I translated this from an article in 'Le Journal de Montreal', Thursday October 17 2013. The journalist's e-mail is at the bottom.
This is how American economy is being seen outside of the US.

Thoughts?

The Economic Nightmare of the United States

The extraordinary situation in which the United States finds itself goes well beyond the problem of the deficit and the debt. It reveals the fragility of a nation which, over decades, has accumulated bad political decisions.

Where do the the American debt and deficit come from? There are multiple answers to this question. Here are three bad decisions, among others, which augmented the debt.

A debt which could have been avoided

1) The unnecessary war in Iraq cost about 3000 billion to the American economy. The war in Afghanistan cost about the same. In this case a large scale bombing would have been as effective and less costly. Since the government did not have enough money to finance the two wars it borrowed 2000 billion dollars.

2)The deregulation of the mortgage market in the United States brought about in 2008 a world wide recession. The United States is slowly coming out of it.Without this crisis the American economy would be about 5.5% greater. But above all this recession dug deeper deficits. The government therefore borrowed more. Result, the debt grew by about 2000 billion since 2008.

3) The tax cuts decided upon by George Bush starting in 2001 deprived the government of significant revenues. Their cost: about 2000 billion.

The Wrong Debate

The total cost of these bad decisions on the debt is 9000 billion dollars. Without them the American debt wouldn't be 17000 billion dollars but less than 8000 billion.
Instead of debating on the debt ceiling, American leaders should be questioning themselves on the causes of the debt. And propose remedies.
Everything indicates that American leaders will continue to make bad decisions. For example, because of the debt, the American government will have more and more difficulty to pay for research programs, health, education etc. Tea Party backers risk blocking all tax hikes for the richest. The shadow of China and the shadow of terrorism will continue to justify elevated military budgets.

A Dark Future

In this context, the commercial partners of the United States are turning to other countries, China in particular. Within a few years China will be the premier world market for imported goods, ahead of the United States. The American dollar will be devalued by the yuan. American Treasury Bonds will be replaced by Chinese Treasury Bonds. In brief, the Americans will lose their commercial influence. Their dollar will depreciate. They won't be able to print money to pay the debt.
Unfortunately for the United States, it could very well be that the economic nightmare is only just starting.

loic.tasse@quebecormedia.com

Careful karma, if you don't throw roses for Obozos' great work while you speak, or blame our problems on Bush or the racist repulsicons, the Obozobots will get you!

Most know corrupt lawmakers (on both sides) doing the deeds and bidding of their masters (Fed Reserve, banks, wall street) to fill their re-election war chests, get media pampering, lucrative lobbying jobs (when leaving), and insider trading tips (while serving), is the real problem.

The peoples voice always falls on deaf ears (until re-election campaigns begin)....in the name of national security and public safety, and under the guise of "the greater good", while gov't gorges itself on the peoples dime, ever expanding its unconstitutional power and control over the people it was meant to serve.

DC is a political sitcom! The world is laughing at the stupidity of what we call leadership, while bailing any way they can from the coming financial devastation it is guaranteed to bring...not a question of "if", but rather when at this point.

A $17T deficit is proof of bad policy and failed leadership! That's the equivalent of a $60,000 debt on EVERY living American, yet they continue to increase it, kicking the can down the road, enslaving our childrens, childrens, children to their banker debt machine! The very thought of that reality is untenable!

Until we can get gov't back within its Constitutional limits, spending and entitlements under control, term limits for congress, money out of politics, end career politicians, their benefits, their self voted exemptions, and the two party oligarchy system, PLUS replace propaganda with real journalism and truth in media (the fourth estate) to enlighten rather than dumb down the American public.....nothing will ever change!

Big order huh?

Take heart tho my friend. The sleeping giant (the people) is awakening. They'd better, and soon....the alternative is not a pleasant option!

"Any man who thinks he can be happy and prosperous by letting the government take care of him had better take a closer look at the American Indian."
~ Henry Ford