Condoleezza Rice on Budget & Economy

Secretary of State

US has not lost its edge; problems will work their way out

Q: We watch our economy grow at just about 1% while China grows 12% and India grows 10%. The suggestion that America is less competitive or, worse, less important on the global world stage keeps coming up. Has America lost its edge versus competitors around the world?

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.

Source: CNBC interview on Maria Bartiromo show May 23, 2008

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