August 2nd, 2011
06:00 PM ET

Is U.S. economic leadership at an end

FROM CNN's Jack Cafferty:

There's a saying that "When America sneezes, the rest of the world catches a cold."
[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2011/images/08/02/art.cap.money.jpg caption=""]
And that's why the ripple effect of the debt ceiling crisis in Washington reaches far beyond our borders.

The whole world has been watching - and worrying - as Congress carried on like children the past few weeks, threatening to send the U.S. into default.

A piece in The Daily Beast suggests that the debt ceiling debate was "the most disturbing sign to date that a global economic system that hinges on the United States is a system waiting to crash."

A growing number of experts suggest it's past time to come up with an alternative to the dollar and to U.S. Treasuries in the global market.

One of the first signs that America's economic leadership was unraveling came with the financial meltdown of 2008. And since then, the situation has only become more dire.

Russia's Prime Minister Vladimir Putin is accusing the U.S. of living beyond its means "like a parasite" on the global economy.

Putin says if there's a "systemic malfunction" in the U.S., it will affect everyone. And he's right about that.

So it's no surprise everyone from Saudi Arabia to China to Canada has questioned the antics in Washington surrounding the debt ceiling.

And - even though President Obama has now signed the debt bill into law raising our borrowing limit, there are still jitters in international markets that the U.S. credit rating could be downgraded.

For countries that hold billions - or trillions - of dollars of U.S. Treasuries that's not good news.

Interested to know which ones made it on air?

Major U.S. corporations and financial institutions are U.S. in name only and have no allegiance to the U.S. at all. They have already turned to new emerging markets around the world to take the place of U.S. consumers and U.S. manufacturing. If unchecked by the lawmakers they have "purchased", they will continue to invest in other countries, suck this country dry and then leave for greener pastures with their money safe in off-shore accounts, leaving behind a third world replica of the U.S.

No! We've had a few economic idiots advising and leading the U.S. but there has been one person for years talking about our poor economic policies and only now he is being heard. Rep. Ron Paul has been leading on these issues for many years. He is the best candidate in 2012 to lead us out of this economic disaster.

Annie in Atlanta:
Pssst… it has been for a while. Free Trade Agreements anyone? We're only here to enhance profit driven corporate greed, and becoming less useful to them by the day as the people of China and India are now creating a consumer class.

Jenna in Roseville, California:
You bet, Jack. Just look at how the stock market reacted to the farce of a "compromised" Debt Ceiling bill passage. The markets aren't stupid. Anyone who voted FOR this bill should be packing up their offices now because they won't be re-elected.

Larry in Georgetown, Texas:
Duh, yes. Good jobs have been shipped overseas and replaced with low paying service jobs. Greed is now legal and we are more divided as a nation than anytime in our history. We haven't hit bottom YET but when we do it will be 10 times worse than the Great Depression.

Filed under: Government • United States
soundoff (303 Responses)
  1. Jayne

    Yes, but we could lead again. Companies that outsource American jobs need to be penalized, not rewarded (think tax breaks for the cost of closing U.S. factories). Trade agreements must be renegotiated. We've given away the store and I don't know why anyone is surprised at the lack of jobs and lack of tax revenue coming in.

    August 2, 2011 at 1:48 pm |
  2. Karen, Idaho

    If the last month of Congressional bickering is any indication of economic leadership, we get a big fat F. After watching this rediculous fiasco, what country would ever consider following our leadership. Before we can be an economic leader, every member of Congress should take Economics 101–income has to equal output. Without tax revenue from EVERY American and EVERY American business, we cannot balance a budget. Patriotic Americans are willing to pay their fair share–I'm not sure the same can be said of Congressmen and women, the filthy rich, and big business.

    August 2, 2011 at 1:48 pm |
  3. Russ in PA

    Economic leadership by the US ended when the FED was created, and so many subsequent politicians bought into the Keynesian system of economics, rather than the Austrian school of economics centered on sound money and non-aggression. Ron Paul is the greatest proponent in Congress on sound money and non-aggression, but the media pays him little mind. Such a pity, as decades of allowing the FED to manipulate the money supply and interest rates, and decades of allowing government to pick winners and losers is beginning to make losers of us all.

    Ron Paul in 2012...

    August 2, 2011 at 1:50 pm |
  4. James in San Diego

    You need to ask?

    August 2, 2011 at 1:50 pm |
  5. Ed from Md

    Nope, we're still ahead of the world in debt and spending.

    August 2, 2011 at 1:50 pm |
  6. Krazykat

    From Houston, Tx. I think Obama sold us out. How could he let the republicans and tea party run the white house? I thought he was voted in, not them. I thought he was for change, again, he helped the repulbicans kick the can down the pervervial road. So the rich keep getting benifits and we keep paying for it. We had such faith in Obama, what a let down, yet again. He is starting to show no back bone.

