Shultz on the Crisis
In recent times, we have failed to save enough to finance our own investments. This is true of Americans as individuals and families, but also of our biggest collective effort -- the federal government. Deficits, acts of dis-saving, have, with the exception of a few years, become chronic. When we support our activities by financing from abroad, we are selling to others a piece of our future. So, with all due recognition of the immediate need to encourage spending, let us not forget the long-term need for a return to a pattern of higher savings.
Read the rest of George P. Shultz, who has headed the State, Labor, and Treasury Departments.