Debt Ceiling Fall Out

An ‘interesting’ 10 days has finally concluded in the US with the debt ceiling being raised and Obama’s hands being untied……for now. In reality all that has actually taken place is the can has been kicked down Pennsylvania Avenue until January……when we do all of this again.

 

The whole episode has reinforced two strong beliefs I hold.

 

Belief 1

It never fails to fascinate me how important the US are to the UK yet at the same time so few people recognise and appreciate this. At the point when the political parties were close to agreement, BBC, ITV, Channel 4, Channel 5 and Sky reported live from Washington. The same day, only Radio 5 provided live coverage of Prime Minister’s Questions from Westminster.

 

This really tells a compelling story……US politics are far more important than our own. It is a reality that we have to accept and embrace.

 

Belief 2

 

I am flabbergasted how fragile the US political system is and by definition, their fiscal and financial policies. When Government departments are shut down and a default on public debt within hours of becoming reality, is this really how the most powerful nation in the world behaves……a house built on sand comes to mind.

 

This is a further national embarrassment (for the US and UK) on the back of a similar issue in December and it is about time that Obama forced Congress to grow up and govern with some modicum of orderliness and common sense.

 

I was sucked into the excitement and hope that Obama’s first term would bring refreshing change following the catastrophic 8 years under Bungling Bush……but it never materialised. Obama has a real chance now to make a difference and stop this ever occurring again. He may have 3 years left but he needs to achieve this within 3 months.

 

Yes it will take hard work……moving a supertanker always does……but why not? If not now, then when?

 

A very interesting crossroads for Obama……his legacy will be written based on the road that is taken.

 

The UK needs to hope he chooses wisely.