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Posts Tagged ‘national debt’

Now that we’re focused on debt, let’s make some difficult choices

September 28th, 2010

by and

This piece was originally published in The Hill.

It took America 193 years to run up its first trillion dollars of debt; it took us 10 months to run up our most recent.

For much of the 20th century, the United States was a production giant. We produced much of the world’s goods; we led in innovation; our service sector exploded; our middle class became the envy of the world and we became the most powerful economy on earth.  Slowly, however, we became a consumption giant. We now power the world’s economy as much by what we consume as what we make. We’ve become, in the words of Sen. Charles Schumer (D-N.Y.), “the kid with the cake mustache on his face.”

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