Cape Coral,FL

    We're getting there Jack. I can't find a job to save my life and I'm seriously considering hopping the border to the north in search of work. Maybe Canada is as forgiving as our government. What's Bush's famous phrase, Jobs Americans wont do. Where are they? I'll take one.

    February 15, 2008 at 3:13 pm |
  30. John Onyango

    Jack, I am from a third world country, and I am seeing the US economy on its way there, when we pay $3 a gallon for gas, only to learn that the company selling the gas is making huge profits, or when the goverment is spending millions of dollars in Iraq, against the wishes of everyone, kids dropping out of school, bridges and roads collapsing, tax breaks for the wealthy, New Orleans still looks like they got hit last night, basic things like dog food being made outside the USA, all we need now is a stolen election and the USA will be a fully pleged third world country, welcome to our world.

    February 15, 2008 at 3:16 pm |
  31. Mary Steele Yorktown VA

    Yes, he's right. We have so many incompetent and corrupt officials, there is no way to get a budget that is anywhere near what it should be.

    It is compounded by those who want to keep raising our taxes and not spending what they have on programs that bring a just return. Instead of giving subsidies to those who don't need it, let's pay for results-oriented work that leads us to highly educated or skilled individuals and sound energy alternatives that do not drive up the cost of food.

    February 15, 2008 at 3:19 pm |
  32. Terry North Carolina

    Jack
    Mike Bloomberg is right on the money, we have become a third world nation, our economy has gone right down the toilet, and this stimulus package is a joke and will be of very little help to the people who are deeply in debt and have lost their homes. My question to you is if Mike Bloomberg feels so strongly about this issue why doesnt he run for president on a third party ticket with Colin Powell as his running mate?

    February 15, 2008 at 3:21 pm |
  33. Judy, Exeter, Ca

    Yes he is right. Numbers don't lie. With the cost of the war and our rising debt with China, the ratios look grim. The Katrina debacle is just a little whisper compared to what we are in for if we don't get rid of the incompetent morons who are running the country now. If Bloomberg were to run for president, I would consider voting for him because of his common sense coupled by his business experience. If nominated, Obama would do well to have him as his vice presidential running mate. Now there's a ticket I can get on board with.

    February 15, 2008 at 3:28 pm |
  34. jim

    I think Bloomberg is onto something here. You don't keep raising the credit card limits for a shop-a-holic. At some point the principle balance has to be paid. Third world countries got themselves into trouble because they couldn't control their spending habits, and kept borrowing money from the world's banks to a point where they couldn't make the interest payments. I don't mean any disrespect to your readers, but it is time to pull in the reins...sooner rather than later is the time to face the music, The United States gov't cannot continue to pump borrowed money into the economy. It is 'Not Sustainable'! It is a sure fired recipe for disaster, that will only result in 'third world status'. Second class at the very least.

    February 15, 2008 at 3:28 pm |
  35. Josh

    Yes, because whenever I read the newspaper, I keep reading about businesses closing, executives making record profits at the expense of their workers, jobs being shipped overseas. I am already that Bill Clinton brought about the creation of NAFTA, but since George W. Bush was appointed to office. The economy has gotten worse and continues to get worse. It is time to elected officials not beholdening to Big Business and do fair trade instead of free trade. Let's put an end to this globalization nonsense until we at least reform these trade deals so that the people of this country can truly benefit.

    February 15, 2008 at 3:30 pm |
  36. Joy-Morrisville, NC

    Bloomberg is dead wrong! We're owned by third world countries, so I'd suggest we're not in as good of shape but as Mayor of New York, I guess he's suppose to try and make us feel good!!!!

    February 15, 2008 at 3:30 pm |
  37. Left Coast Ken

    6 p.m.: New York Mayor Michael Bloomberg says the U.S. resembles a third world country when it comes to our economy. Is he right?

    Jack,
    Michael Bloomberg is telling us what others dare not.
    We started resembling a third world country when American business decided outsourcing millions of our good paying manufacturing jobs for cheap labor in foreign countries like China. We have reduced our economy to one segment, the service sector... Our manufacturing industry that made us the economic envy of the world is gone, kaput. With manufacturing the massive dollar input for services gone, what source of money will sustain it? Can the service sector serve itself? It appears with no new industry on the horizon, the government is the only source of dollars, borrowing and spending billions to boost it, like the stimulus for instance.
    Ken

    February 15, 2008 at 3:32 pm |
  38. Allen

    I spent about 15 years living outside the USA, many of those in third world countries. The USA is getting real close, and the only presidential candidate who seemed to realize it and have answers was drummed out of the race by lack of exposure by the big business controlled media – that would be John Edwards. Hopefully the Democrat's convention will deadlock and pick Edwards anyway.
    Allen
    Hartwell, Georgia, USA

    February 15, 2008 at 3:36 pm |
  39. Jim Galvin

    As one who has spent his entire life with one foot firmly planted in the States and the other in Canada, it saddens me to note that the U.S. is now mostly owned by China and Saudi Arabia.

    No, the U.S. economy does not resemble a third world country.

    Most third world countries are not teetering on the verge of bankruptcy and then being renamed Chirabia.

    George W. Bush invaded a sovereign country for the sole purpose of assassinating its president.

    He accomplished that.

    But did he succeed in his quest at the cost of assassinating the American economy?

    Hopefully the patient is not dead, just broke.

    February 15, 2008 at 3:39 pm |
  40. craig in palm springs, calif.

    He's exactly right thanks to George Bush and years of Republicans in congress rubber stamping everything. It will take many years to rectify the mess too!

