Epiphanyblog

All about ideas…

The US Deserves Better…

with 2 comments

US Constitution SigningBecause I live on the West Coast, I get the news from Asian markets before most Americans do. The Asians markets opened much lower today as a result of the failure of Congress of reached a debt ceiling deal. The slide has begun just as Steve Bell [Republican] of the Bipartisan Policy Center predicted a few weeks ago. By the end of the week, I predict an approximate 1000 point loss in the DJIA if a debt deal is not reached.

I admit I’m really pissed off. I cashed out last Thursday at the height of the market, but my children did not. Their retirement and educational funds will be hit big time. Worse still, their employment is in jeopardy. A default will mean double digit unemployment, somewhere in the official range of 20%. Interest rates will skyrocket for debt holders. And even worse, the BRICS will have the evidence they need that the US cannot be trusted fiscally to be the world’s reserve currency. As a result of potential or actual default, the arguments from the BRICS to change the default reserve currency from the US dollar will gain steam which will automatically increase interest rates in the US as borrowing costs will increase.

Political ideology has reached epic proportions to the degree that the entire US economy is at stake. But the partisan divide, as a result of gerrymandering which produces hardened ideology rather than a willingness to seek compromise, a media dominated by hardened ideologues, and focus group approved political rhetoric, is so great as Norm Ornstein notes in his latest editorial in Foreign Policy Magazine that there’s little chance of reaching a compromise.

It may well take a major decline in the US economy to depression levels…as well as the loss of the US dollar as the world’s reserve currency…to bring the US electorate to its senses. But I’m not betting on it. Too many decades have elapsed with too many political gamers in charge to bring the US back into alignment.

Yes, I’m really pissed off that this great country is being brought down so low as to seriously contemplate a self induced major depression – and loss of US prestige worldwide – to satisfy the ideology of a minority of the electorate. The US should be better…at least that’s what my early 17th Century ancestors believed when they left their farm in England to build a new life in the wilderness of Massachusetts and Connecticut.

This nation deserves better than the political gamesmanship being played out in Congress by extreme partisans. It deserves the concern for unity and stability that Geo. Washington exemplified over 200 hundred years ago. Anything less is not just of repudiation of our past but a failure for our nation’s future.

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Written by Valerie Curl

July 25, 2011 at 9:21 AM

2 Responses

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  1. I agree. Furthermore, the nation deserves to be told the truth about the current state of our debt–which our government has failed to do. The debt is actually much worse than they portray due to manipulations of numbers through different accounting techniques. For more on this and to see what the debt really is visit http://diorae.wordpress.com

    jbelsterling

    July 25, 2011 at 10:27 AM

  2. Our government is simply protect our liberty; this shows the government is doing far more. Our government was not designed to have this much influence over world markets.

    Andrew K. Boyle

    July 25, 2011 at 12:20 PM


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