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4 Nov, 2013

The roots of the decline of the American empire | GulfNews.com

The influential media in the United States continues to be preoccupied with the aftermath of the government shutdown, and especially with the Obamacare — the object of the Republicans’ continuous ire — and whose web-based launch earlier this month experienced technical glitches.

The other object of Republicans versus Democrats dispute was resolved when the Republicans gave in and agreed to raise the ceiling for the national debt. The Second Liberty Bond Act of 1917 imposed an aggregate limitation on federal debt. It is worth mentioning here that Congress has modified the limit 10 times since 2001, because of persistent deficits.

Virtually totally absent from the plethora of analysis and debates and discussions that filled the air and the influential papers’ Op.Ed pages are important questions such as: Why the failure to control public debt? And importantly, what does the mushrooming deficit and the necessity to borrow to finance it say about our government? And crucially, can the United States continue to be the pre-eminent superpower while dependent on foreign countries to finance its costly life style?

Read the rest: The roots of the decline of the American empire | GulfNews.com.