Decline argument driven

Decline argument driven by concern about the vast federal deficits of recent years and, consequently, the immense growth of the national debt. It reflects apprehensions regarding the deficits in the balance of trade, the necessity to borrow staggering sums abroad and the dramatic shift of the United States from a great creditor nation to the world largest debtor. Sounds as if it were culled from today headlines but it was written in the summer of 1988, by James Schlesinger, a former secretary of defense and then scholar at the Center for Strategic and International Studies, a Washington think tank.

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