WANTED: A BRAIN TRUST TO SET THE ECONOMIC AGENDA

摘要

Historians may look back on the summer of 2003 as a time when the U. S. faced its third great wave of severe challenges in the global economy since the end of World War Ⅱ. They will note that this country approached today's problems with enormous strength, accounting for some 30% of the world's gross domestic product, 25% of global trade, 40% of world stock market capitalization, and nearly 50% of the world's 500 largest companies. But will those who write the history of this era conclude that this unprecedented economic power was used wisely? That depends on whether the Bush Administration can develop a more coherent strategy than it has to date. In recent weeks, for example, Treasury Secretary John Snow has talked down the dollar while President George W. Bush has promoted a strong greenback. Washington has implemented massive tax breaks to stimulate the economy, yet it seems cavalier about the damage that longer-term deficits will bring. Washington preaches free trade but raises tariffs on steel. It advocates more foreign aid while inflicting enormous damage on Third World nations by subsidizing American farmers.