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to grow through these continued trade deficits, we will need to service this debt through higher exports of goods and services. Some economists estimate that in the next five years, even without additional trade deficits, the U.S. must have a net export surplus of one percent of our entire output of goods and services just to keep up the payments.
Here at home that translates into a lower standard of living as we work harder to service that debt. In the meantime, this situation can lead to open bidding on American companies and property as foreigners try to covert their excess dollars into income-earning assets and investments.
In layman’s terms, this means that we are beginning to mortgage assets of our economic inheritance to pay for our current spending habits in the rest of the world. While this spending spree has contributed substantially to higher economic prosperity throughout the world during the 1980s, now the bill is coming due, and we have to pay it.
95.9%