“Neither a borrower nor a lender be.” (Hamlet).
As in Europe, in America too.
Greeks are rioting to maintain their entitlements, German and French leaders fret about their over-exposed banks and European bailouts come and go.
Meanwhile, the United States is stuck in a debate over whether to raise its debt ceiling, the threat of default is wielded by the White House of all places and the economy stagnates.
Where is the global leadership?
Two and a half years into his Administration, it has become obvious that Barack Obama’s economic policies have been ruinous and have nowhere to go. His Federal Reserve Chairman Ben Bernanke admitted recently that he had no idea why the economy was doing so poorly. The prospects for prosperity look as dim as at any time in the last fifty years.
In America, “regulate, spend and tax” policies have delivered high and sustained unemployment, tepid economic growth, a mountain of debt and massive future liabilities. Europeans face a similar set of circumstances, with a debt default looking unavoidable in Greece and possible in other countries.
These problems are not being solved. In Europe, leaders are kicking the Greek debt problem down the road. In the U.S., President Obama recently decreed that the problem with the economy was tax breaks for corporate jets and decades old depreciation rules for oil exploration. Simply extraordinary.
President Obama’s latest move was to claim that seniors would not be receiving their social security checks if the debt ceiling was not raised. This is completely false. Americans must wonder if they have a leader or a community agitator in the White House.
The U.S. debt ceiling will most likely be raised in the coming days but liberals everywhere should be on notice that endless spending brings economic consequences.
Shakespeare’s advice in Hamlet looks as solid as ever. America’s borrowing addiction has to stop now.