Goodbye, Dollar -- and Empire
"Thus no successful assault will be made in the next four years on a fiscal deficit of $415 billion (4 percent of GDP) before the first wave of 77 million Baby Boomers reaches early retirement in 2008. After that, goodbye balanced budgets forever.
Our trade deficit is now $600 billion a year, with a deficit in goods near $700 billion. To finance our binge buying overseas, we borrow $2 billion a day from abroad. Foreigners are using the dollars to snap up our stocks, bonds, and real estate, gaining a permanent lien on the future rents, interest, and dividends of U.S. enterprises. We have mortgaged our children's future to enjoy the good times today."