U.S. Economy’s Tire Blown

That the U.S. in the seventh month of the year, July, is in which part of its capability to hold the presidential election and also four months later in November whether  it is prepared for holding the election  or not is completely ambiguous and unlikely. Day by day the number of protesting people increases. People bring down statues, and people and the American burn the flag of this country and in other words they convey this message to the world that the U.S. is no longer the U.S. How can they recognize the election as a symbol of democracy in the country? This democracy has been set up by the people whose statues are thrown into the sea.

IRAN NEWS POLITICAL DESK

Today someone is in charge of power in the U.S. who seems he is mentally in bizarre condition and considers exercising violence against the nation as a loophole in handling the crisis. It is interesting to say his former National Security Advisor John has started his book “The Room Where It Happened” with this claim, “I cannot offer a comprehensive theory of the Trump Administration’s transformation because none is possible. Washington’s conventional wisdom on Trump’s trajectory, however, is wrong. This received truth, attractive to the intellectually lazy, is that Trump was always bizarre, but in his first fifteen months, uncertain in his new place, and held in check by an “axis of adults (it means by PAC, Political action committee which pools campaign contributions from members and donates those funds to campaigns for or against candidates, ballot initiatives, or legislation),” he hesitated to act. As time passed, however, Trump became more certain of himself, the axis of adults departed, things fell apart, and Trump was surrounded only by “yes men.”

This kind of management is carried out while the Coronavirus makes the condition more complicated in the world. Over 12 million people have contracted the virus and it has created a hell out of it where people in the world are even ready starve two or three days in order to survive but the process of unleashed spread of the virus still goes on.

Reuters a couple of days ago reported that over 11,74m people in the world have been affected by the virus and over 540,000 people have lost their lives. Among the countries suffering the most fatality rate, the U.S. topped the list with over 132,000 deaths. Brazil with over 65,000, UK with over 44,000, Italy with over 34,000 and Mexico with over 31,000 deaths trailed the U.S. in the rankings.

The U.S. Federal Reserve Chairman Jerome Powell in an interview said that there were perceptible challenges in way of the economy. He said the outlook for the U.S. economy is “extraordinarily uncertain” and the success of the recovery effort will depend in large part on the country’s ability to contain the spread of the coronavirus.

In Europe, macroeconomic indicators published about European states show that the condition in the continent almost has remained bad although the European Central Bank (ECB) has announced its plan to increase the emergency bond-buying program — taking it to 1.35 trillion euros and this plan will continue till 2021. By the way, during this period the American securities by foreign country holders would have reached $6.878 trillion.  The Trump Administration’s tax bill which was approved in 2017 is blamed as main factor for the rise in the government’s debts. According to predictions, the bill in a 10-year span will increase the government’s debts by 41.5 trillion.

Today the U.S. is more vulnerable than any other countries in facing the blown tire of its economy. 50 million unemployed people in the U.S. forms almost one-sixth of its total population and almost one-fourth of the total employed community of the country.

With this economy which is facing day by day the imminent closure of production factories and people’s incapability in paying their banking debts and starvation and poverty which are shaping uprising on the pretext of racism and social gap, we will soon witness segregation of most states from the federative system of the U.S. rather than holding an election.

 By: Hamid Reza Naghashian