Barack Obama yesterday set in motion a multi-billion-dollar spending cuts programme that will particularly hit the US military after failing to reach a compromise with his Republican opponents.
The cuts – described by the US President as ‘dumb’ – are designed to whittle away America’s $16.6 trillion debt.
However, the International Monetary Fund has warned the measures could spark a new global economic crisis.
The Pentagon will absorb half of the $85 billion (£56 billion) required to be saved before September.
It means civilian workers face being made redundant and some defence contracts will be cancelled.
The White House has also warned of long queues at US airports as security staff are laid off, while teachers are set to lose their jobs.
President Obama and Republican leaders in the House of Representatives and Senate are at odds over the White House’s insistence on increasing taxes as part of any plan for attacking the massive debt.
Crude, across-the-board cuts were drawn up two years and were meant to be so unattractive that Democrats and Republicans would be forced to find a better deal. - Mail Online
If you were to look at the lives of certain people in the world, you would wonder "What economic crisis?" (http://www.dailymail.co.uk/news/article-2287128/The-150m-property-tycoon-dubbed-Candyman-whos-called-daughters-Monaco-Cayman-insists-favourite-tax-havens.html)
But then, if you were to look at everyone else, an outside observer might ask "why an economic crisis?"
Those who we elect to be our leaders should be implementing what is best for all life - which would imply that there would be no opposition party or opposing opinions because it would be a matter of fact and not of opinion. The fighting between our elected leaders indicates only one thing: they are fighting for their own opinions to be proven supreme and NOT for the best outcome for us.
Consider why the governments allow corporations to make MILLIONS in profit (as in after operating costs and other expenses) and yet allow citizens to live in squalor. Well, it's all about personal gain, you see. High up government officials want money from the corporate fat cats and the corporate fat cats want to rule and run the world - so they have a mutually beneficial arrangement. Obviously the government says that their actions are in the best interests of the country, but nowhere will you find the fulfillment of these interests.
Check the labels of the groceries you buy, there are only a few big corporations supplying everything. Check who owns all the big stores in your city, there are only a few corporations that own all of the chain stores. These corporations make so much money that they literally don't know what to do with it, so they just buy out other businesses to create a monopoly on the market so that they can control the pricing of everything. Girls in Japan are using their bodies as advertising space - how long do you think before we all live, breathe and die by corporate interests? Oh wait, that already happens...