I have been very critical of Greenspan, the Bush administration, etc. for not giving the straight poop to the American public on the danger of widening trade and budget deficits. Now that the election is over, we are finally seeing some honesty.
A good quote from this article:
“What he’s [i.e., Greenspan] saying is that the nation’s balance sheet is out of whack, and the family balance sheet is out of whack,” Meese said.
What I believe the real tragedy is: with a little more saving, some real reduction in spending (on a personal level, buying less crap; at the federal level, fewer expensive wars and social programs) everything would be OK for (probably) a long time.