    They got Osama, this is the only acomplishment he will be known for. He didn't stand his ground about making the rich, at least pay their taxes. What's this stuff about GE? Why isn't anyone going after them for their taxes? That money could pay off quite a bit of debt.

    Obama, you let us down, yet again. You caved....No backbone...

    August 2, 2011 at 1:57 pm |
  7. Tom in Desoto, TX

    The what? economic leadership? in this country? I don't understand the question, please rephrase the question.

    August 2, 2011 at 1:58 pm |
  8. Terry in Virginia

    Our economic leadership has no leaders so how can it end? All we have are a bunch of court jesters. The world is laughing at us.

    August 2, 2011 at 2:00 pm |
  9. pmk1953

    It's been over for years. The BIS has already stated that they won't be happy until the US has wages on par with China. They will continue to push their agenda through the IMF, the UN, the bilderbergs and the world bank. When the US is destroyed the NWO will be in charge.

    August 2, 2011 at 2:06 pm |
  10. gary

    No we just need to get rid of some people next election.I'm a INT voter and tried to go to a Tea Party rally.it was so one sided,I didn't have money so I couldn't stay.they ask me to leave.

    August 2, 2011 at 2:10 pm |
  11. Greg, Ontario

    It has been for some time. Just because your the biggest free market in the world doesn't make you a leader. It just means you have a lot of people. Most of those people today are financially strapped and "under taxed" for what they demand from the government. So you have a bunch of whining cry babies with their hands out. That's America today as seen by the rest of the world. Take it from a friend and neighbor it is time to stop thinking of yourself as the greatest nation on the planet and start looking around at others for a for a better way that you can't see.

    August 2, 2011 at 2:17 pm |
  12. pat in michigan

    Of course.Our own Congress turned on the working class to help the rich get theirs at our expense.At what point will the rich tell us just how much they are willing to pay us to bring our jobs back.While you are at it let us know what areas we will be allowed to reside in so you wont have to be forced to rub elbows with us.How foolish of us to think we were ever anything more than worker bees!

    August 2, 2011 at 2:17 pm |
  13. billy bob

    You mean , is the opportunity still there for the middle class who get the rug pulled out from under them so hippocrits in the low class and moneyworshippers in the corporate class can get a free "come up" When you have special ineterest leaders derailing integrity and morality because its not part of the rule of law loopholes,and govt dictating what 3rd world china wants us to do when it comes to not enforcing our customs becuz dems are afraid they cant get more debt money to squander? were doing it to our selves in being forced to choose between 2 lessor of's every election cycle..Fools the u.s. has become..Perhaps ,prohibition of malt liqour and foritied wine would help the country snap out of the doldrums...

    August 2, 2011 at 2:18 pm |
  14. Rich McKinney, Texas

    Jack politicians in this country were never in charge of the economy. They would like us all to think they are but that could not be farther from the truth. The government only creates jobs in its own bureaucracy. The private sector creates jobs for the rest of the country. As long as our politicians make it next to impossible for a company to make a profit by their hip shot legislation we will never recover. Businesses in America have money Jack they just do not trust the government enough to spend it here and until the government makes it cost effective to do business in America business will keep leaving the country. No jobs means no tax revenue. No faith in government means no jobs. Those are the facts.

    August 2, 2011 at 2:28 pm |
  15. pad

    Yes you can not barrow 40% of the money you spend and give it away then barrow 2trillion more dallors to give away. The rest of the world has used us up! What a joke we are.
    Ames Ia

    August 2, 2011 at 2:29 pm |
  16. Jim S

    Unless the people take our government away from big money, big corporations and their lobbyists, yes Jack.

    August 2, 2011 at 2:29 pm |
  17. Ed from Texas

    Yes. Remember what Ross Perot said about Nafta and "That giant sucking" caused by our jobs going south? Under globalization, economic equlibrium will be achieved. Jobs will flow to those willing to work for the lowest wage.

    August 2, 2011 at 2:29 pm |
  18. Ed from California

    No...we still have leadership....except they're on the payroll of the uber-rich. Whom, by the way are stealing all of our money w/our blessings. Why? because they're are being elected by the very people they're stealing from.....all those who drink the Koch/Teaplican kool-aid. The elected politicans in D.C are our employees. They are all our hired help, we need to keep a better eye on the hen-house, before they ship that off to communist China or Mexico. Maybe we need to outsource all of D.C to some off shore country. And pay them all a nickle a day....do you think that's too much??

    August 2, 2011 at 2:33 pm |
  19. Richard Shemanske

    Why is President Obama's Job Czar investing 2 Billion dollars in China so that he can transfer US manufacturing overseas; Cheaper labor costs or lower taxes?

