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On new editorial got our attention this morning -- headlines America as less than number -- our next guest argues recent signs point to.
A quote empire in decline in points in the stock market chaos the -- of our -- -- credit rating.
Several Lehigh and employment we've talked a lot about that He says it -- -- taste the shrinking superpower that's what it feels like.
I -- had anger Henning -- is -- deputy editorial page director of the Wall Street Journal and Danny.
We had a great cartoon that was run in the Wall Street -- we're gonna show our viewers -- his Uncle Sam kind of slumped against.
The ropes in a boxing -- -- pull that up for you see is we got there it is and it just seems set illustrate your point doesn't it but it.
But what about.
What your opinion -- about shrinking superpower is is facts rather than hyperbole.
Well I'm not saying we are shrinking power -- I was suggesting that.
All those events last week gave us a taste of what it would be like if -- become an empire in decline.
It wasn't just the stock market giant gyrating it was that S&P down grade -- -- that AAA to a double -- were now below France and our credit rating.
And essentially what I think that -- S&P was giving us a wake -- call which is that look.
We're -- -- talking about things most people don't think about very much which is growth rates.
In the United States coming out of this recession has not been able to grow a -- 2%.
-- over a hundred years we've grown -- 3% year -- -- which means the United States has been an.
Upward moving economy.
In the issue now is whether we're going flat if we're gonna -- flat now because we have all of these entitlement commitments and spending commitments which.
Which Standard and -- highlighted.
And we have to make a choice whether we want to do what needs to be done to maintain our upward moving growth rates or simply go flat like Western Europe.
And you know.
United Kingdom Britain was an empire for a hundred years and they finally gave up that number one status that I think is the issue in front of us right now.
It was interesting you -- in your article was that you're looking at at least for signs of American solutions to what are American problems and often were looking at places like.
England for example -- and how they flat lines and and what they're doing now do you see any real American solutions how you would to find that out there right now.
Well I think this -- the political issue the two parties are obviously -- very far apart and I think.
The democratic idea for at least the last twenty years or so is that the United States should move towards -- more mixed economy solution.
Like western Germany or Denmark and which -- are able to pay for your entitlements perhaps pull back on your national security and overseas commitments.
The -- Defense Secretary Gates.
Went over to Brussels about two months ago He gave the -- -- -- speech.
Saying that the Western European nations once great powers were simply no longer -- their weight in the -- national security community.
And that reason is because they do not have the money.
To spend on defense.
So I think the issue gets raised here is where the United States will be able to maintain its national security commitments.
Its role as a protector of you know overseas commitments and make no mistake if you see.
The United States going flat design suggesting.
People in the capitals of -- China Moscow and even Iran will be looking at that Uncle Sam figured to see whether he's -- -- left in them.
I had the right here but you're really bring -- some issues have by Kennedy you know we believe that played that role right we've played the role of the protector we've done that so what it's America.
If we don't do that anymore is that something that we're searching for.
Well I think so I think we're searching for the a sort of innate flexibility that is always pushed America hire and we're looking percent of the freedom to allow.
The private sector to grow to allow the states the -- and I want to make one point here Jenna.
The states like Michigan Ohio Wisconsin.
A New Jersey.
North Carolina Virginia are showing that they're able to step up and address these fiscal problems.
Get their houses in order and start growing again the question now is whether Washington will be able do the same thing and very dynamic relationship always at the Tennessee say the federal government can always nice to have you -- thank you for these and -- -- appreciate it very much.
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