    February 15, 2008 at 3:51 pm |
  41. Bert D

    The economic stimulus package is not designed to stimulate our economy as much as it is to stimulate the economy of the Federal Reserve and international banks. We're going to get a pittance that most of us will use to buy a new plasma TV made in china. Then we get to pay the interest on the 165 billion dollars over the next 20 years. Total cost of that $600 TV? $1949.00 with interest. What a deal! And by the time it's paid for, we will be a third world country. The George Bush economic stategy has always been about generating interest income for the haves. And the more debt, the higher the interest. Easy money.

    February 15, 2008 at 3:54 pm |
  42. Clark, Milford, Indiana

    We are certainally on the way, loosing our cars and houses, retirement funds falling like a rock, can't afford to go anywhere cause it costs to much to get sick and couldn't buy the gas anyway. sold my new travel trailer for 50 cents on the dollar cause it costs 1000.00 to pull it to Florida one way. Our only hope is for a Bloomberg / Dobbs ticket. We must through out every one whose in Washington, with a completely new goverment. Sorry but there is no point in voting !!!!

    February 15, 2008 at 3:54 pm |
  43. David,San Bernardino,CA.

    Yes,Michael Bloomberg is absolutely right! In my travels all over the country,especially in the south and southwest,I see slums and trailer parks that absolutely resemble the third world. Open sewers,trash piled everywhere,exposed power lines illegally patched in from high power lines and houses and trailers falling apart. There are also so many places where I can't find anyone who speaks English. I see hospitals that are closed because they went bankrupt and former downtowns that are completely boarded up. Their are also many towns that conduct their official business completely in spanish. I look at the United States and I am glad that I don't have too much time left.

    February 15, 2008 at 3:55 pm |
  44. Terry Johnson

    What economy? The US borrows a billion dollars per month from China to fund an unlawful military engagement in Iraq. If China foreclosed today, the US would fall into a severe and lasting depression. However, I believe China will wait until their military power is clearly superior to the US before acting. At that point, I believe China will crash what's left of our economy, invade and take over the US, and turn American citizens into the new counter-insurgent elite. If the time-frame I envision is 20 years, I will be fortunately dead and will have nothing to worry about. I feel sorry for my sons!

    February 15, 2008 at 3:55 pm |
  45. Brandon Bandy

    Yes Jack, he seem to be right. We are no a country of a shrinking middle class with a system that supports the concentration of wealth in fewer hands. We do have 37 million people in poverty in America, which we consider the greatest nation on the face of the earth? Citizens in a democracy, after all, are the owners of government and therefore government help is a from of self-help. Let us not forget, when their is a force beyond human control that affects the common and everyday working American citizen, it becomes a matter of necessity and collective responsibility to help the people, not the notion of so-called "handouts."

    February 15, 2008 at 3:56 pm |
  46. Linda in Florida

    In a word, "yes."

    February 15, 2008 at 3:56 pm |
  47. dan, NY

    Dear Jack,

    The united States is indeed a third world country. Our economy is in shambles, our Foreigh Policy a disgrace, our currency a laughing-stock,. All this the result of decisions made by the power elite in this country (those folks the politicians take their orders from). They found out there was some money they didn't have yet that they could get by moving American business overseas where they don't have to pay for labor. Now they are interfering with sovereign governments in dangerous ways, taking their profits in currencies other than the dollar, and abandoning the American Labor force. I'm near retirement but I worry for my kids and grand kids. The America we know is lost to them.

    Dan NY

    February 15, 2008 at 3:56 pm |
  48. MIKE in Arizona

    Hmmmm.

    I think giving a microphone to Bloomberg is like giving a drink to an alcoholic.

    And, I'm guessing his "Third World" comment comes from his penthouse view down on the country and the economy. Why is it Rich Guys think giving hard-working people some of their tax money back to pay some bills is a 'hand-out,' but giving giant corporations bail-outs and subsidies is a 'smart investment?'

    I guess it's because common sense is one of those 'trickle up' phenomenons that rarely gets all the way to the top.

    Mike in AZ

    February 15, 2008 at 3:58 pm |
  49. Bonnie

    Yes Bloomberg is right and he is also part of the problem. He is among some of the wealthiest in this Nation. I'll bet he is one of the people whose taxes would be less than his Secretary.

    February 15, 2008 at 3:59 pm |
  50. Ryan Dubuque, IA

    Yes, he is right. If you look at numerous 3rd world countries across the globe, what do you have? You have a great disparity between the wealthy and the poor. The same can be said for the U.S. Our middle class is dwindling, the rich are becoming richer, and the poor are just getting poorer and poorer by the minute.

    February 15, 2008 at 4:01 pm |
  51. Bruce St Paul MN

    Does this mean we can ask China for some foreign aid?

    February 15, 2008 at 4:03 pm |
  52. John

    Yes! Correct! Until Congress is FIRED, the economy will continue on its current downward course. There are no easy answers to our problems. Congress is the problem, not the solution. As long as big money and special interest on K street "run" Congress, nothing will change. It needs to get WORSE before Congress realizes they are the cause not the solution.

    February 15, 2008 at 4:04 pm |
  53. Mike Smith, New Orleans, Louisiana

    Yes, the gap between rich and poor has become as big as the polarization of political parties. I think we're dealing with the effects
    of The Great Divider.

    February 15, 2008 at 4:08 pm |
  54. Russ in PA

    The man is right about the US resembling a third-world country. Of course, he is also one of the many that disregard the wisdom of Ron Paul, particularly when it comes to economics, and our rights.

