US debt crisis: the Frankenstein of financial abuse?
Does the US have the Republicans to blame for the US debt crisis? This Arab News editorial seems to think so.
August 1, 2011 11:26 by Arab News
Watching the continuing dance on the brink in Washington from the edge of their seats, people around the world increasingly wonder if this is really America, the most powerful economy and nation on the planet.
How reckless and callous can the politicians in the land of the free be? While they count their brownie points and shamelessly pander to their forever-frothing-at-the-mouth gallery, the US economy teeters on the brink and the very future of the country has been put on the line.
WHY THE WORLD CARES
The world wouldn’t care two hoots if this had happened in any other country. But America isn’t any other country. It not just happens to be the world’s largest economy and its driving engine, it also owns the mighty dollar, the global reserve currency or the money in which the world does its business.
This is why the continuing standoff between President Barack Obama and the Republican-dominated Congress isn’t merely a cause of domestic unhappiness. Uncle Sam’s headache has become the heartache of the rest of the world.
How did America end up here? Frankly, this is a manufactured crisis by the increasingly irresponsible Republican politicians. They have taken their rhetoric against “big government” and “unnecessary taxes” by the so-called liberals of the left too far. The debt ceiling or the limit of America’s borrowings should have been quietly raised, as it has routinely been done by Obama’s numerous predecessors, including those from the GOP.
Why even Ronald Reagan, the poster boy of the Republicans and the US right, was no exception, having had to raise it several times during his eight years in office.
Instead, using their brute majority in the Congress and House of Representatives, the Republicans led by Speaker John Boehner have shot down the government proposal to raise the borrowing limit sparking this orchestrated crisis. On Saturday, the Republican-controlled House rejected the