We have not developed consensus answers to all the questions, but the Commission has reached general agreement on many issues. The fundamental difference between the Republican and Democratic sections, at least as I see it, is the extent of reliance on markets to deal with economic issues in contrast to the power of government. Our relatively open economy has enhanced living standards and helped to contain individuals and communities. It is essential that we address these consequences in order to develop and maintain a national consensus that focuses on opening markets instead of imposing trade restrictions. Trying to stop the global economy is futile.
International commerce is more important to our economy today than at any time in the past.
The challenge is to take advantage of the opportunities created by the flow of trade and investment, while assisting those who bear the cost of adjusting to the changes it brings. In dealing with these matters, our moral values as well as our economic interests must govern the policies we set and the actions we take. Large and growing deficits are neither desirable nor likely sustainable for the extended future. However, there is no way to determine how long the deficit trend will continue or whether it will end in a soft or hard landing. Nevertheless, the combination of low household saving, large trade deficits, and substantial foreign debt are reasons to favor a fiscal policy that substantially increases national saving.