PASSING THE BUCK - President Biden said a US default on its $31.4tn (£25tn) debt by Monday's deadline (5th June 2003) would have been "catastrophic". The ceiling was justified by a theoretical $1.5 trillion in savings. But what happens if spending creeps up again, or those savings cannot be made?

Suspending the debt limit through early 2025 takes the threat of default off the table until after next year’s presidential election. In addition to addressing the debt limit, the law caps non-defense spending, expands work requirements for some food stamp recipients and claws back some Covid-19 relief funds, among other policy provisions. The US Treasury Department had warned it would no longer be able to pay all of the nation’s obligations in full and on time – a scenario that could have triggered global economic catastrophe. What a state for any nation to get into. They are only "hoping" for fiscal stability. It is not guaranteed by any means - because they should have acted before $5.0 trillion. A Circular Economy, is where no borrowing is required. Not a country hanging out to dry. Is the US up shit creek without a paddle?

It's not President Biden's fault. It is the culmination of years of irresponsible borrowing that leaves the USA up shit creek without a paddle. Unless, some radical changes are made, and adhered to. And that is the rub. Policies can be enacted in good faith, but civil servants out to Empire build and screw the system for all they can, and corruption, with politicians out for personal gain, will sink even the largest economy in the world.

It's all very well enacting short term fixes, like raising the borrowing ceiling. But that is not a cure. It is a temporary fix, the same as the temporary fixes before, that got the US economy into the tragic state it is in today. God help the next guy!

RECESSION OR CIRCULAR ECONOMY

Downsizing, is much the same as a recession in economic terms. But we have to downsize, where we are using roughly 2.4 planets in terms of sustainability, or a Circular Economy, in a Climate Crisis. Meaning, this is nothing to be ashamed of, and something Jeremy (nuclear) Hunt and Rishi Sunack have avoided calling it. Though in reality, it is a good thing. Something to be proud of, not something to be ashamed of. A Maifesto should perhaps be constructed around achieving United Nations Circularity, and telling the truth, as in SDG 16. It is a mistake to keep raising the debt ceiling, as in Joe Biden's recent debt crisis. Where such a practice is unsustainable. It is only delaying the inevitable, unless, the notion of Prosperity is tackled at grass roots level, to prevent Poverty, by way of climate change, desertification, acid oceans and rising sea levels. These four ails constitute Poverty at a Planetary Scale. Prosperity equals sustainable policies, to protect Planet Earth. And that means, not borrowing, but repaying ones debts. Only possible with strict laws as to practices that are contrary to the natural laws of justice.

ABOUT PRESIDENT BIDEN

Joseph Robinette Biden Jr. (born November 20, 1942) is an American politician who is the 46th and current president of the United States. A member of the Democratic Party, he previously served as the 47th vice president from 2009 to 2017 under President Barack Obama and represented Delaware in the United States Senate from 1973 to 2009.

The Democratic Party is one of two major contemporary political parties in the United States. Founded in 1828, it was predominantly built by Martin Van Buren, who assembled politicians in every state behind war hero Andrew Jackson, making it the world's oldest active political party. The party is a big tent of competing and often opposing viewpoints, but modern American liberalism, a variant of social liberalism, is the party's majority ideology. The party also has notable centrist and social democratic factions. Its main political rival has been the Republican Party since the 1850s.

WORLD ENVIRONMENT DAY

Coincidentally, the 5th of June 2023, is World Environment Day, with an emphasis on beating plastic. We have high hopes that Joe Biden, might be the 1st Plastic Free President.

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