Arianna Huffington said it best on Piers Morgan tonight..the debt ceiling plan is akin to taking the gas tank out of a stalled car (the economy) when what is needed is a jump start.
I have watched the charade in Washington unfold over the past few days and can only agree with Paul Krugman, in the NY Times column, when he said that Obama has shown considerable weakness. Obama has not provided the leadership necessary in these troubled times for the US. Even George Bush would have shown strength and character and do what he thought was best for the US in crisis, whether he was wrong or not. Just as he went to war in Iraq. Mr. President, the electorate out you there to lead,and it was expected that the transformational leadership you promised would be strongest in this trying time.
Normally I wouldn’t be concerned about what another country does, but this is the US – the world market leader and their actions affect everyone. So what they have been involved in over the past few days has been irresponsible, as they have held world markets to ransom.
Obama should have listened to Clinton and invoked the 14th amendment. The US needs a Clinton now, with all his wandering eyes, he is a strong leader and always stands for the right thing for the economy and the world.
I don’t know what they are thinking but in a stagnant economy spending cuts will continue the economic sluggishness. Bye bye jobs improvement. The argument that increasing taxes on the wealthiest Americans will slow down the economy is just ridiculous. This is not like taxes on the middle class. It is taxes on the wealthy where most of that is savings anyway, and so will not find its way back into the economy. It’s a difference between taxing expenditure and taxing savings.
So the sluggishness will continue. And by the way spending cuts is a tax on the poor and middle class, and will mean less demand in a sluggish economy. We have seen that in Jamaica with the IMF plan.
Anyway, maybe we should all stop being critical and just make some money from this…long term US dollar weakness?