Sub-Prime Crisis Still Poisons America (Hindustan Times, India)
"The U.S. may again teeter on the edge of sovereign debt
default in a few weeks time. Obama will remain a president with no foreign
policy and America will be the field for a cultural war. ... Washington needs a
few more years to work out the populist poison that since the subprime crisis has
infected its body politic. Until then, expect the U.S. to act like an emerging
economy or an isolationist nation: shutting down at home and shutting out the
world."
It
is not what anyone would have prescribed for a global economy still struggling
to find its feet: a government shutdown for the world's largest economy. The failure,
in effect, of the U.S. federal government to pass its budget, has occurred
several times before. However, it hasn't happened since 1996, and arguably, it
hasn't happened in an atmosphere as ideologically charged as today. The
shutdown will not affect much of the U.S. government machinery, and on the
ground, few Americans and even fewer international visitors will actually
notice it.
Posted By
Worldmeets.US
However,
the symbolism of the shutdown signals that the social after-effects of the
2008-2009 subprime crisis are still being felt. That crisis triggered a working
class, small-town revolt that has found its voice in the Tea Party. This movement,
in turn, has hamstrung the capacity of Republican Party leaders to play the
role of loyal opposition. In other words, to protest and criticize the ruling
party and sitting president, but within limits and in a manner that doesn't
undermine the national interest. U.S. President Barack Obama will benefit to
some degree. The polls indicate that shutdowns are not popular with voters and this
present crisis could help Democrats capture both houses of Congress. Obama can
then be assured that his national healthcare system, dubbed "Obamacare," will remain and become part of his legacy.
It may also mean a second term with little or no other accomplishments.
The
world must live with the fact that the sole superpower will remain inwardly focused
for several more years. Civil wars will continue. The U.S. may again teeter on the
edge of sovereign debt default in a few weeks time. Obama will remain a
president with no foreign policy and America will be the field for a cultural
war.
Washington
needs a few more years to work out the populist poison that since the subprime
crisis has infected its body politic. Until then, expect the U.S. to act like
an emerging economy or an isolationist nation: shutting down at home and shutting
out the world.
