Nine trillion dollars in federal debt…a ‘fiscal gap’ 50 trillion dollars wide… a USD$800 billion trade deficit…an everlasting War on Terror…
And in today’s news comes word that the United States is “no longer technology king.”
The BBC reports:
“The US has lost its position as the world’s primary engine of technology innovation, according to a report by the World Economic Forum.
“The US is now ranked seventh in the body’s league table measuring the impact of technology on the development of nations.
“A deterioration of the political and regulatory environment in the US prompted the fall, the report said.”
And more bad news…Alan Blinder writes in the Wall Street Journal that globalised competition could cost the United States as many as 40 million jobs over the next two decades. Fifty years ago, America was the world’s most competitive economy. Now, Asians have an edge when it comes to low cost production, and Europeans have an edge when it comes to innovation and high quality production. The Empire is peaking out.
What will it do when it can’t pay its bills? We’re going to find out…
Markets and Money