    February 15, 2008 at 4:11 pm |
  55. Terry

    Jacky boy,when china is doubiling its economy every year,we have 9 trillon dollars in national debt,and basically every industry (except oil industrys,of course) is losing money and jobs,what ecactly do you think the economy is now.

    February 15, 2008 at 4:12 pm |
  56. joe m

    if we keep going the way we're going, soon india will be outsourcing jobs to this country and the chinese will be complaing that substandard US stuff is endagering their citizens health. this is what happens when people who don't know what a real job is all about are left to run this country to the ground.

    February 15, 2008 at 4:12 pm |
  57. BP

    I'll vote for him. I'm so tired of divisive politics. Maybe a third party will keep the other two parties "honest".

    For example, Hillary is trying to sell universal health care that will NEVER pass because she can't get the votes to get it
    passed–PERIOD. She is also pandering to the poor with false economic hopes. We have to remember that a Bill did give us the prosperity of the 1990's but it was NOT Bill Clinton. It was BILL GATES who drove the economy and jobs! Regrettably, people are falling for it. Voters need to look at universal health care in England or France–it sounds good but it does not work . By the way, neither did NAFTA.

    We need a level honest man who just wants to fix the country. Hillary can't and they arent going to let Obama try!!

    February 15, 2008 at 4:13 pm |
  58. Sharon

    The comparison to a third world country might be a stretch, but we do seem to be going backwards while other countries are surging ahead. The combination of trickle down economics and free trade agreements have created economic benefits for other countries. It is well past the time to revisit the long term sustainability of a service based economy. Just as it is well past the time to revisit programs to promote energy independence and infrastructure improvements.

    Trafalgar, IN

    February 15, 2008 at 4:14 pm |
  59. kyle

    Bloomberg is right about the 'welfare' checks that our government gave everybody. The government has no business to wastefully send out these checks to everybody to simulate a boost. I would say that we are a first world nation but we are acting just plain stupid!

    February 15, 2008 at 4:15 pm |
  60. Richard Sternagel

    Jack, I suppose Mayor Bloomberg is right.With all jobs that have outsourced overseas,unfair trade agreements,the mortgage crisis,and China buying up the USA and the USA being indebted to China,I think you make case for our economy acting like a third world country! Through all the Bush proteges out of office for getting us into this mess!

    February 15, 2008 at 4:17 pm |
  61. Scott

    that old boy isn't so dumb is he? for a filthy rich son of a , yea,
    didn't fall off the turnip wagon, unlike the one runing the show now,
    he jumped off and stuck his head under the wheel.
    dick was probablely yelling, do it agian george.
    we the real world of the usa relize that were in a depression.
    FACT, REALITY, THE SPOKEN TRUTH.

    Bowling Green, mo.

    February 15, 2008 at 4:22 pm |
  62. Dave Ma, Orlando, FL

    He may well be correct in his assumption. Money that the government gets (through taxes) intended to serve its citizens goes to the wealthy and into lining the pockets of government officials instead of helping the poor, just like what happens in 3rd world countries.

    February 15, 2008 at 4:23 pm |
  63. Chuck in Eugene Oregon

    My room mate and I were talking about this last night. We both agree that with the current economic condition of America, plus a homeless rate of over 2 million of which 45 % are children, a national debt in the Trillions, and America's international Immage being what it is... yes.. we are there. But we both agree that with the right leadership that status can be quickly resolved. If it means an 10% increase in taxes, to fix the problem then so be it...as long as the income and living conditions improve in the long run. Some where along the line, American's are going to have to face the harsh reality that in order to dig our country out of this mess we find ourselves in we will have to suffer a little and pay more in taxes. Just make sure that the big 5 and all those NAFTA companies pay a healthy chunk too. Tax us if you must.... but be sure you balance the national check book each and every year. Our government can not continue to spend more than it takes in. That is how we see it.

    February 15, 2008 at 4:23 pm |
  64. Nik Kap

    Jack, I was born in Africa, and I live in America now, and the comparison is simply preposterous. Let me assure you, America is still the greatest country on earth.

    February 15, 2008 at 4:24 pm |
  65. Kerry in Fort Worth, Texas

    I live in what someone from Texas would call the 'barrio'. This 'barrio' or neighborhood was built post WWII by what was described then as a "middle-class" wage earner. Now when I interact with my neighbors who are just beginnning to speak English (my block alone has people from hispanic and asian backgrounds) and work hard for a "lower-class" wage it's hard for me to disagree with Mr. Bloomberg's comments.

    February 15, 2008 at 4:25 pm |
  66. Annie, Atlanta

    Jack, one instance in particular, the rebate checks, reminds me of the monthly stippend Iraquis received from their government, before we came in and toppled it. The difference is Iraq had the money.

    February 15, 2008 at 4:26 pm |
  67. Greg from PA

    Yep. The rich get richer, the poor keep having children, and the billets for our middle-class have been shipped overseas.

    February 15, 2008 at 4:26 pm |
  68. Gary H. Boyd in Arizona

    Bloomberg's business background allows him to see the fallacy of America's current economic situation. If the citizens spent money like the government does everybody would be in receiveorship. The only reason it hasn't happened to the government just yet is because they own and operate the press where the money's printed.

    February 15, 2008 at 4:27 pm |
  69. Aaron E-Town, PA

    You bet we are. The only difference between us and a third world country is our ability to be in debt and still drive around SUV's.