    August 2, 2011 at 2:34 pm |
  20. Loren

    Not yet, but if our economic policies continue to favor service industry jobs over manufacturing and basic industries, we will find ourselves irrelevant.

    August 2, 2011 at 2:38 pm |
  21. Pete in Georgia

    And here is why.
    Our system of government, with the careful implant of thorough checks and balances creates, by it's very design, incredible gridlock. Mind numbing gridlock. With increased financial stakes throughout our brief history this creates partisan politics through the roof. Greed and power mongering beyond compare.
    While we fight these internal wars and decimate and consume each other the rest of the world is developing, expanding, and passing us by in almost every worthwhile endeavor of achievement.
    We are becoming second rate because of our in-fighting, gridlock, and greed.
    Adios America.

    August 2, 2011 at 2:38 pm |
  22. Kenneth from California

    Certainly is at an end. We gave away our manufacturing behemoth that made America, to other countries, especially China. Communist China, if not already, has gained the worlds economic leadership. What is scary, contributing to their economy, also is making them a military giant, with super carriers, stealth aircraft etc.
    It may bode ill for the profiteers in our country who gave them this power if China becomes hostile.

    August 2, 2011 at 2:38 pm |
  23. bob z fr ,pa.

    you call this leadership a couple of high school kids could do a better job

    August 2, 2011 at 2:44 pm |
  24. Shari Cecil Winlock, Washington

    Uh, yes...but not because of the political dog and pony show we just witnessed in Washington...that was just the cherry on top. It's because US corporatons have been sending OUR jobs abroad for years. It's because of extreme unfair trade practices that favor other countries and not US corporations and consumers. US economic leaders, not anymore...other natoins are watching us fail...while they laugh all the way to the bank.

    August 2, 2011 at 2:46 pm |
  25. Alex in Bremerton, WA

    Not yet, Jack. We are still the first among equals when before we were simply the first. Period. We transitioned from a bi-polar world after the collapse of the Soviet Union and now we are transitioning to a multipolar world with a number of strong economic powers. Our leadership position will depend on whether we can get our economy back on track for all Americans.

    August 2, 2011 at 2:50 pm |
  26. pad

    Jack, China has reduced U.S.A. credit rating today is that sign of economic leadership?
    The cost of wars is what took down the Roman empire. They barrowed to much money.
    Ames Ia

    August 2, 2011 at 2:53 pm |
  27. Panos

    The right question is "is capitalism leadership at an end?" And what what will follow?

    August 2, 2011 at 2:55 pm |
  28. Joe R - Houston

    The end will come when foreign producers get tired of the US buying their products with counterfeit money. Soon. Very soon.

    August 2, 2011 at 2:58 pm |
  29. Bizz, Quarryville Pennsylvania

    Yes jack, I think it is. We have just made a fool out of ourselves in front of the world and our leaders in Washington don't even realize it or fail to recognize it. We have companies like General Motors who paid no taxes and receive over 1 billion dollars in tax incentives. Yet they could care less about producing more jobs here or keeping jobs here. They choose instead to ship jobs overseas just to make an extra buck. With this kind of loyalty and attitude along with Washington lobbyists running things, is why we are losing our economic leadership.

    August 2, 2011 at 2:59 pm |
  30. Mr. A.M. Velez

    I was listening to the news this morning about the debt ceiling and the poor economy and a commercial about buying 'gold' pop up...of course the economy is going to continue a downward path; please, think what will happen when our companys,(that you are not investing in) go bankrupt, what are we going to eat...Gold? America should be investing in companys that create jobs, manufacturing, food, etc. instead of wasting their time and money in an industry that slows down the economy. Can CNN research this situation?
    Your Guardian Angel

    August 2, 2011 at 3:00 pm |
  31. David from Herndon, VA

    The other day we picked up a box of little styrofoam peanut-things that you toss in the bowl to encourage little boys to learn to pee in the toilet. I noticed "made in the USA" on the side of the box.

    If that's what our manufacturing has become, then yes, I'd say we're all done. Somebody hit the lights on the way out.

    August 2, 2011 at 3:03 pm |
  32. Joe

    Unfortunately our economic leadership has reverted back to the middle-ages with those in power taking care of the rich with the fall of the poor. If you are at the party and the hose does not offer you a piece of cake, then there is no party, no interaction, and no agreements.

    No longer do our leaders look out for the common good of the people, consequently, leadership has taken a permanent vacation.

    For example, why are our fearless Congressional leaders taking 5 weeks of vacation when the FAA bill needs to be passed, people are unemployed, and Republicans continue to undermine the current administration for the sake of the powerful.
    Joe, Binghamton, NY

    August 2, 2011 at 3:05 pm |
  33. Gary H. Boyd

    America's economic leadership was because there were more "Haves" than "Have Nots" in this country. There was a strong work ethic and an attitude of self reliance that's no longer present. The "Have nots" now outnumber the "Haves" and the chance of that situation changing is dim at best because of government programs that are more socialistic than democratic. America's economic leadership is in a downward spiral with no end in sight.

