Word: nowness
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The reason we can afford such large debts is that interest rates are so low. At the beginning of 2000, it cost the U.S. government more than 6.5% to borrow money. Now it costs less than 2.5%. That means we can borrow 2½ times as much today for the...
Indeed, though eliminating deficits might seem wise, it could actually be fatal to future prosperity. China is spending hundreds of billions of dollars on infrastructure, while America can hardly repair its bridges. The U.S. has to invest and spend to build a future, to help re-create a workforce, and...
Baqubah, the capital of Iraq's Diyala province, is a largely colorless place except for the winter orange harvest and the hundreds of campaign posters that line its streets. But at least the sectarian battles between Sunnis and Shi'ites that once raged through the city are now confined mostly...
Democracy is messy everywhere. In Iraq, it is both messy and dangerous. The country has now had more practice at choosing its own leaders in relatively open elections than perhaps any Middle Eastern nation besides Israel and Lebanon. In 2003, many U.S. architects of the invasion of Iraq and the...
But now Iraq has another chance. The surge of American military forces in 2007 bought time for Iraq's leaders to work out their problems. The U.S. is betting that they can. The Status of Forces Agreement worked out between the Bush Administration and the Iraqi government holds that the...