US President Donald Trump has set in motion a Constitutional crisis by circumventing the legislative process and declaring a premeditated national emergency in order to fund a barrier along the US-Mexican border that he deems vital to US national security. The development further escalates the political dysfunction the world’s most influential and wealthiest nation already faces. Given the record-breaking debt being accrued by the United States, the future of the US economy and America’s power is threatened. Coupled with the ripple effects of the looming Brexit and civil unrest across Europe, the West is losing its ability to lead at home and on the global stage. Although many would hail this shift as a victory for those dominated by Western meddling, alternative world leaders like Russia and China are unprepared to take on the full responsibility of global governance while their leaders are far more self-serving and far less concerned about the welfare of foreign populations than their democratic contemporaries. A lack of global governance may sound like an even better alternative, but the modern world order benefits from the security and stability provided by world powers.
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Venezuela is a nation in full-blown crisis thanks to a collapsed economy and a failed, illiberal political system. Some blame US sanctions for Venezuela’s woes while others blame the South American nation’s over-reliance on oil, weak commodity prices, an overly generous social welfare system, and corruption. Whatever specific reasons Venezuelans must endure political instability and economic ruin, the situation is creating very real problems for very real people. Quite frankly, the kind of socialist, authoritarian control embraced by those in power did suffocate Venezuela’s private sector. Venezuela’s problems will not, however, be solved by political skirmishes. Venezuela needs solution-driven leaders, not opportunistic ideologues driven by political gains. Struggling with an internal power struggle, Venezuela certainly does not need world leaders using Venezuela as a battlefield for their proxy wars and geopolitical conflicts. Unfortunately, the United States and Russia seem determined to do just that.
Border wall security talks between Congressional Democrats and Congressional Republicans were agreed upon as a solution to a budget impasse and prolonged government shutdown over the President’s proposal to build a wall along the US-Mexican border. They were, however, never designed to actually solve border security issues. They were adopted as a political stopgap measure that would allow both Republicans and Democrats to reposition themselves in order to place blame on the opposing side. To deflect blame, Democrats simply had to make a good-faith effort to reach some kind of compromise that would keep government open beyond the Febuary 15th funding deadline. Republicans, who most Americans blame for the situation, had to find a way to make Democrats look like they were more responsible for the political drama than the President. The whole scenario showcases the lack of leadership in Washington.
The Consumer Financial Protection Bureau under the leadership of Trump Administration nominee Kathy Kraninger has announced plans to dismantle regulations designed to prevent low-income consumers from falling into perpetual debt cycles. The Obama-era policies in question required so-called payday lenders to determine whether or not borrows could actually afford to repay loans high-interest payday within their short repayment period. They also barred lenders from making more than two attempts to withdraw payments from consumer accounts, which often results in unnecessary banking feed. Payday loans offer individuals with poor credit the opportunity to use their next paycheck as collateral against short-term loan. Because low-income borrowers cannot afford to repay the full loan amount and maintain their living expenses with their paycheck, they are often forced to roll their loans into a new loan every weeks or so, thus they become trapped in a perpetual debt cycle. It is an issue of consumer choice versus financial security. It is an issue of proper regulation.
Americans favor a tax hike on the wealthy according to a poll conducted by Morning Star and Politico. The result is not surprising. The US National Deficit is set to remain at the trillion dollar mark for years to come while the US National Debt will eventually lead to a collapse of the Federal government’s budget. Recognizing the fact the 2017 Republican tax bill largely benefited the wealthiest investors and businesses with the relatively minor sweeteners of the tax overhaul enjoyed by average income Americans set to expire in 2026, the findings make sense. Despite the polarizing nature of US politics and the ideological motives of US political leaders, Americans tend to be more pragmatic than ideological. Cutting taxes on the wealthy has not helped alleviate America’s fiscal issues nor decisively helped the economy in terms of creating well-paying, working class jobs. Consequently, the only logical conclusion is that the wealthy should and need to pay more in taxes, but the real question is how such a policy should be implemented.
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April 2020
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