Playing with Fire

541

May 10, 2023

Published in Frankfurter Rundschau
(Germany) on 2 May 2023
by Andreas Schwarzkopf (link to original link to original)

Translated from by Kirsty Low. Edited by Michelle Bisson.

A lot is at stake in the debt dispute in the U.S., and we must all hope that it ends well, as it usually has done in the past, and that Washington remains solvent. A commentary.

U.S. Treasury Secretary Janet Yellen’s warning of a possible U.S. default cannot be taken seriously enough. If the debt dispute between President Joe Biden and Congress is not resolved swiftly, the most powerful country in the world may not be able to meet its obligations at the start of June, which would have dramatic consequences for not only the world’s largest economy, but also the global economy.

It does not have to come to that. After all, U.S. politicians have nearly always found a solution to these kinds of disputes in the past. But this time, Republicans are particularly keen to stand firm. That could come at the expense of better climate action or improved medical insurance for millions of people. It will therefore be interesting to see whether Biden and his Democrats stay the course and what they ultimately have to offer Republicans in order to save the situation as a whole.

In fact, Republicans do not have much to gain from this power struggle other than small territorial gains. However, that does not mean that they will forgo their theatrics, which, above all, will keep their supporters happy.

Spiel mit dem Feuer

Im Schuldenstreit in den USA steht viel auf dem Spiel und alle müssen hoffen, dass es so wie meist gut ausgeht und Washington zahlungsfähig bleibt. Ein Kommentar.

Die Warnung von Finanzministerin Janet Yellen vor einer möglichen Zahlungsunfähigkeit der USA kann nicht ernst genug genommen werden. Denn wenn der Schuldenstreit zwischen Präsident Joe Biden und dem Kongress nicht rasch beigelegt wird, könnte das mächtigste Land der Welt Anfang Juni seinen Verpflichtungen nicht mehr nachkommen – mit dramatischen Folgen für die größte Volkswirtschaft des Globus, aber auch für die Weltwirtschaft.

So weit muss es nicht kommen. Schließlich haben die politischen Akteure der Vereinigten Staaten in derartigen Auseinandersetzungen bisher so gut wie immer eine Lösung gefunden. Doch diesmal wollen die Republikaner besonders hart bleiben. Das könnte auf Kosten eines besseren Klimaschutzes oder einer künftig besseren Krankenversicherung für Millionen Menschen gehen. Man darf also gespannt sein, ob Biden und seine Demokraten Kurs halten und was sie den Republikanern am Ende im Detail doch anbieten müssen, um das Große und Ganze zu retten.

Für die Republikaner gibt es also in diesem Machtkampf neben kleinen Geländegewinnen im Grunde nicht viel zu erreichen. Verzichten werden sie deshalb aber nicht auf das Theater, das vor allem ihre Fans bei Laune halten wird.

This post appeared on the front page as a direct link to the original article with the above link .

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