By: Dave Logan
You know it’s a bad day when the ChiComs and Russians share the same conclusions pertaining to the failed attempts by congress to at least slow the economic destruction of America. I’m not so naive to think the ChiComs and Russians aren’t playing against us and using this debt crisis as an opportunity to slam us in the world-wide press, but the truth of the matter is, they are correct. Congress failed in all respects, never coming close to addressing the problems forced upon the American taxpayers.
The failure in congress wasn’t because they didn’t know how to approach the problem, they simply didn’t want hometown politics to take a bite out of their collective asses come election time (business as usual.) The will of the American people has again been ignored–few, if any, will get a pass this time around.
The debt vote has been analyzed seven ways to Sunday, ranging from a “good start” to “absolute failure of leadership” to “disaster.” I agree with the latter two. This was no time to take half a loaf, especially knowing we held all the cards at the table. It simply took a spine and a simple understanding of the sheer magnitude of the economic catastrophe facing us.
Below is a quote from a Bloomberg article:
“China, the largest foreign investor in U.S. government securities, joined Russia in criticizing American policy makers for failing to ensure borrowing is reined in after a stopgap deal to raise the nation’s debt limit.
“People’s Bank of China Governor Zhou Xiaochuan said China’s central bank will monitor U.S. efforts to tackle its debt, and state-run Xinhua News Agency blasted what it called the “madcap” brinksmanship of American lawmakers. Russian Prime Minister Vladimir Putin said two days ago that the U.S. is in a way “leeching on the world economy.”