We DO Get Fooled Again

John B. Judis, "A Lost Generation"

[excerpt:]

"When America finally recovers, it is likely to re-create the older economic structure that got the country in trouble in the first place: dependence on foreign oil to run cars; a bloated and unstable financial sector that primarily feeds upon itself and upon a credit-hungry public; boarded-up factories; and huge and growing trade deficits with Asia. These continuing trade deficits, combined with budget deficits, will finally reduce confidence in the dollar to the point where it ceases to be a viable international currency....

If I am right about the fundamental problems that this nation suffers from at home and overseas, then any politician’s or political party’s victory is likely to prove short-lived. If you want to imagine what American politics will be like, think about Japan...like Japan, we’ve had a succession of false dawns, or what Walter Dean Burnham once called an 'unstable equilibrium.' That’s not good for party loyalists, but it’s also not good for the country. America needs bold and consistent leadership to get us out of the impasse we are in, but if this election says anything, it’s that we’re not going to get it over the next two or maybe even ten years."

Complete commentary viewable here.