Global Economic Strategy

Just as in his health care speech tonight, Obama must soon address the fundamental threat to our security that can no longer be ignored.

The U.S., the world's largest debtor, met this week with the confident leaders of its largest creditor, the communist government of China. President Obama, exercising his remarkable gift for presenting a sea change as a gentle current, laid out the fundamental challenge almost in passing: The U.S. cannot go back to the old economy where we borrowed $2 billion a day, largely from the Chinese, to be the consumer of the world by living far beyond our means. We must consume less, produce more, sell more abroad and balance our trade.