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.
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