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July 29, 2011

Republican rebels hurting US economic prospects

POLITICS - The United States has never before defaulted on their debts.

If they do it will signal a huge change in US economic policy and make it increasingly difficult for the USA to get future loans.

Thanks to the Bush era overspending on the wars in Afghanistan and Iraq, plus the huge bailout of the US banking industry (which has since been proven to be fraudulent) and the Obama era stimulus package the United States is at a record level of debt: $14.35 trillion USD.

But Republicans in Congress are blocking any attempts to raise taxes on the rich to pay off the debts incurred by the banking industry induced recession of 2007-2009.

These hardline Republicans are deliberately trying to prevent any passage of bills or compromises which would create a budget deficit reduction plan. (Its almost like they WANT the USA to go into a recession.)

Emergency meetings this morning and Republican infighting further delays any compromise.

On Tuesday the US government will run out of money to pay all its bills.

The wise thing to do then is to tell Congress that they're not getting paid until they start raising taxes / making compromises towards solving the USA's budget woes.

On the top of the list of things to be done is to raise the USA's borrowing limit by August 2nd or risk a devastating default and downgrade of the USA's stellar credit rating that helps make US debt a pillar of the global financial system.

Republicans however are insisting on government cuts to spending (which would result in huge job losses). John Boehner, the top Republican in Congress, wants to cut $900 billion USD over 10 years, but even that isn't enough for some hardline Republicans.

John Boehner's proposal would mean cutting approximately 1.8 million jobs. It would be a devastating blow to the US economy and.

THE USA DOESN'T HAVE A CHOICE. They need to raise corporate taxes and taxes on the rich. Killing the economy by firing almost 2 million people is the opposite of what needs to be done.

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