Is the U.S. the World's Only Hope of Restoring the World Economy?

From Los Angeles Times: U.S. once again cast as world's consumer of last resort

 [A]mericans are once more being cast as the world's consumers of last resort.

If U.S. consumers can abstain from a "shop till you drop" lifestyle, their savings rate will grow and their debt loads will shrink. Those trends could strengthen the country's long-term economic health but also could
cause more short-term pain in the form of slower job and wage growth.

[O]bama has called for remaking the American economy so it produces, exports and saves more while borrowing and consuming less. He pledged to double American exports in five years.

I know we need to spend to get the economy going again, but we need to find a way to do it with out using our credit cards and creating debt.

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

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