The U.S. government thus needs to act as well. By running constant deficits, it is dis-saving, even as households save more. Peter Orszag, Obamas Budget Director, recently called the U.S. budget deficits unsustainable and hes right. To date, the U.S. has seemed unable to see the consequences of spending so much more than is taken in. That needs to change. And though Hu Jintao and the rest of the Chinese leadership arent inclined to lecture visiting Presidents, he might gently hint that Beijing is getting a little nervous about the value of the dollarwhich has fallen 15% since March, in large part because of increasing fears that Americas debt load is becoming unmanageable.
Thats what happens when youre the worlds biggest creditor: you get to drop hints like that, which would be enough by themselves to create international economic chaos if they were ever leaked. (Every time any official in Beijing deliberates publicly about seeking an alternative to the U.S. dollar for the $2.1 trillion China holds in reserve, currency traders have a heart attack.) If Americans saved more and spent less, consistently over time, they wouldnt have to worry about all that.
57. How did the economic crisis affect Americans?
A) They had to tighten their belts.
B) Their bank savings rate dropped to zero.
C) Their leadership in the global economy was shaken.
D) They became concerned about Chinas financial policy.
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