Council on Foreign Relations view of U.S. - not pretty

here's an interesting perspective... the council on foreign relations, not a shabby outfit, is of the opinion that bush's leadership, among other things, is curtailing u.s. options on the global stage, including threatening u.s. sovereignty... a fairly grim perspective, one that many of us have speculated about, but here's validation from some heavyweights...

A combination of huge tax cuts, an insatiable appetite for foreign imports, especially oil, and record government spending is steadily eroding U.S. independence and freedom of action, according to a "special report" released Thursday by the influential Council on Foreign Relations (CFR).

The report by Prof. Menzie Chinn, a former senior economist for international financial issues on the White House's Council of Economic Advisers under both Presidents Bill Clinton and George W. Bush, argues that the federal budget and current account deficits, which have deepened considerably over the last several years, increasingly threaten U.S. sovereignty and influence.

"Failure to take the initiative to reduce the twin deficits will cede to foreign governments increasing influence over the nation's fate," according to Chinn's report. "Perhaps equally alarming, it will lead to slower growth, escalating trade friction, and reduced American influence in political and economic spheres."

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