A Decade of Missed Chances Bedevils U.S. Prospects: Ezra Klein

Nov. 17 (Bloomberg) -- After the failure of the 1973 GenevaPeace Conference, the Israeli diplomat Abba Eban sighed that“The Arabs never miss an opportunity to miss an opportunity.” Inrecent years, the same could be said of Americans.

Two months ago, the U.S. marked the 10th anniversary of theSept. 11 attacks. Sadly, we commemorated a tragedy withoutcelebrating much triumph. The post-9/11 moment was an unheraldedinstance of national -- even global -- unity. The Bushadministration could have used it for almost anything. And, tobe fair, it did. The nation burned trillions of dollars in twowars and a budget-busting round of tax cuts. The president toldus to go shopping, and the Federal Reserve held interest ratesat extraordinarily low levels. The result? Deficits and a creditbubble. That was missed opportunity No. 1.