The scale of federal government debt in America is not only a major economic problem, but also a strategic one. Having jumped radically in recent years, federal debt is projected to continue to soar, driving up interest expense, adding more pressure to raise taxes, and crowding out national security spending, scaling back U.S. power on the world stage to help make ends meet.
Although the United States government debt burden is horrendous, there is still an opportunity to lead the world's largest economy and others into a better economic space. Whoever occupies the White House or controls Congress by the end of 2012 will lead the nation to, and through, a crossroads. The next president will have to bite the bullet on budget deficits and national debt, either raising taxes and further eroding national security spending, or cutting and re-prioritizing federal spending. U.S. pre-eminence is at stake in the choice.
It is fashionable in some quarters to write off the United States, not least among those elements of the American media and political establishment who constantly seem intent on apologizing for their own country. But with good political management and sound economic correction, the natural innovation and entrepreneurship of the American people – if set free from intrusive and ever-expanding regulatory government – should see the nation through.
Join us as Liam Fox assesses the challenges faced by the world’s only superpower and issues a stark warning that American global leadership is under threat after years of government policies that have weakened the foundations of America’s prosperity.
Dr. Liam Fox served as the Secretary of State for Defence of the United Kingdom from May 2010 to October 2011. He has been a frequent visitor to Washington over the past decade, and has worked tirelessly to advance the Special Relationship between the United States and Great Britain. He has been a Member of Parliament since 1992, and has served as Shadow Foreign Secretary, Shadow Defence Secretary, Shadow Health Secretary and as Co-Chairman of the UK Conservative Party.
More About the Speakers
Liam Fox MP
Former Secretary of State for Defence, United Kingdom
Nile Gardiner, Ph.D.
Director, Margaret Thatcher Center for Freedom