The Inevitable Future of USAs Debt Crisis
- Image Credit: ChairWomanMay
Barack Obama warned Monday that unless Republican lawmakers agree to raise the US sovereign debt ceiling the country could face a new economic crisis and global markets could go “haywire.”
“To even entertain the idea of this happening, of the United States of America not paying its bills, it is irresponsible, it is absurd,” Obama said, repeating his demand for a debt limit rise.
“We are not a deadbeat nation,” the president said in his final press conference of his first White House term.
Source: News.com.au | Obama Warns Of Crisis Unless Debt Ceiling Is Raised
Every year or so, for the next 30 years, the US will raise the debt ceiling. You can be sure of that.
There is no escape: there is no way they can get into surplus without such severe cuts that it turns huge sections (~16% is already in poverty — record amount, and climbing) of their country into riots and turmoil. You think these recent cuts to lower the deficit were bad? That’s nothing. Try cutting to the point you don’t go further into debt for one year.
That’s really going to hurt.
Thus, Capitalism will, after all, grow toward it’s inevitable conclusion: civil war, or it’s modern alternative name: a military state. The Marxists have been right all along.
If the US does not raise the debt ceiling, besides causing a global economic downturn or collapse and heightening political tensions with nations relying on them paying, the USA’s borrowing power will diminish, which will have the same effect as described above.
Will the US capitalist system collapse completely? No, I doubt it, after all, the whole world relies on them at least functioning as a socialist system and well, Americans are a resourceful people.
But the nation will be critically wounded for a long time, while across the ocean, China‘s unique blend of communism flourishes into the second half of the century as a beacon of how to carry the world. It’s no surprise that companies like Apple are frantically expanding their market there in order to sustain themselves long-term.
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January 18, 2013The idea that “war is expensive” is a fair enough comment
At the same time, I would contend that it isn’t capitalism that is bankrupting America but the war (as you have stated) and socialism. The weakness of democracy is that it’s easy to vote for someone else to pay more taxes. Those extra taxes are used to pay for benefits and welfare.
If it was truly capitalist, there would be no “raising of the debt ceiling.” The country be bankrupted after putting everything on the credit card, then there would be a correction in the aftermath.
“Bailouts” are not capitalist. Capitalism and corruption are two separate concepts that are often confused.
In truth China is more capitalist than many western countries claim to be. Ironically it’s not the “socialism” aspect of “communism” in china that is propelling this, but the unfettered use of “one party state” in China to tune the economy to be more capitalist than Western democracies that are captive to paying welfare to buy the votes of indolent constituents.
When I say the words above, I think democracy is still a better way. But at the same time, I appreciate that communism in china isn’t truly left socialism, but a “label” over a control mechanism,
January 19, 2013“In truth China is more capitalist than many western countries claim to be.”
I agree, that’s why I called it a unique blend. It’s not true communism. It’s kinda a democratic communism. A communism that wants to be an America which it once loathed after loving initially. A very strange politics, the Chinese.