Welcome back to the Future Perfect podcast. Today we’re talking about how America is squandering its two greatest privileges. First, the dollar’s “exorbitant privilege,” a term coined in 1965 by France’s Valéry Giscard d’Estaing. Because the dollar dominates global trade, the U.S. can borrow cheaply and live beyond its means. But with annual deficits near 6 percent of GDP and rising interest rates, that privilege is eroding.

Second, our world-leading universities have long been magnets for the best minds. As Vox warns, barring international students from Harvard would be a “death blow,” especially when 70 percent of U.S. electrical engineering grad students are foreign-born. Remove that talent pool, and “U.S. science would grind to a halt.”

By attacking both our currency’s dominance and our academic edge, we risk paying the price for decades of mismanagement. That’s Future Perfect.
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