The Long-Term International Economic Position of the United States: Special Report 20

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This Special Report looks at the long-run prospects for the international economic position of the United States, with particular focus on the likely evolution of the current account deficit and prospective foreign financing for it. Its goal is to provide a framework for the development of US fiscal and other economic policies, especially including responses to the global financial and economic crisis. The central message is that the long-run outlook is extremely worrisome and potentially very costly-in foreign policy/national security as well as economic terms. As the country (and the world) emerges from the global crisis, and even in fashioning policy responses to the crisis itself, it will be essential to keep these long-run considerations firmly in mind. This will require early and decisive policy actions, perhaps even in tandem with the near-term stimulus and other initiatives, to address the ever-escalating costs of the major entitlement programs, Social Security and especially Medicare/Medicaid, and thus the country's overall fiscal position.

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Product Details

  • ISBN-13: 9780881324327
  • Publisher: Peterson Institute for International Economics
  • Publication date: 6/28/2009
  • Edition description: New
  • Pages: 83
  • Product dimensions: 5.80 (w) x 8.90 (h) x 0.30 (d)

Meet the Author

C. Fred Bergsten has been director of the Peterson Institute for International Economics since its creation in 1981. He has been the most widely quoted think tank economist in the world over the eight-year period 1997-2005. He testifies frequently before Congress and appears often on television. He was ranked 37 in the top 50 "Who Really Moves the Markets?" (Fidelity Investment's Worth) and as "one of the ten people who can change your life" in USA Today.

He was assistant secretary for international affairs of the US Treasury (1977-81); undersecretary for monetary affairs (1980-81), representing the United States on the G-5 Deputies and in preparing G-7 summits; and assistant for international economic affairs to Dr. Henry Kissinger at the National Security Council (1969-71). He is co-chairman of the Private Sector Advisory Group to the United States-India Trade Policy Forum. He was chairman of the Competitiveness Policy Council, which was created by Congress, throughout its existence from 1991 to 1995; and chairman of the APEC Eminent Persons Group throughout its existence from 1993 to 1995.

He has authored, coauthored, or edited 40 books on international economic issues including China's Rise: Challenges and Opportunities (2008), China: The Balance Sheet-What the World Needs to Know Now about the Emerging Superpower (2006), The United States and the World Economy: Foreign Economic Policy for the Next Decade (2005), Dollar Adjustment: How Far? Against What? (2004), Dollar Overvaluation and the World Economy (2003), No More Bashing: Building a New Japan-United States Economic Relationship (2001), and The Dilemmas of the Dollar (2d ed., 1996).

Hehas received the Meritorious Honor Award of the Department of State (1965), the Exceptional Service Award of the Treasury Department (1981), and the Legion d'Honneur from the Government of France (1985). He has been named an honorary fellow of the Chinese Academy of Social Sciences (1997).
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Table of Contents

Preface v

1 Introduction: The Global Crisis and the International Economic Position of the United States C. Fred Bergsten 1

2 Long-Term Fiscal Imbalances, US External Liabilities, and Future Living Standards William R. Cline 11

3 International Capital Flows and the Sustainability of the US Current Account Deficit Catherine L. Mann 35

4 National Security Risks from Accumulation of Foreign Debt Adam S. Posen 65

Appendix A Conference Attendees 73

About the Contributors 75

Index 79

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