Last week, I wrote: \u201cThe bottom line is that there is only one way for the U.S. to bring its balance of payments into normal equilibrium: it would need to raise its national saving rate by at least 3% of GDP. This would amount to about $900 billion; and in order for it to happen, the US would need to reduce its budget deficit, through tax increases or spending cuts; increase profits by decreasing corporate taxes; or galvanize personal savings by decreasing personal income taxes or raising pension fund contributions…\u00a0\u00bb<\/p>\n
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