"China has called on Washington to bolster international faith in its economic policies amid signs that Beijing has cut its purchases of US government debt." Financial Times (Asia-Pacific), July 20, 2011Is Congress hurting or helping our reputation with the rest of the world? Their recent actions relating to gaining control of our finances is doing harm. The world respects the checks and balances between the different branches of our federal government; however, it does not appreciate our government using funds that are rightfully owed to them as a weapon in our internal battles.
We should be having a national debate on how to control our finances. We should not be using our outstanding obligations to other countries and individuals as a weapon in that debate. The debt ceiling is not part of the debate. By congress bringing it into the debate, it has hurt our international standing with the rest of the world. This should be remembered in November 2012.
Put yourself in the shoes of China. Would you be as comfortable toady to lend the United States money as you were a year ago? If you are honest with yourself, the answer is no. There are some Tea Party leaning conservatives making the mental response that as a result of their efforts to get our finances in order, China will be even more comfortable in the future to lend us money. I agree by taking care of our financial issues the world will feel better about the United States. I do not agree that we had the right to hold their money hostage to get it done and this action most certainly will have a price.
What Congress has done has cost us money. There is no question that interest rates are higher today because of the hostage tactics used by Congress. They should be embarrassed; I am. Is it that they do not have the intelligence and negotiating skills to solve the problem the right way?
The country has not been so politically divided in at least fifty years. Frankly, one must wonder how much of it has to do with race. I hope none. Obama is a brilliant American who happens to be black and a liberal. He is also our President.
God Bless America!