S. has pursued in recent times are doing the opposite, as the following quotation implies. Washington is likely to make across-the-board cuts in discretionary spending, where there is much less money and considerably less waste…but reducing funds for things like education, scientific research, air-traffic control, NASA, infrastructure and alternative energy will not produce much in savings, and it will hurt the economy's long-term growth (Zakaria, 2011).

With the implementation of many of the measures that were suggested by Simpson and Bowles, the U.S. should be able to reduce its budget and increase its financial stability within approximately 15 to 20 years. However, the improved economy will not have the ameliorating effect on other important industries and areas of interest such as healthcare and unemployment if it fails to benchmark itself in these other arenas. A prolonged look at the actions undertaken in other countries, such as China or Europe, in their successful regulation of areas in which the U.S. has considerable problems would only help the domestic system here. Doing so, of course, calls for a revolutionary mind set and a distinct method of thinking about the U.S.> and its industries that preceded it. For instance, there is much that America can learn in terms of implementation a universal healthcare system like that which exists within Europe -- at significantly less cost than that which is here in the U.S. According to Time magazine, Europeans spend nearly $4,000 less per person than the U.S. does on healthcare (Crumley, 2009). The point, however, is that...

is, America can successfully address many of its contemporary issues that threaten to wrest its status as of world power away.
In summary, the key to assuaging America's plethora of domestic troubles begins by healing its economy. The implementation of several measures within the Bowes and Simpson report can successfully improve the economics within this country in a finite period of time. Benchmarking and applying the lessons learned from other country with success in current issues of domestic difficulty in the U.S., such as Europe's healthcare system, will only help the U.S. In many industries in which it is currently plagued.

References

Carpenter, M. (2010). "Fiscal Commission CO-Chairs Simpson and Bowles Release Eye-Popping Recommendations." TPM. Retrieved from http://tpmdc.talkingpointsmemo.com/2010/11/deficit-commission-co-chairs-simpson-and-bowles-release-eye-popping-recommendations.php

Crumley, B. (2009). "New lessons from the old world." Time. Retrieved from http://www.time.com/time/magazine/article/0,9171,1901483,00.html

Elliott M., Schuman, M. (2011). "World economic forum at Davos: Still standing." Time Retrieved from http://business.time.com/2011/01/31/world-economic-forum-at-davos-2011-still-standing/

Zakaria, F. (2011). "Are America's best days behind us?." Time. Retrieved from http://www.time.com/time/magazine/article/0,9171,2056723-1,00.html