Peter spoke on CNBC Asia yesterday about the US economy’s unhealthy dependence on foreign production:
“To the extent that the government gets more revenue, it should be consumption based. It should be taxing people for spending money, not earning money, not saving and investing their money…Right now the government is an enormous drain on the private sector…They’re preventing the private sector from producing the types of output that we need, so that we can produce goods to satisfy the demands of Americans and not rely on the rest of the world to supply us with that stuff on credit.”