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Politics : PRESIDENT GEORGE W. BUSH
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To: JakeStraw who wrote (425204)7/10/2003 12:35:08 PM
From: Kenneth E. Phillipps  Read Replies (1) of 769670
 
The bottom line: A reduction in our standard of living and a recession.

"In the end, the only thing that will finally bring things back toward a more reasonable balance (in the current account deficit) is some combination of a fall in the dollar, a rise in taxes and an increase in household savings, each of which will require a reduction in our standard of living. And whatever version of this rebalancing we chose -- or is chosen for us by foreign creditors -- it is likely to involve the kind of cleansing recession that never developed this time around.

So party on, dude. Enjoy it while you can. The fundamental problems of the American economy have been put off but not resolved."

washingtonpost.com
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