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By SEN. JOHN WARNER «T- R-VA *f* ^ast year, the United States Jfliade histoiy in a way that is likely £p? have a significant impact on our •Economy for years to come.
After several years of mounting *£rade deficits, the United States rjflvung from being a net creditor to
rest of the world to being its Jjgrgest net debtor. These trade defiles result from a variety of economic *3nd political factors, including a *tkige federal budget deficit, a strong 'American dollar and changes in Mother countries’ economies and com'petitiveness. In a brief span of nine months, the U.S. roared past every other country - Mexico, Brazil and other Latin America “debtor nations” - to pile up a $300 billion IOU to the rest of the world.
Future consequences
„ While there is little threat to our ^Ountry in the short-term because of Che shefer size of our nation’s economy, we must be prepared for negjjjbive repercussions in the future. As *J[Ur debt to other nations continues
86.4%