A few days ago, one of China's bullet trains (the same ones that have been called the pride of China and the Chinese people) derailed in southern China due to a lightning caused power outage. 16 died and more than 100 were sent to the hospital. My sympathies goes out to the families of the deceased, but at the same time, I feel anger because I suspect that the trains weren't built with the necessary safety precautions. This is the second time this month that a bullet train has suffered difficulties due to "lightning caused power outage". While these bullet trains should be lightning fast, they should not have been built lightning fast (as safety precautions were ignored) and they should not be so easily derailed as by a lightning storm.
What does this have to do with my DC reference in the title you ask? Well, it reminded me of the direction DC is heading towards right now.
One thing to take away from the bullet train tragedy is that things accomplished at the last minute, under rapidly approaching deadlines are never the best (a statement which I'm sure many of my friends will happily protest, but afterwards...in the shadows of their own guilty hearts admit as overpoweringly true). In order to celebrate the 90th anniversary of the Chinese Community Party, the day before 7/1 (the day of the party's founding anniversary), the officials in Beijing unveiled the shiny bullet train system connecting Shanghai and Beijing. Many doubts were whispered about the bullet train because they were simply constructed too darn FAST.
In the States right now, with 8/2 as the rapidly approaching deadline, the government in DC is trying put together a solution that will solve the current debt ceiling crisis plaguing the US economy and the US government. A quick update for anyone who has been living under a rock, if the US federal government doesn't raise the debt ceiling by 8/2, it will have to default on its payments, including payment to government employees, social security, debt interest etc for the first time in history. What does this mean you ask? Well, no one knows since it has NEVER HAPPENED BEFORE but Economists everywhere do predict economic apocalypses that might dwarf what happened in 2008 after the US housing bubble burst and the whole world spiraled into an economic crisis. Oy vey, and we're walking straight into this one.
Anyhoo, I give Obama big ups for trying to be a responsible adult and trying to bring both parties to the table. At a time like this, he is simultaneously standing his ground for what he believes in(aka raising revenue by cutting subsidies for big oil companies and raising taxes for millionaires)and making tough compromises that will no doubt bring a lot of criticism onto himself from his own party (aka cutting funding to entitlement programs like social security). Between a rock and a hard place is not an easy place to be...For a short update/summary directly from Obama watch
this video. I feel bad for him, because he isn't to be blamed for leading us into this predicament, instead, as The Onion so cleverly noted in the article
"Black Man Given Nation's Worst Job", "as part of his duties, the black man will have to spend four to eight years cleaning up the messes other people left behind." Got to love The Onion
Whatever they accomplish will be necessary, and at the end of the day, it will have to be turned in. However, it won't be like our stupid college all-nighters at all. For us, at the end of our day, that essay will HAVE to be turned in and that test will HAVE to be taken. No matter the quality of the essay and our performance on the test, it will be over and done. Except, it's not the same this time in DC with something as important as the national debt. This time, if they don't handle it well, we might have to revisit this crummy predicament a few months down the road. Revisiting would be very annoying, but probably still one of the best case scenarios at this point. A worse scenario is the US credit being downgraded...and I don't understand economics so well so I can't explain how, but according to what's been said, this will result in higher interests rates for consumers (which in my head means spending more money for something that I used to pay less for). Even worse, we might pass a law that says in order to cut budget for entitlement programs, we only need 50% of Congress to agree, but if we want to take away the subsidies for big oil and gas companies, we need more than 2/3 of Congress to agree. But even worse than that is probably a potential economic crisis.
In some ways, this is just another example of America's recent borrowing addiction, a tendency that I can't wrap my mind around, possibly because of my Chinese upbringing which emphasizes saving and anxieties about borrowing. The problem has been a long standing one, that started post WWII and we're finally at the end of the line, where we are forced to do something. Thomas Friedman, a baby boomer, says that this crisis is one created by the baby boomer generation. While watching the economic crisis play out in Greece, Thomas Friedman writes, "Indeed, if there is one sentiment that unites the crises in Europe and America it is a powerful sense of “baby boomers behaving badly” — a powerful sense that the generation that came of age in the last 50 years, my generation, will be remembered most for the incredible bounty and freedom it received from its parents and the incredible debt burden and constraints it left on its kids." (
A Clash of Generations).
With all this race to find a solution at the last minute, I do hope that we find a good one. Currently, Republicans are trying to push the Cut, Cap, and Balance Act through Congress. They have already won in the House and are now pushing their way in the Senate. While I agree with them that there needs to be a long term solution to control US borrowing, and that an amendment to the constitution requiring balanced budgets and controlling Congressional spending is key to getting the federal government out of this borrowing addiction and habit of overspending, that's about all that I agree with. The spirit of the Cut, Cap, and Budget Act is that they recognize our current economic crisis, but they are telling the poor and the middle class to BUDGET while not in the slightest bit affecting the lifestyles of the rich (aka the oil companies and the jet owners). That I have a problem with.