Is 'Magic Over' For Ailing U.S.? Facts Say 'No'

"I think the magic is over." That's what French Foreign Minister Bernard Kouchner recently said about the United States' global reputation. It's never been a great idea to rely on the assessments of French politicians.

The remedies for our current maladies require a moderate curbing of our credit-based lifestyle. Given the vast size of the U.S. economy, we could easily restrain spending and begin paying off our debts at a rapid clip.

We are still the world's third-largest oil producer, with vast amounts of untouched oil. We have the world's largest coal reserves. Americans could use coal and nuclear power to generate most of our electrical needs.

More importantly, there's a growing sense Americans want to sacrifice to ensure our pre-eminence. Many conservatives accept that they can't just cut taxes without spending limits. And many liberals see that more federal programs mean more dependency and debt for our children

The U.S. is so huge, free, wealthy and dynamic, we can cause enormous problems overnight. But by the same token, we can curb these excesses quickly. The solution to so many of the hopeless headlines is entirely in our hands.

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