The discretionary civilian budget -- the part that looks after your and your children's future other than social security, health, and emergency support -- is disappearing. What about America's future scientific and technological leadership? What about America's role in fighting climate change and promoting clean energy through new R&D? Forget about it.
In our recent annual review of Turkey's economy, regression analysis suggests that, barring a significant change in policies or the economic environment, the level of growth consistent with a stable current account is in the 2¾ to 3½ percent range. In other words, growth above this speed limit would lead to a wider current account deficit.