Y
ou don’t have to be an economist to recognize America’s economy is in trouble.
Ten years ago, America’s economy was booming. American business was the envy of the world. Stock prices were soaring. Dozens of new companies were created every day. Private sector investments were at an all-time peak. Most importantly, the federal government had generated budget surpluses for three consecutive years.
What happened?
Two successive administrations and the Federal Reserve shifted the focus from investment to stimulating consumer spending with low interest rates, easy money, high leverage, low personal tax rates and increased government spending. The result? The federal deficit will hit $1.4 trillion this year, with cumulative debt reaching $18 trillion by 2015. That’s $60,000 for every American.
To read the full, original article click on this link: Another View: It’s Time to Invest in America - DealBook Blog - NYTimes.com
