Losing the Economic Battle

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The global debt apocalypse approaches.

Oct 31, 2011, Vol. 17, No. 07 • By DAVID M. SMICK

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Like a giant bow wave building up on each side of the vessel, the growing debt is threatening to swamp the entire world economic ship. A feeling of helplessness has taken hold at the precise moment policymakers need to be audacious. The numbers behind presidential candidate Herman Cain’s 9-9-9 plan may not add up, but his gut instinct is on the mark. America needs radical reform on the issues of both growth and debt.

David M. Smick, chairman of the macroeconomic advisory firm Johnson Smick International, is the founder and editor of the International Economy magazine.