The president of the United States will have some explaining to do when he’s through with ruining the fine country he was elected to govern. The surging debt crisis occurring with our friends to the south has all the potential to bring the behemoth country to its knees if nothing is done to stop it. By the time this paper reaches newsstands, the deadline for the U.S. debt ceiling debate is scheduled to be reached, with the outcome at press time unknown.
If the U.S. Government fails to resolve the crisis, it will be unable to pay its bills as of today. That’s a big deal, and the World Bank not to mention the whole world is keenly watching.
Government is deadlocked in the duel between Republicans and Democrats, as per usual, with the Democrats refusing to make the necessary cuts and the Republicans refusing to approve a tax hike. Increasing taxes would not solve the problem, which is the backward economic organization of the country based on speculative financing and imaginary money. According to some views, the pledge Tea Party supporters asked Republican candidates to sign saying they would not vote to increase taxes has been an effective means in maintaining the anti-tax voting block.
Borrowing billions in cash from China and other countries to prop up the bureaucratic belly of America simply does not cut it anymore. China’s going to want that back, Mr. Obama. While Obama does not bear the blame for the current situation entirely, he is the president of the country and thus will take responsibility for the outcome.
How can a country continue to accumulate debt without ever having to repay it? It is a nonsense economic idea that is bound to have a devastating effect on the country, with speculation ranging from massive food and fuel price increases, to worse, even the economic collapse of the formerly great nation. While Canada is arguably in superb shape by comparison, it too faces big challenges, which will only become more pronounced in years to come.
