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The West, having first received capitalism, now faces its own reckoning as its entitlement societies increase their tax and debt burdens and decrease their competitive advantages. The first nation to resolve this will reap an enormous advantage. Those that fail or that deny the necessity to resolve it need only look back to the history that is rapidly gaining on them.

J.T. Young served in the Treasury Department and the Office of Management and Budget from 2001 to 2004 and as a congressional staff member from 1987 to 2000.