Asia's Economic Lessons for the U.S.

The U.S. is mortgaging its future by outsourcing technological inventions in exchange for short-term cash

This year's mortgage meltdown suggests the U.S. standard of living is a house of cards. Mortgaging the nation's future is no substitute for a productive globally competitive society that borrows to invest rather than borrows to consume. The current economic crisis should be a wake-up call that the U.S. needs to boost its productive capacity and win in global markets—something we've been neglecting for the last 40 years.

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