The United States continues to live far beyond its means while losing its once uniquely dynamic productive expertise and its financial independence. The standard business news narrative is that the United States is now 18 months into recovering from the worst downturn in 70 years. Private sector jobs grew in each of the past 12 months. Industrial production, real wages, after-tax incomes and personal spending are all rising with monthly […]
Last night’s “Saturday Night Live” opened up with a sketch about President Obama’s recent trip to Asia for the G-20 conference. During a routine press event, things get awkward when China’s President Hu Jintao brings up an $800 billion debt owed to China by the United States.
And as officials frenetically tried to paper over differences among the Group of 20 members with a vaguely worded communiqué to be issued Friday, there was no way to avoid discussion of the fundamental differences of economic strategy. After five largely harmonious meetings in the past two years to deal with the most severe downturn since the Depression, major disputes broke out between Washington and China, Britain, Germany and Brazil. […]