If con- is the opposite of pro-, is congress the opposite of progress? I was reminded recently of this little word play when the US congress was failing to raise the debt ceiling to prevent the US economy from basically defaulting on its debt. Eventually, logic prevailed and the right thing was done, but the US did not come through it unscarthed. It was downgraded one notch while put on negative watch. And it occurred to me, the lengths that politicians will go to rubbish their opponents. Quite shocking actually! It is therefore better for the Republicans to create the political uncertainty that led to this downgrade and put the US economy through unnecessary trouble, rather than take a swift decision that will solve the underlying problem. To be sure, the US has a huge fiscal problem. One that will take a couple of electoral cycles and a lot of cuts to fix. All Americans, Republicans and Democrats alike, should brace themselves for a bumpy ride ahead. But in economics sentiments matter. And when you are at the eleventh hour, you cannot afford to be politically expedient. And yet one is! Oh well...who said progress was easy?
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