The serpent of debt is about to swallow the United States. The day of 2 August carries much importance for US economy. This fear has considerably increased that the US crisis will affect the global economy as well.
IMF’s Warning
Christine Lagarde, chief of the International Monetary Fund (IMF), has once again stated emphatically that the debt crisis in the United States should be resolved as early as possible, as a further delay in it cannot be afforded. Any crisis in the US economy will badly affect the economies all over the world.
If realities are kept in view, it becomes crystal clear that the United States has torn apart global economy directly or indirectly. By plunging several countries into the war, the United States has deteriorated their economies. But, the United States has itself fallen prey to this complex crisis today.
If the United States' past 20-year history is reviewed, we will find that it is its war hysteria that has made it to face this situation. Whether it is senior Bush or junior Bush, their combatant thinking has broken the back of US economy. The Iraq and Afghan wars have been waged without any reasons and only to maintain its status of being a superpower. America's wars did not end, but George W. Bush's government did end and he passed on these gifts to President Barack Obama. The ongoing wars in Iraq and Afghanistan forced the US economy to breathe its last.
Wars in Iraq and Afghanistan
The United States has to spend approximately $2 billion a week on the wars, while the country's revenue has considerably decreased. The prices of food and other commodities are increasing and it is becoming difficult for American people to cope with this situation. On the other hand, the income is falling. Unemployment and inflation are witnessing an upward trend. President Obama has curtailed the war hysteria, but the situation appears to be slipping out of hand. Economic situation in the United States is going from bad to worse and becoming complex with each passing day. Neither President Obama nor the Congress has a solution to this situation. According to experts, if the Congress and the President did not come out with a proper arrangement before 2 August, the United States can face problems from the IMF, which the US economy will not be able to withstand.
Moreover, energy reserves in the United States are also at the lowest level, which is a big challenge for the US Administration and people. If the huge sum of money spent on the wars in Iraq and Afghanistan is used to resolve the economic crisis, perhaps US economic situation can improve. The earlier the United States gets rid of these futile and meaningless wars, the better it is for the country.
IMF’s Warning
Christine Lagarde, chief of the International Monetary Fund (IMF), has once again stated emphatically that the debt crisis in the United States should be resolved as early as possible, as a further delay in it cannot be afforded. Any crisis in the US economy will badly affect the economies all over the world.
If realities are kept in view, it becomes crystal clear that the United States has torn apart global economy directly or indirectly. By plunging several countries into the war, the United States has deteriorated their economies. But, the United States has itself fallen prey to this complex crisis today.
If the United States' past 20-year history is reviewed, we will find that it is its war hysteria that has made it to face this situation. Whether it is senior Bush or junior Bush, their combatant thinking has broken the back of US economy. The Iraq and Afghan wars have been waged without any reasons and only to maintain its status of being a superpower. America's wars did not end, but George W. Bush's government did end and he passed on these gifts to President Barack Obama. The ongoing wars in Iraq and Afghanistan forced the US economy to breathe its last.
Wars in Iraq and Afghanistan
The United States has to spend approximately $2 billion a week on the wars, while the country's revenue has considerably decreased. The prices of food and other commodities are increasing and it is becoming difficult for American people to cope with this situation. On the other hand, the income is falling. Unemployment and inflation are witnessing an upward trend. President Obama has curtailed the war hysteria, but the situation appears to be slipping out of hand. Economic situation in the United States is going from bad to worse and becoming complex with each passing day. Neither President Obama nor the Congress has a solution to this situation. According to experts, if the Congress and the President did not come out with a proper arrangement before 2 August, the United States can face problems from the IMF, which the US economy will not be able to withstand.
Moreover, energy reserves in the United States are also at the lowest level, which is a big challenge for the US Administration and people. If the huge sum of money spent on the wars in Iraq and Afghanistan is used to resolve the economic crisis, perhaps US economic situation can improve. The earlier the United States gets rid of these futile and meaningless wars, the better it is for the country.
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