    February 15, 2008 at 4:28 pm |
  70. Dennis from Phoenix

    Absolutely. You don't need to look any further then the greed based policies of the Bush administration to understand how the economy got that way. What I can't believe is the fact that people were dumb enough to vote for Bush in the last 2 elections given his history of screwing over the citizens of Texas when he was their governor. Bush adopted the greed based trickle down economic policies of Ronald Reagan which were geared towards screwing over the middle class to make the rich richer. Only in Bush's case, he implemented trickle down economics to the power of 100, he pimped the presidency and turned congress into an auction house to the highest bidder, he squandered the surplus that he inherited from the Clinton administration, he has repeatedly created policies that favor the rich over the country and he has ran the country into extreme debt with his personal war in Iraq and America is for sale to the highest international bidder. Anyone see a trend here???

    February 15, 2008 at 4:36 pm |
  71. Jerry

    Yes he is, and it will only get worse if we continue to sell and ship our industry overseas. It is all about money that big companies can make by getting their products made overseas by cheap labor. The U.S. cannot survive as a service industry, we are gradually selling our country. To me the billions of dollars in the trade surplus each year would be like a farmer selling a few acres of his farm each year until it is all gone. Same thing with our industry

    February 15, 2008 at 4:40 pm |
  72. gary saari

    Unfortunately, Bloomberg is right , but it's for the wrong reason. The big coporations are turning us into a third world country because of their greed which is a human frailty. They always say it's a matter of supply and demand, but since the corporations have obtained a human identity for tax purposes our economy has started to go down the tubes. It won't be long until the middle class American can't even buy a China product from Walmart because their wages haven't kept up with "our" potential. The rich get richer and the poor get poorer just like in the third world countries. It's a pity, but people like Michael Bloomberg live in a realm of their own, and can't understand that if the corporations keep exporting our jobs and driving down the wages of the American people, we middle class people may not be able to afford their cheap China products. It really angers me that these a–holes do everything that they can to influence the supply and demand concept that they think is so relevent to our economy.

    February 15, 2008 at 4:40 pm |
  73. Ed H in Savannah

    Only our economy? The 2000 elections would do any 'Banana Republic' proud and the prospects for '08 with electronic voting are mind boggling. While Americans agonize over the war, the economy education, global warming et al., our venerable representatives in D.C. are focused on drugs in MLB and cheating in the NFL! (OK, that's more like Nero fiddling while Rome burned). The elite rich, including those 'legal entities' we call corporations are getting richer while the number of truly poor grows exponentially. Politics have become the "family business' of the Bushes, Kennedys, Byrds and Clintons to the detriment of 'We the People'. (Hmm, another 'Roman Empire' similarity). Come to think of it, we're not so much like a Third World nation as we are the declining Roman Empire. Guess Bloomberg's got it wrong.

    February 15, 2008 at 4:41 pm |
  74. Sonia

    Jack: Will its about time!
    S. NY

    February 15, 2008 at 4:42 pm |
  75. Brett Milam

    Uh yea. These politicans rather put a band-aid on the symptoms rather than treat the cause.

    February 15, 2008 at 4:42 pm |
  76. Taylor Thompson

    Jack-

    It's funny that you mention that Mike Bloomberg said this when Ron Paul has been talking about it the whole time since he entered the presidental race. Ron Paul is the only one who is willing to tell the truth about our failing economy.

    Taylor T.
    Hartland, Wisconsin

    February 15, 2008 at 4:42 pm |
  77. Donna in ID

    Yes, Just look at where thing have gone in the Bush reign of lining his rich friends pockets and letting the illegal migrants and Mexico and China take over this country. We have tried to help people around the world forever. Now they want to take us over. What language are your grand kids going to have to learn. Both parties want to give us away or sell us out so everyone will be working at a fast food place of a pittance. And home owner ship will be a thing of the past and for the very rich
    I sure wish Bloomberg would have jumped in as independent long ago. He'd have gotten my vote.

    February 15, 2008 at 4:51 pm |
  78. John in NC

    Of course we have a third world economy, that's why so many citizens from other countries are moving here.

    February 15, 2008 at 4:53 pm |
  79. john

    Im sorry to say it but Bloomberg is right. The US is looking more like a third world country with the rich and poor. The middle class is dying thanks to George W Bush.

    February 15, 2008 at 4:54 pm |
  80. Bill Quarryville, PA

    Yes I think he hit the nail on the head when he made that statement. The answer to solving are economy problems shouldn't be give us more money to spend every time the word recession comes up. We have many icebergs that are only showing their tips that we need to address first, before we are able to have a strong economy. We have social security and Medicare to fix. The rising cost of Health Care, the trade deficit, wars on two fronts that is costing us billions of dollars. President Bush's trickle down theory is nothing but a big laugh. The rich should be made to pay the same amount of tax that the working man has to pay. I think we need to address all these issues before we will be able to have a strong and healthy economy

    February 15, 2008 at 4:55 pm |
  81. California Independent

    Is he paying attention to the fact that the Republican party has crumbled? Is he paying attention to the fact that a growing number of Democratic voters will NOT support the alternative candidate?

    Instead of parroting the obvious, why doesn't he step up with some real solutions? He needs to step up and serve this country or..... let me put this politely, shut up.

    Eureka, CA

    February 15, 2008 at 4:55 pm |
  82. mike studders

    as a michigan democrat i love the infrastucture argument, bloomberg is right. we've had a terrible winter that's torn up our roadways and local agencies do not have money to put them back together..asphalt and patching materials come from petroleum and it takes gas and diesel to go out and plow and fix and patch..congress and our legislatures have thier head in the sand...not only roads but sewage plants that spew untreated waste into our streams, lakes and oceans,we are only leaving our grandchildren massive debt but with nafta,no jobs, broken roads and systems and no plan on putting it together again...when you are reading humpty dumpty to your little ones you might explain to them how it relates to government failure.

