A better way to put it: WERE the U.S. to bring its short- and long-term budget deficit under control, this would be a big boost to the world economy.
As it is, we’ve been accumulating debt at a non-sustainable rate and have the prospect of an explosion of debt (because of our entitlement programs).
Would a short-term fix, such as authorizing additional borrowing AND not addressing the short- and long-term budget deficit problem, be an acceptable, “second best” solution?
I think that depends on the outcomes of the elections we will have over the next four years. Without a Republican President in 2016 and without a strong majority in the U.S. Senate, the country has no chance of surviving in any form that we would recognize as the United States. We’d become like Argentina or even Venezuela, and on the path toward Greece and Detroit.
So, a short-term fix is risky. But, that may be the best we can do.
BTW we’re not the only ones with in really bad shape. France is in worse shape than we are, and the UK and Ireland are in about the same shape that we are. Italy is looking o.k., Portugal is touch and go. And, Spain is increasingly looking hopeless.
“... Without a Republican President in 2016 and without a strong majority in the U.S. Senate, the country has no chance of surviving in any form that we would recognize as the United States. We’d become like Argentina or even Venezuela, and on the path toward Greece and Detroit.”
Yeah, but what KIND of Republican? If we have a President like, say, Jeb Bush (horrors!!) we can all kiss our nation goodbye...
The progressives are so prevalent and so clever at creating language that obscures reality, it is difficult to discern any situation accurately in a particular event.