It’s only the start of U.S. financial woes

What we have seen with the U.S. debt limit crisis and the subsequent downgrade of its credit rating is only the beginning of troubles for America.

America is divided between extremes – those with money and the rest. It has demonstrated an inability to govern. Continuing troubles are going to come from the Tea Party. It is dead set against any more tax increases (just like people here are starting to complain they don’t want any more taxes).

The U.S.’s $14-trillion debt is going to keep on climbing without additional revenues, whether from increased taxes and/or increased economic activity.

I can’t see the economy catching fire in the near term. They have priced themselves out of the market.

The Republicans are going to succeed in cuts to social programs. Thus the debt reduction is likely to be done on the backs of average and poor Americans. That will ensure the economy stays down. High rates of unemployment will become the norm.

The rich have been able to maintain their tax status, loopholes and subsidies for rich corporations and bonuses.

Welcome to the sliding giant. It will take a toll on us too.

Dave Bains, Surrey

 

Surrey North Delta Leader

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