    February 15, 2008 at 4:58 pm |
  83. yoni...NYC

    only New Yorkers know Mayor Bloomberg - he needs to introduce himself to others before commenting on his vantage point - I apologize because I haven't read a book of his personal biography like Jack Cafferty lays it right out there for all to see...thanx

    February 15, 2008 at 4:59 pm |
  84. LeeAnn - Lake City AR

    Hillary was the first to come out with this Infrastructure plan Jack. Check it out. The exact document is on her website.
    She is the one with the ideas – the solutions.

    Yes in answer to your question it is right. I am now living in canada and thought I was going to come back to the US in the very near future. Now I think – why should I – the dollar sucks, there a few jobs and crime is through the roof. Think I will stay in Canada a little while longer.....my dollar is excellent, canadian stocks are making me money, I have a great job, Canadians do not start wars and very few people here tote guns. I never travel on my US passport anymore – people outside the US and Canada would hate me in theri country. For me, right now its the Maple Leaf all the way.... at leat until Hillary gets in there and gets the US outta the gutter.

    February 15, 2008 at 4:59 pm |
  85. Tom Forsythe

    Only a billionaire could see the US as being "like a Third-world country". Poverty in the US means you have to settle for dial-up internet access. America is the only nation in the world whose poor people are fat. Take a real look at the poverty in the Third-world and be ashamed at your selfish whining.

    February 15, 2008 at 5:00 pm |
  86. Terry, Sioux Falls, SD

    Bloomberg is right, and he's a big part of the problem. He claims New York would collapse without illegal aliens and wants more of them. He's inviting in even more low-end labor to depress wages even further. It's a race to the bottom, and he's had a hand in it.

    February 15, 2008 at 5:01 pm |
  87. Cody Weber

    yes, the US economy is like a third world country... the only problem is that we don't understand that and continue to spend like we have a parent's credit card and never see the bill. Sadly the one good candidate we had is for the most part mathematically eliminated.

    February 15, 2008 at 5:02 pm |
  88. Bobby from PA

    The economy is about perception. If people hear the administration talk about recession, then the market takes a turn for the worse. The same goes with these remarks by Bloomberg. We know the economy is not in the best shape, but that comment was a gross exaggeration of the facts. I agree the rebate checks probably are not the best way to beat a possible "recession." My thought is this... Maybe Bloomberg should leave the economy to economists and stick to filling his position.

    February 15, 2008 at 5:05 pm |
  89. Lee

    Bloomberg is right. New York used to be the same way and now you can stroll through central park at night.

    Bloomberg is someone who knows how to solve problems.

    Draftbloomberg.com

    February 15, 2008 at 5:05 pm |
  90. Nat from Maryland

    Of course our country is not a third world country, but the government is sure treating it like one. The fact that the government is sending out welfare checks has to show that something is wrong with the US. Look Jack, if the government would stop doing these things for us, the US would not survive. Bloomberg is right. We need to shape up.

    February 15, 2008 at 5:07 pm |
  91. Alan-Buxton, Maine

    We became a third world country long ago. The money flows to the aristocracy and the rest of us live in poverty or very near it. Another year of Bush will just about clinch the situation and it will be almost impossible to turn it around. The rich corporations and their CEO's will get richer. the corrupt politicians will sock millions away and the rest of us will get the dregs while the infrastructure collapses around us. A lovely situation to bestow upon our children isn't it?

    February 15, 2008 at 5:08 pm |
  92. Ken

    Mayor Bloomberg is absolutely right, the United States is declining and evolving into a mutated Third World country possessing nuclear weapons, how bizarre! The working middle class is being destroyed by job exportation, inane trade agreements, the outsourcing/insourcing of cheap foreign labor. The American Dream is receding from the majority like an ebbing tide, a downward spiral caused by corporate greed, K Street corruption and brain dead politicians.

    February 15, 2008 at 5:16 pm |
  93. Randy in ohio

    No .It just looks like china beacuse all we receive from them and mexico because all we receive from them .And the face that we send out all our jobs to places like china and mexico shouldnt matter. And the fact that GM wants all its hourly workers to go away so they can hire lowered paid workes maybe with green cards . OOOOPS maybe it does look like 3rd world sooner than later

    February 15, 2008 at 5:19 pm |
  94. NelsonR

    Bloomberg is correct but he even fails to see what

    February 15, 2008 at 5:21 pm |
  95. C. Farrell, Houston, Tx

    Yes, Blomberg is right. Look at countries like China, Russia and India increasing their economy. Third world countries like Africa have the worst health care system and are constantly at war. What does that say about us.

    February 15, 2008 at 5:23 pm |
  96. Dolly W.

    I lived in Mexico from 1989-1991 and watched the peso fluctuate wildly. If our economy remotely resembled that, Mexico and Canada would be the ones building walls on our borders. Yes we have problems, but Bloomberg (and a few others) should do some traveling to see first hand what 3rd world living actually is. NYC

    February 15, 2008 at 5:24 pm |
  97. meg ulmes

    The way that the US treats the poor–especially children without medical insurance and a safe home–is ridiculous considering the assets that our country has at its disposal. The Republicans–especially Bush–have been ignoring the needs of our most vulnerable citizens. I am ashamed when I think of it. How dare we short change Americans in need of basic services!

    February 15, 2008 at 5:25 pm |
  98. Brian, Fl

    Mayor Bloomberg is a mayor of a third world city, look at all the poleholes in NYC streets.
    Shame on him for saying so. He should move to his Bermuda Mansion Permanently. Oh boy, the rich knows where to hide their
    money.

