World’s largest economy on brink

The United States Senate has recently agreed once again to a stopgap measure designed to prevent an imminent government shutdown over budget legislation. The deal hashed out between Republicans and Democrats, would help the Biden administration to keep the government working for six additional days until September 30.

The world Superpower faces acute economic challenges and its position resembles many third one nations like Pakistan, Sri Lanka and several others embattled with the worst effects of global energy crisis and skyrocketing inflation in the current age. The US government is less than five days away from its deadline to pass budget legislation at midnight on September 30. If the Biden administration fails to do so, much of the government business would halt including nonpayment to federal employees such as Congressional staffers, Capitol Police, FBI agents, NSA silent lessors and hardcore CIA Operatives. all would be compelled to take loans from banks, borrow money from friends, make cuts to their meal or go on strike to sensitize the lawmakers about needs of the public that were struck due to the impasse in the provision of liquidity.

In fact, bad governance, politically motivated economic policies and irrational trade decisions are not the sole dilemma of the poor and developing nations but such political ailments have seriously damaged multiple developed economies including the United States, the UK, Germany, Italy and others. The public is in hot water but governments are pouring billions of dollars into the Ukraine war, global tussles in the Indo-Pacific region and preparation of so-called star wars that might not happen any time in future, while those economies are heading to collapse under their own weights. The global economic rating agency Fitch had already downgraded US’s score from AAA to AA+ during the past months while Moody has issued a stern warning to American Economists about impending economic disaster in their nation. US lawmakers are evading the economic collapse of their country on a yearly basis through legislative measures instead of the implementation of darley need economic discipline. How long the doomsday could be eluded through such flimsy recipes in the years to come.