Myth Of Decline: U.S. Is Stronger and Faster Than Anywhere Else

On Aug. 5, 2011, when Standard & Poor’s stripped the United States of its AAA credit rating, it was the latest in a string of economic humiliations for the U.S. After the failure of Lehman Brothers in the fall of 2008, the globe’s longtime economic leader suffered its deepest and longest economic contraction in 80 years. Its markets were scythed in half, and Washington’s political paralysis spooked investors. Most distressing were the numbers: annual deficits over $1 trillion, 8.75 million jobs lost, $4-per-gallon gasoline.

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