We might also say that it is the process of economic growth itself that makes us happy, not the level of wealth that we enjoy as a result.

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There must be recognition that the implementation of an economic framework that grows a stagnant economy, stimulates growth and begins the process of reforming entitlements and reducing spending is a necessity.

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Second, Fogel is right to note that migration of labor to cities has been the engine of Chinese growth, but that process has stalled in the global economic downturn.

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Implementing pro-growth reforms as part of the fiscal adjustment process can minimize any economic cost that budget cuts may have.

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He argued that an expanded investment is needed to lay the foundation for long-term economic growth, cut dependence on foreign oil and slow the process of global warming.

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As part of the G20 process we all signed on to the notion that a rebalancing of the world economy would be important for sustained economic growth and the prevention of future crises.

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What would be of foremost importance in this rebalancing process would be to bring the large trade surpluses and foreign-exchange reserves down and shifting the driver of economic growth from investment and exports to domestic consumption, argues Thornton.

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In the end, it's in the long-term interest of the United States economy that we remove the debt ceiling from this process that creates uncertainty, harms economic growth, does damage to the middle class, puts a stranglehold on markets.

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