To boil things down, there are really only two roads we can follow in an environment of such as this. The economy will either muddle along at a sub-par rate of about 2 percent until balance is restored, or we go down the path of running up debt in an effort to produce higher growth rates in the near term.
We can just make stuff up with aplomb. One day we say the market rises as "investors cheer" good employment numbers; the very next day we attribute the decline to "structural problems" and look forward to a long decline! Were those structural problems not present yesterday when investors were cheering?
Since 2001 Sam Nunn has served as Co-Chairman and Chief Executive Officer of the Nuclear Threat Initiative, and since 1999 he has chaired the Center for Strategic and International Studies' board of trustees. He sits on the steering committee of the "Fix the Debt" campaign led by Erskine Bowles and Alan Simpson.