Condoleezza Rice on Budget & Economy
Secretary of State
A: I can count many, many times that people have said that America had lost its competitive edge. We had lost our competitive edge vis-a-vis Japan. We were a power that was over-stretched in the ‘80s. We were going to converge with the Soviet Union, by the way, in the 1970s. So there have been many premature sentences for America losing its competitive edge. We’re going through a difficult time in the economy; adjustments to a number of circumstances, including in the housing markets and in the financial markets, that will work their way out.
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