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.