Thursday, October 10, 2013

The World Looks On As the U.S. Deals With Debt Ceiling

Saving Miguel - read it today.

Sometimes we forget how intertwined the various economies of the world are. They used to say, when the U.S. economy caught a cold, the rest of the world sneezed. It is not much different now. Since the U.S. borrows money from absolutely everyone and gives financially aid to numerous governments around the globe, it is easy to see why the rest of the world is concerned and the various stock markets around the globe are looking at the U.S. with frightened eyes.

Well, it appears today (October 10, 2013) that the U.S. Congress may agree to raise the debt ceiling, at least temporarily, quelling some of the short term concerns in the stock markets. However, it will not resolve the issue of the U.S. government continuously spending more than they receive in taxes. If a private citizen did that they would be bankrupt before you know it, well, shouldn't the government be held to the same standards??

What is more of a concern to me is that this U.S. President and Congress have piled on more debt in the last five years than all the other U.S. Presidents and Congresses combined in U.S. history. The U.S. government is truly a train off the tracks.

I am glad that it appears that Congress has agreed to increase the debt ceiling temporarily until they can come up with a better solution on the debt and this mega monster called Obamacare.

I am also glad that if Congress and the President can find a solution, my novel Saving Miguel will remain just good old fashion terrifying fiction and not prophetic fiction that became reality.       

The link below gives Europe's perspective on the U.S. Government's debt ceiling shenanigans.

Europe looks on as the U.S. Faces economic Armageddon

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