The fear of globalization could lead to protectionism as politicians pander to the public's fears. The greatest fear I have about our economy, other than the excessive debt levels, is that our "leaders" will cave in to this pressure and restrict trade. With exports at record levels it just doesn't make economic sense and it will also make that debt burden even more onerous. If we restrict trade with China, what are the chances they will keep financing our current account deficit at the low rates available on US Treasuries?
Immigration is also necessary as our population ages. Who exactly is going to pay for all that Social Security and Medicare we've promised?
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