THE UNITED STATES is one big country expected to lead the world in several ways. But why is it teetering on debt default meaning it could not meet its obligations on time?
What happened? Are its accountants, economic managers and budget watchers sleeping on the job or are they simply negligent or ignorant?
Imagine the crippling effects of a default which the US may suffer if its debt ceiling is not raised.
Aside from defaulting on the payment of salaries of uniforned personnel and federal employees and service providers, its stok market will come crashing down and its credit rating severely downgraded!
It will spell disaster for President Biden and his party mates if ever they run for reelection and create massive negative impact on the whole election system. Whew!
Further, it will dilute whatever political gains he and his fellow Democrats have so far achieved.
History will be harsh on them and they will become the laughing stock to their adversaries.
Then the world bullies China and Russia will take an assertive role as world leaders as their common adversary, the US, falls down in ignominy!
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Such pity for our long-time ally, the US, which has been benevolent to our cries for support in crisis situations, including our security concerns.
We wish it well and hope the rebellious Republicans reconsider their stand and work for the good welfare and good standing of the United States.
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Our already problematic energy sector will be more pressured in keeping our gas prices tempered as our ally battles its own issues. Market prices will surely spike some more and all the sectors dependent on them will definitely feel the crunch.
We just hope recovery will soon come the US way, otherwise we will suffer in tandem with this hitherto strong economy.