    February 15, 2008 at 5:27 pm |
  99. NelsonR

    Bloomberg is correct but he even fails to mention past shenanigans and corruption by previous bailed out bankers and wall street tycoons who put their portfolios over the interest of America itself. Time again for Americas politicos to come to the rescue again with the average taxpayer and their grandchildren inheriting the cost associated with CEO millions and stock brokers profits.

    February 15, 2008 at 5:28 pm |
  100. Jay, Niagara Falls, Ont

    Yes. In any third world economy, you have a few really rich people who have all the power and control, a majority of the population too poor and scared to fight back, and a huge gap between the two groups. Sound like any country you've heard of?

    February 15, 2008 at 5:30 pm |
  101. john

    Mr. Bloomberg is going to enter the race and good for him. If Hillary fails to get the nominations, I would vote for Bloomberg because he dosen't need the money .

    February 15, 2008 at 5:31 pm |
  102. Thomas In Canada

    Third world. I don't think so. It's "the land of the free and the home of the brave". Too bad they didn't think to include an economist.

    February 15, 2008 at 5:33 pm |
  103. earl illingsworth

    Yes! Absolutely,but it just an overture for his candidacy? He's always been waiting for a chance to run as an independent. This self indulgence,out-spoken Billionaire cares little about the poor,but making sure his billions are secure. A dysfunctional government perpetuates anarchy, which doesn't bode well for the 1% with the country's greatest wealth. The masking of his real intentions is spliting the Democratic vote,so a Rich Man's President will be elected. I apologize for my cynicism, but it's alittle late,he's been a Democrat, a Republican, and now he wants to be a Independent ,go figure???

    February 15, 2008 at 5:35 pm |
  104. Leah DiMarco, TX

    When Senator Obama becomes president I am sure Obama will reach out to Bloomberg for his insight and help – America needs everyone's input to become strong again.

    Americans for Obama '08

    February 15, 2008 at 5:40 pm |
  105. Brian- Tampa Bay, FL.

    Still having to write from Rome, Georgia, because the Federal government still refusing to do their jobs and serve their function.

    I have to agree with Bloomberg with the unconstitutional and illegal conduct of the government in keeping the self-employed out of business and doing everything it can to prevent us from making a living. How can we even have an economy with the government suppressing and destroying our means of making a living and being able to conduct business?

    February 15, 2008 at 5:41 pm |
  106. William Armstrong, Michigan

    In terms of absolute numbers our trillions of dollars hardly resembles anything from the third world however our national debt is looking more and more like the debt these countries develop.

    February 15, 2008 at 5:51 pm |
  107. Chas

    Article IV Section 4. of the Constitution starts "The United States shall guarentee to every State in this Union a Republican Form of Government, and --" That is where only some get the vote. Originally just the wealthy. They picked Washington because he was the wealthiest man in the country and not likely to do anytthing against them. Apparently we still have a Republican Form where wealthy run for office or fund campaigns.
    Bloomberg is right. We blame the administration, congress, party bickering, etc.. Look in the mirror and say, "voter it is your fault. You want cheap, simple and quick solutions to very complex problems that have festered for a long time." Any politician who told voters how much effort and taxes would be needed would not have a chance!

    February 15, 2008 at 5:53 pm |
  108. Bob Corbin

    Bloomberg is right Jack, we are not setting an example anymore, since we are deadlocked in our Congress. These guys want bribes for their votes like Pork. It's like a ransome to get anything done. They should work 7 days a week until the country's business is caught up, like any other well run business!

    February 15, 2008 at 5:57 pm |
  109. Ryan D in St. Paul, MN

    Third World Country, no. Backwards economic policy, yes! I would like to hear of a third world country that hands out a useless $600 check to everyone just to aid in corporate economic growth. Heck, those checks we'll see soon are on loan from the so-called third world. Bloomberg is right by suggesting that politicians in Washington are looking for easy solutions to our economic crisis and none of the candidates will offer us real change to this. Their recent stimulous package won't stimulate our economy. It will do just the opposite and, in turn, stimulate the economies of many real third world countries. And now, thanks to Uncle Sam, I get to buy a bigger LCD TV to watch the SItuation Room tell us how our country is going down the economic tubes.

    February 15, 2008 at 6:06 pm |
  110. Paul from Atlanta

    Yes he is.

    The Dollar is down, Euro is up, Yen is up, EVEN the Peso went up 13 points against the Dollar.

    There's over 14 Foreign Currency that "trumps" the dollar. If I'm correct, we had a G-8 conference not a a G-14 conference

    So what do you think?

    February 15, 2008 at 6:09 pm |
  111. Steve

    Jack – – It is only in the American Economy that a man like Bloomberg can become a billionaire. If he thinks it is so bad here, try starting a business in a real 3rd world compny. What a blowhard.

    February 15, 2008 at 6:10 pm |
  112. Patrick

    Yes he is right, but we are a big 3rd world country. While we continue to lose money on just about everything the goverment touches, we make up for it in volume.

    February 15, 2008 at 6:11 pm |
  113. John

    What third world economy has a half a trillion dollar a year military budget? Come on! Now corruption...that got BUSH all over it!

    February 15, 2008 at 6:11 pm |
  114. dal

    just step out of the forest and look at the trees - we are going down the rathole faster than you can blink an eye.

    if we don't get 3 term limits on these bastards in congress then you can kiss America goodbye by 2050 . . . count on it

    February 15, 2008 at 6:11 pm |
  115. Jeani Dunalp

    Yes we are alot like the economy of a third world country because we have no money we just keep going further and further in debt making it a harder job for the next canidate for presidency. We need to worry about our country and not so much of giving away to other countries. We are helping other countries while ours has high unemployement and tons of financial difficulties.

