Those who don't learn from the mistakes of other countries, or from history, as they say, are doomed to repeat them. Read, and watch the video, that makes the case for a potential "lost decade" for America, similar to the economic "lost decade" that Japan went through:
"As Randazzo explains, both the causes of and official responses to Japan's bubble and economic slump eerily anticipate exactly what the U.S. government is doing. Worse still, the Obama administration and Congress seem dead-set against the sorts of policies—across-the-board taxes on personal and business income, reductions in long-term and unsustainable government debt, and allowing damaged firms to go bankrupt—that would help revivify the American economy.
Is America on the verge of its own lost decade? Sadly, the government seems to be doing everything it can to make that happen."
http://reason.tv/video/show/810.html
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