The Other Deficit— the International One— and How to Shrink It
U.S. private and public debt to foreigners, including foreign governments, is enormous and still growing. The debt is damaging the U.S. economy and the country’s stature as a world leader. Reducing this debt will require public action to restrain the fiscal deficit and bolster private savings and trade. Ultimately, adopting a national growth and innovation strategy would highlight key economic sectors for balancing international flows of goods, services, and capital.