    February 15, 2008 at 6:11 pm |
  116. Dee, St. Louis MO

    I'd like to be a bit more descriptive. Our country is run more like a 3rd world kingdom than a democracy. We have spent the last 20 years under the warring factions of the Bush's and Clinton's operating under the mantles of their respective parties. The largest portion of our wealth is held and/or controlled by the few elite while the large majority of us fight and claw of what's left to fund our schools and build a solid infrastructure. Sounds more like Darfur than the US.

    February 15, 2008 at 6:11 pm |
  117. Bart

    Hi Jack,

    I hate to say this, but Bloomberg is too generous with his 3rd world remark. You see, in 3rd world countries corruption is avaliable to all, not just the elite among us....(why is everything here underlined in red?)

    Bart

    February 15, 2008 at 6:11 pm |
  118. Jeff

    Bloomberg is just looking for a way to get some support so he can run for the white house as an independent. It is outrageous to think that the American economy is anything like a third-world country's economy, as the US is the richest country in the world. Obviously a recession is going to stop growth of the economy, but what Bloomberg is saying is pure hyperbole.

    February 15, 2008 at 6:11 pm |
  119. Polly Stewart

    Absolutely. It's a downhill slide that's not going to get better with rhetoric and cult-like followings of the inexperienced.

    How about someone that can do something about the *MILLIONS* of children that went to bed hungry and cold in AMERICA last night. About the men and women that work hard, do no harm to others and still can't seem to pay rent/mortgage and health care cost and energy costs and and and... Sure they most likely care about the plight of people in other countries but they have to look to their own families first and so should we.

    Polly Stewart
    Lake Charles, LA

    February 15, 2008 at 6:12 pm |
  120. Paul Kruger

    9 TRILLION dollars in debt. We don't resemble a 3rd world economy, we are one. Most just don't realize it yet!

    February 15, 2008 at 6:12 pm |
  121. lin

    After seeing New Orleans devasted by hurricane Katrina it was hard to believe that this happened in the USA, not the hurricane but the aftermath when thousands were stranded for so long and even up to this day still homeless.Not to mention falling bridges and infastructures all over the country and its just the beginning.Americans don't even have universal healthcare,people are freezing in their homes while politicans are taking kickbacks from slumlords.Yep its the decline of the american empire and its going to get alot worse before it gets better.europe is starting to look pretty good in comperison.

    February 15, 2008 at 6:12 pm |
  122. Tony Merante

    Jack,

    The U.S. may or may not resemble a third-world country but it most definitely looks like a ship without a rudder – or a crew. Mike really means it is more like putting a band-aid on a severed head.

    Tony Merante

    February 15, 2008 at 6:12 pm |
  123. Carl Menger

    No, Bloomberg is wrong, our national balence sheet is WORSE than many 3rd world countries.

    February 15, 2008 at 6:12 pm |
  124. Nick

    This administration has driven our country to bankruptcy with their idiotic policies in the last 7 years. I just hope that idiot does not screw us up more before he gets the hell out of the White House.

    February 15, 2008 at 6:12 pm |
  125. Marc Erlich

    Mayor Bloomberg would like to criticize the democratic candidates on their (lack of) attention on the economy, but fails to realize that a trade deficit and a current account deficit do not translate into a poor third-world like economy. It could simply show that investor confidence in the US has risen, and US claims on foreign capital is not as large claims or US foreign investment.

    February 15, 2008 at 6:12 pm |
  126. Jill

    Yes. This country is broke. Our bridges are crumbling. Our infrastructure needs overhauling. We owe over 7 years of our gross domestic product (GDP) to countries like China that we've borrowed from. That is a pretty dangerous predicament to be in. This administration has done way more harm than good. I wish all people would pull their heads out of the sand in order to be able to see the sad state of affairs we are in. Is every American willing to give the next seven years of their income to countries like China just so we are able to get out of the debt Bush has gotten us into with his no-bid contracts to companies like Halliburton paying for a war that should have never been?

    Jill
    Iowa

    February 15, 2008 at 6:12 pm |
  127. Sam Fairview, Texas

    No. Bloomberg is just another politician. What makes anything he says any more relevant than anyone else? You will also notice in his statements he did not offer any suggestions to fix the problem. That may be because he has no clue which just makes him as ineffectual as those running for president.

    February 15, 2008 at 6:12 pm |
  128. Terry

    I think it is ridiculous for our country to borrow some moeny from China and then give it to people who will go buy more products at Wal Mart from China. It is like living in the old company store. We are never going to get ahead that way.

    Better to invest in reasearch and infrastructure.

    February 15, 2008 at 6:12 pm |
  129. Phil Stewart

    I think Mayor Blomberg Is just touching the tip of the iceberg!
    The country has been raped for 2 gererations. it is time to start American aid at Home. Please!
    The rest of the world snoots their noses at us, Let's take care of our own 1st, then the rest of the world.

    February 15, 2008 at 6:13 pm |
  130. Jason L

    Of course our economy, our infrastructure and our way of life is slowly becoming 3rd world. We have bridges fail, thousands of damns are on the verge of failure and our government spends billions on a failed war. Now I hear Bush wants to give Africa 1 million teachers, from where? We don't have enough teachers in America, another 3rd world country helping another. I wonder if China is any better these days?

