President Obama addressed the nation on the debt crisis on July 25, 2011; the Speaker of the House John Boehner responded immediately to the President’s speech however, both speeches were political in nature. The President was trying to rally his democratic base while Mr. Boehner was also trying to rally his republican base; the tone of both speeches shows no indication of a Washington willing to compromise it is still ‘either my way or the highway on the eve of a looming default.
Whether the debt ceiling is raised or not, it is clear consumer confidence in the American economy is decreasing and without doubt foreign investment in the United States economy will suffer. The financial future of the American economy seems impossible to achieve. Speaker Boehner should desist from following the extreme group in the House and consider a leadership role he was elected by the American people to assume. No American President has ever defaulted on the nation’s debt and to put it straight, the United States has never defaulted on its debt and allowing such to happen in a time of economic crisis will be catastrophic.
If the nation defaults, majority of Americans will blame the republican party for fooling around with the American economy and allowing their political gains to trample on citizens interests. Raising the debt ceiling as proposed by the President will not maximize spending in Washington or increase the size of government but only allow the government to pay its debt and fulfil its obligations to its creditors thereby avoiding a default. Also, the tax increase the President is proposing will only affect Americans at the top of the earnings meaning millionaires and billionaires and not those making $250,000.00 a year as earlier proposed. Reaching a compromise has now become a dirty word in Congress and elected officials are no longer able to reach an agreement without a duel. We the American people did not elect our members of Congress for their political gains but rather to serve and care for people’s economy. Since 1917 American economy and credit ratings has been triple A however, with the current political duel in Washington, the historical Triple A rating is doomed. Enough of the dueling speeches, it is time to rescue the nation and create jobs.
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