The only real economic problems we have is that our real estate is not worth quite as much as most of us paid for it, and as a country, we have borrowed too much money. The first problem will naturally work itself out over the next few years (and yes, some of us will take some painful blows from that process -- but that is no reason to roll up into the fetal position. We can take what comes).
And if we can marshal a fraction of the willpower and common sense we have historically exercised as both a government and a nation, we can rationally reduce our debt to a serviceable level within less than a decade.
And by the way, before everyone decides that China has us beat, keep in mind our GDP is larger than the next three combined: China's, Japan's and Germany's -- with a billion left over for walk-around money.
We lead in almost all technologies. As Joe Scarborough pointed out a few weeks ago, we have most of the top universities in the world and most of the Nobel prizes. We also have the youngest population of developed nations. China's one-child policy is going to leave them with an aging population just as America, later in the century will hit 400 million -- most vigorous young people.
China has no rule of law, a banking system that hides credit and debit reality and a political system that allows for little expression from the people. It has 800 million peasants who want more and are not getting it fast enough. The Chinese leaders live in constant fear that if their growth slips below 7.5 percent for long, they will have rebellion.
We have 200 years of democracy and capitalism. We can weather all storms. Let's see if the Chinese can weather the many storms that will hit them in the next few decades. I wouldn't trade our position for the Chinese.
And meanwhile, the God that saves is still here. And still saving.
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