US entering era of uncertainties

By Sheng Dingli (People's Daily)

16:42, January 09, 2012

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Edited and translated by People's Daily Online

The U.S. presidential election has begun. No presidential aspirants can bypass the "three highs" challenges right now—high unemployment rate, high deficits and high national debts. To some extent, the "three highs" is originated from the country's political and economic policies and its inherent system, which just appear more noticeable in the new century.

It is beyond the power of any American to remedy the difficult situation. Incumbent President has both obvious advantages and disadvantages in office. If the unemployment keeps high in the first 10 months this year, Barack Obama might well be a "one term president". If it keeps improving, then a strong Republican challenge is hardly possible.

The seeming economic and financial problems of the United States are deeply rooted in its politics and society. It is imperative for the U.S. to identify where it goes wrong and finds out solutions.

It is a common knowledge that increasing revenues and reducing expenses are the remedy for financial difficulties. But the political polarization prevents a consensus on an agreement. And with the growth of global economy, the Americans are finding it really hard to maintain its overwhelming superiority in economic production and military budget.

But the republicans, who turn a blind eye to the need for financial balance, are intent on keeping the giant size of military expenses. This is hardly acceptable to the democrats. And the democrats' persistence in increasing public expenses regardless of huge deficits is equally unacceptable to the republicans.

Their only consensus, if there is, might be shyness in increasing revenues for fear of ruffling voters' features. In terms of decision making, the United States is stepping into an era of uncertainties.

Email|Print|Comments（Editor：叶欣）

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