If you look at the current account of the US balance of payments, which measures primarily the balance of trade, and also flows of interest and dividends, foreign aid, and other international transfers, the US should be far deeper in hock – $2.9 trillion more over the years from 1990 through 2006 than the official $2.6 trillion.
Our country under the Republicans is now by far the world's biggest debtor nation. A quarter century ago, the US was the world's largest creditor nation. The result will be a much lower standard of living.
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