That Used to Be Us: How America Fell Behind in the World It Invented and How We Can Come Back - Chapter 11: The Terrible Twos Summary & Analysis

Thomas Friedman
This Study Guide consists of approximately 31 pages of chapter summaries, quotes, character analysis, themes, and more - everything you need to sharpen your knowledge of That Used to Be Us.
This section contains 609 words
(approx. 2 pages at 400 words per page)
Buy the That Used to Be Us: How America Fell Behind in the World It Invented and How We Can Come Back Study Guide

Our government injected economic "steroids" into the economy so that Wall Street could do participate in more speculation and Main Street could do more home buying where millions of people were approved for houses they couldn't afford. The housing bubble was fueled by low interest rates and deficit spending. We forgot who we were and abandoned the five pillars of prosperity. The first decade of the twenty-first century has been the worst in modern history. Job growth and earnings have stagnated—except on Wall Street. The economic decline of America is due to the unethical and illegal activities conducted by Wall Street and America's failure to maintain and upgrade our formula for success.

In a speech to the Council on Foreign Relations, Arne Duncan, Secretary of Education, stated that America was ninth in the world in the number...

(read more from the Chapter 11: The Terrible Twos Summary)

This section contains 609 words
(approx. 2 pages at 400 words per page)
Buy the That Used to Be Us: How America Fell Behind in the World It Invented and How We Can Come Back Study Guide
Copyrights
BookRags
That Used to Be Us: How America Fell Behind in the World It Invented and How We Can Come Back from BookRags. (c)2014 BookRags, Inc. All rights reserved.