We know what to do to solve our economic problems for the long term.The question is whether we have the intestinal fortitude to do what is hard but right.

 As a country, and as individuals, we are over-leveraged. We need to consume less and save more. When you spend $2,000 for a new LCD TV, the money will go to a foreign company and it will last for 5-7 years. The foreign company will use your money to make and sell more TV’s.

 If instead you save the money, you will earn interest, increase your wealth and the bank where you saved your money will invest it in a loan to a company that will grow and prosper and create more jobs in this country.

 We need to adjust our balance between consuming and investing. We need to borrow less for consumption and save more for investments.

 If we do not, this country will continue to lose power and influence in the world.