I have been writing at lot here on the growing likelihood that the US will be forced to pull back from its many commitments. So on May 16, I published an op-ed on the issue in the Korea Times. It captures most of my major points. Any comments would be appreciated.
I also thought this blog-post from Walt captured the retrenchment problem pretty well.
Finally, the graph below gives you a nice breakdown of the current $1.5T deficit. It comes from here: