Debt Crisis Essay

America’s debt crisis is nothing new, but the amount of debt accumulated is a different story. As of February of 2014, the debt ceiling is 17.2 trillion dollars. An economic threat pushes the nation over the fiscal cliff and the debt crisis causes our country to lose its status as a superpower – tax hikes, spending cuts, and soon later, the debt limit. Most Americans believe we are a superpower, but it is only our military that is a superpower. Our economy is second or third world class due to the increasing debt growth. The fact that we import more than we export is harming the United States financially and further leading our economy into a deeper hole in our debt crisis. This has happened time and time again with countries. For example, Great Britain was once the dominant power in the world. The Suez Canal was one of the most important marine ways in international trade. But with Britain trying to regain Western control and years of unsustainable finances and economic decline all that changed. “Over the last several decades, the U.S. foreign economic policy has been the implementation worldwide of a package of deregulation, liberalization, privatization, new property right and new limits on government policy space, often dubbed the Washington Consensus or the neoliberal agenda” (Wallach).

“The impact of trade agreements enforced by the World Trade Organization (WTO), and international agencies, such as the International Monetary Fund and the World Bank, have been the delivery mechanism for a radical global experiment” (Wallach). Congress thinks they know best about how to best spend U.S. tax dollars in a way that could stimulate our economy. They believe that the tax dollars spent on projects would fully cycle through t...

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...eed to cut most if not all ties to China. They have way too much governance and power over the U.S. and other countries. They are more worried about their own interests and benefits, so much so that they are taking over all products in America and making their own for less. While the U.S. is busy fighting each other about conflicting political stances, other countries are thriving off our indecisiveness. Major centers of wealth and power have grown around the world. But politicians have completely ignored this trend. They spend and act as if U.S. global dominance is an endless river (Black). Being in front of the crisis issue could create generational success, but being two steps behind could further desolate our economy and superpower status. Escaping the rising debt crisis is believed to be possible with great leadership, reasonable solutions, and bipartisanship.