So what does this all mean for the US? As I explained in Chapter 11, our measures suggest that it is very roughly 70 percent through its big cycle. Can it slow or reverse its relative decline? History shows us that reversing a decline is very difficult because it requires undoing so many things that have already been done. For example, if one’s spending is greater than one’s earnings and one’s liabilities are greater than one’s assets, those circumstances can only be reversed by working harder or consuming less. The question is whether we Americans can face our challenges honestly and adapt
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