A Booming Economy Still Too Dependent on Imported Technology
\n\nThe American economy is in the middle of an extraordinary business investment boom. And the latest GDP numbers demonstrate just how extraordinary it has become.
\n\nBut there’s a specter haunting the boom: the specter of import dependence created by decades of American neglect in the face of successful economic nationalist policies on the part of our trading “partners.”
\n\nOn Thursday, the Commerce Department reported that the economy grew at a 3.4 percent annualized rate in the third quarter, accelerating from 2.2 percent in the second quarter and beating economists’ expectations.
\n\nBusiness investment drove the acceleration. Nonresidential fixed investment grew at a 12.7 percent annualized rate, contributing 1.78 percentage points to GDP growth. Equipment investment surged at a 20.9 percent rate, contributing 1.16 points all by itself.
\n\nThe most impressive numbers came from information-processing equipment. Investment in computers and peripherals contributed 0.72 percentage point to GDP growth. Other information-processing equipment contributed another 0.14 point. So nearly nine-tenths of a percentage point of economic growth came from business investment in information-processing equipment.
\n\nOf course, we know what’s driving much of this. The Super Intelligence boom is generating enormous demand for data centers, servers…
Original source: https://www.breitbart.com/latin-america/
