Tuesday, September 23, 2008

America's Account Deficit

An oldie but a goodie, from C. Fred Bergsten, Peterson Institute, February 1, 2007:


Our external deficit has risen by an average of $100 billion annually over the past four years. It has climbed by an annual average of $80 billion for the past nine years. The trajectory, as well as the level of the imbalances, is clearly unsustainable.

In the background, you can almost hear Jack Nicholson bellowing, "You can't handle the truth!"

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