    February 15, 2008 at 6:13 pm |
  131. Brad

    Fort Worth Texas

    I'm a Senior Finance Major and I completely agree with Mayor Bloomberg. The fact of the matter is that the US government has simply over spent. The national budget hasn't been balanced since President Coolidge was in office. The problem is that our priorities have been confused by partisan bickering. Once we solve that problem we can begin to decided where to spend the billions in tax dollars.

    February 15, 2008 at 6:13 pm |
  132. Joe, Binghamton, NY

    Yes Jack, Mr. Bloomberg is correct, as when we have a two class society in which the government gives welfare to the rich and wealthy business cronies and the poor have little or no support. Look at the effects of Katrina, the atmosphere of providing universal medical coverage being blocked by big business interests, and NAFTA. China controls our economy, they have already invaded, but we still have the illusion portrayed by McCain that we are the superpower of the world. If we do not begin a serious plan to keep good paying jobs in America ... we are going to be one of those chickens chopped up at the local buffet.

    February 15, 2008 at 6:13 pm |
  133. Living n Poverty

    Not only yes, but HELL YES. I had more earning power as a teenage cook in a diner during the late 70's. Now I live hand to mouth, and the hand doesn't always make it to the mouth.

    February 15, 2008 at 6:13 pm |
  134. Michael

    He's actually pretty much correct. As we are losing more and more manufacturing and tech jobs to outsourcing and we bring in more and more illegal labor to do the "jobs Americans won't do", we are becoming more and more like 3rd world countries. Pretty soon we will all be asking "Would you like fries with that?", as we become more of a service economy. It's sad that at my age, 35, I have very little hope for my future, and definitely no hope for the future of my nieces and nephew. I think all the political candidates are idiots that won't make any real change. Just voting for someone cause they are black or female isn't real change....

    February 15, 2008 at 6:13 pm |
  135. Mary Beth, Neptune, NJ

    Of course our economy is like a third-world country; that's where all the middle-class jobs went. All of our manufacturing and now our tech jobs went to third-world countries while CEOS make multi-million dollar bonuses and we spiral down into a service economy. Restaurant and retail jobs just aren't going to pay for houses and cars, and college costs are making the kind of education that will allow you to have the kind of life our grandparents had simply out of reach. That's how we can have a war predicated on lies that we can't even profit from.

    February 15, 2008 at 6:14 pm |
  136. Jim Ax

    Right on Mr. Bloomberg! These fat cat politicians are spending our money like it was theirs. Easy to do when you can rack up debt on someone else's dime. Seems an awful lot like having your identity stolen by someone and your credit score destroyed. We The People need to take our identity back and stop listening to the pandering fat cats.

    February 15, 2008 at 6:14 pm |
  137. Tom Jackson

    We see the United States as a bigger brother when it comes to polotics, but when we look at your economy its much better. We have cheap medicine, lower taxes, and less poverty. We live much better than most Americans. But the great thing is that United States will always have a good source of money. And all they have to do is think about their people more than they do. Bush seems to excuse the American people as number two next to forign affairs. Bloomburg is just stating the obvious –Your fellow Canadian

    February 15, 2008 at 6:14 pm |
  138. Ron Margheim, Hood River, OR

    What is to become of this once great Nation? We borrow money from China to keep our Government afloat, we occupy countries that appear to not want us there, we export all of our high paying jobs overseas, millions of our citizens are excluded from our health care system......sounds like we are heading to a third world economy!

    February 15, 2008 at 6:14 pm |
  139. Richard Gama

    No wonder, the government thinks and talks like Zimbabwe's President R. Mugabe, going down economically and still saying "We are doing well".

    February 15, 2008 at 6:14 pm |
  140. Mike Page

    I'm glad to hear someone with the stature of Mayor Bloomberg saying what I have been saying for a couple of years now.
    Look at some of the evidence. We are massively in debt. Our infrastructure is crumbling. We are constantly at war. Our government more and more resembles facisism. Our political systen is more and more radicalized, especially with the noxious religious overtones. Need I say more? How much time do you have?

    February 15, 2008 at 6:14 pm |
  141. Eric from New York

    Anyone who says that the U.S. resembles a "third world country" has obviously never lived in one. Maybe Mike Bloomberg, (who I like) should visit Haiti, the poorest country in the western hemisphere, where the poverty rate is 80%. The current unemployment rate in this country is hovering around 4%. During the height of the Great Depression, it was 34%. There are a lot of things wrong with how things are these days. But this country has been through a lot, and we got through it. With the right leadership, we'll get through it again.

    February 15, 2008 at 6:15 pm |
  142. mike burke

    We're nothing but a nation of filthy beer drinkers to this guy. Maybe if we switch to wine that would stimulate the economy??

    February 15, 2008 at 6:15 pm |
  143. Simon

    Jack, I have to agree with Bloomberg. What did you all expect when your spending Billions a month on Iraq and have a man in the Whitehouse who frankly does not have the intelligence to do anything better. What's worse, looks like the next President whilst a great speaker Obama stands for what, does anyone know? Bloomberg should run, now that would be inspirational!!!

    February 15, 2008 at 6:15 pm |
  144. jeannette

    I'm no economist, but let's see... Increasing debt to foreign countries; widening gap between the wealthy and the poor, with a shrinking middle class; appalling homelessness; discrimination in healthcare, with the affluent having full access to the best, and the rest of us doing what we can; an infrastructure that's falling apart; a falling ranking in education, in infant mortality, in healthcare again; blurring of the separation of church and state; AND an executive branch that denies the practice of torture because IT is in charge of defining what that is, and that has increased the concentration of power into its branch more than any other administration in the last century at least. Gee. I wonder whether Mayor Bloomberg has a point.

    February 15, 2008 at 6:15 pm |