here's the address if you're interested: www.usdebtclock.org
if you're not aware that america is in more than a bit of a pickle, i can't help but wonder where you've been holed up for the past three years. america, like much of the world, still hasn't recuperated from the global recession of 2008. and now, they're about to hit their debt ceiling, a previously decided limit of how much debt the country is allowed to have. this isn't the first time they've crept up on their limit and needed to raise it, but this time the Republicans have decided that they aren't going to take Obama's plan lying down (not that they ever do). Obama must work with his opponents to come up with a compromise and raise the debt ceiling by August 5 or else for the first time in history, america will to forced to default on its debt-not be able to pay its bills and will be completely broke.
i want to be able to congratulate the Republicans on putting their foot down and insisting that the government get the country's debt under control, but it doesn't look like that's really what's going on. As always seems to be the case in america, politics rather than policy is taking priority, with each side refusing to let the other "win", and holding the entire country hostage in the meantime. i find this recurring theme of "us" vs "them" in american politics to be rather exhausting.
i will be surprised if america does end up defaulting on their debt. unlike greece, they don't have a European Union to bail them out. the US owes most of their debt to china, and it goes without saying the chinese aren't known for being gracious. However, if they do, default i mean, it certainly will be a "brave new world". Who can really say what will happen? What we can say for sure is that the effects will reverberate throughout the entire world. and even if they do come to a reasonable resolution before August 5th, will the country be able to regain the confidence of investors? Will they be able to cut spending while still building the economy to avoid this happening again?
it is times like these that i am so thankful that in canada most of our politicians are academic older men who some may accuse of being a bit dull, and our prime minister is a greying economist who wears sweater vests. they may not be flashy but they get the job done. just saying.
1 comment:
so i watched obama's presidential address last night, and there were a few things i noticed:
1. he looked exhausted. this job is taking its toll HARDCORE on this man.
2. he's right. ignoring the fact that i do generally like obama, he really does have a point (or ten). the republicans are stubbornly refusing to rescue their nation because they (and their biggest supporters) would have to take the biggest hits. why? because they are the 'haves' who would be asked to give up tax breaks. instead of losing their precious perks, the republicans would rather rip off the 'have-nots' and, frankly, increase the poverty in a nation where those numbers have been steadily rising for decades. (also, for the record, despite claims to the contrary, this deficit is not obama's fault - to really find the source, you need look no further than the governing party who ushered in the war in iraq, who would be, oh wait, the same party digging their heels in now.)
3. he is a masterful speech giver. absolutely fascinating to watch him go on the offensive like he did.
4. like you, it made me thankful for our politicians. they may never win popularity contests or be voted "best-dressed", but i like them just fine.
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