Is America Living beyond Its Means?

Larry Elliott argues that America is living beyond its means. For many years I have been concerned about the underlying strength of the U.S. economy and the prospects for the dollar and asset markets. You don't have to agree with Lou Dobbs to be skeptical of those who write so enthusiastically about the American economy. Neither do you have to believe protectionism is the answer. Whether or not you believe that America is living beyond its means, I suggest Larry Elliott raises some serious arguments. They're certainly ones that have troubled me for some time.