(http://www.realclearpolitics.com/articles/2008/04/the_great_shopping_spree.html)
Samuelson is understating the problem. US consumer spending was the economic motor of the world. If the US consumes less and exports more what will the motor be? We have been avoiding facing up to this one since the 70's. World may need to find a new pattern.
Now one can make arguments that there is vast unmet consumer demand in Asia, Russia, Brazil etc. All true. Issues there are distributional. Will Russia Inc share the wealth far enough down the pyramid for a consumer boom. Will there be enough live Russians to do this? Ditto Brazil and India. China like much of East Asia seems better on distributional issues but East Asia is already starting to get old fast. Their demographic issues are totally unfunded. No one knows [including them] how this will all play out. Interesting times we will all be living in.