Why America Will Stay on Top

Paul Johnson & Brian Carney, WSJ
In his best-selling history of the 20th century, "Modern Times," British historian Paul Johnson describes "a significant turning-point in American history: the first time the Great Republic, the richest nation on earth, came up against the limits of its financial resources." Until the 1960s, he writes in a chapter titled "America's Suicide Attempt," "public finance was run in all essentials on conventional lines""”that is to say, with budgets more or less in balance outside of exceptional circumstances.

Source: http://www.realclearpolitics.com/2011/03/06/why_america_will_stay_on_top_251524.html

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