    Gary in Scottsdale, Arizona

    August 2, 2011 at 3:09 pm |
  34. Olga O. Pina

    If we send 'stupid' to Congress, 'stupid' wil reign...

    Austin, Tx

    August 2, 2011 at 3:12 pm |
  35. cal

    I hope so. Then some countrys make bring so jobs here .

    August 2, 2011 at 3:16 pm |
  36. Kim Smith

    It ended a long, long time ago. We are ruled by the Chinese who have mastered the idiotic trade policies that the State Department has come up with. Our middled class has been literally destroyed in the few short years the Republicans had their way, and we are the laughing stock of the world for being caught in two wars that make absolutely no sense. Now our Congress is being led around by the nose by a bunch of back woods racists who have figured out that there isn't a single person with integrity left in Washington. It just makes me want to cry.

    August 2, 2011 at 3:16 pm |
  37. Kirk (Apple Valley, MN)

    Economic leadership? I'd say ANY leadership is DOA right now. I'm not sure when the "government" stopped the practice of not negotiating with terrorists. The past few weeks have shown that this is no longer an active policy.

    August 2, 2011 at 3:17 pm |
  38. dave in nashville

    Couple decades late for the question my man, this is one area that should have been outsourced to private enterprise, you know, ones that shape up or ship out.

    August 2, 2011 at 3:18 pm |
  39. Carol

    Absolutely! And it is about time! We have done everything in our power to over expand and over meddle in other countries affairs, we created a military industrial society we were warned about by Eisenhower, have become obsessed with consumption as Jimmy Carter warned us about, and finally, we have destroyed our great middle class tax base to pander to the wealthy (or should I call them 'job creators' –the new unoffensive term for our gluttonous residences of Richistan). The death of America as an economic super power is as surprising as hearing that a 95 year old lifetime smoker died of lung cancer-it is an anticipated death long overdue! Carol from Gainesville, VA

    August 2, 2011 at 3:20 pm |
  40. joan Surridge

    The post-market reaction to the legislation has spoken on our economic leadership. The debt crisis resolution is all "smoke and mirrors" refecting badly on both parties. They do think we are stupid! The rumbles of a third party are resonating louder than ever after today.

    August 2, 2011 at 3:26 pm |
  41. Randy

    When you have 400 people owning more wealth than the bottom 150 MILLION people you've lost your economic leadership a long time ago.

    August 2, 2011 at 3:27 pm |
  42. Brian in IL

    There are certainly more than enough mind games to go around with nobody seemingly willing to put their best foot forward. But the government can't solve every problem, yet all those anti-government bashers do an about face once gasoline prices rise, etc. We have been warned about that one for nearly four decades now and don't seem to be any further along than we were then. And the economy seems to be so addicted to consumer spending that they all cry wolf at the slightest decline in consumer spending. Who pays for all these surveys anyway? We probably need to create a new type of economy less dependent on consumption because we all know that the days of people holding the same job for decades or a lifetime are long gone. Today those in the private sector are lucky if they can keep the same job for more than two years, and the days of the two-week family vacation are now history.

    August 2, 2011 at 3:28 pm |
  43. Nate NC

    NNNOOOOO, we still have the best military and intelligence agencies in the world. If we lose money, we'll just blow up or sabotage the other contending economies.

    August 2, 2011 at 3:31 pm |
  44. Kevin in CA

    Well, it's certainly headed that way. At the end of the day, size maters. 1.3 Billion Chinese are now Globalized in the free market and that is a formidable if not irresistible force.

    August 2, 2011 at 3:32 pm |
  45. riley oday

    No its not at an end . Maybe thirty more years.

    August 2, 2011 at 3:33 pm |

    Yep! and it's not going to get any better, not with the mentallity of our current leaders. It's only a matter of time. Rome is burning and we don't even know it.

    August 2, 2011 at 3:38 pm |
  47. Larry from Georgetown, Tx

    Duh yes. Good jobs have been shipped overseas and replaced with low paying service jobs. Greed is now legal and we are more divided as a nation than anytime in our history. We haven't hit bottom YET but when we do it will be 10 times worse than the Great Depression.

    August 2, 2011 at 3:40 pm |
  48. Paul From Austin Texas

    Thanks to the tea party it sure looks like our economic leadership is at an end. People should do research to just see where and just what the leaders of this extrem party are coming from and just what their ture goals are before joining the tea parties magic bus to bust.

    August 2, 2011 at 3:40 pm |
  49. Mark

    Jack, the short answer is "Yes". The long answer, however, is "Oh, hell yes!" It's probably good that Congress is taking a recess – they can't do as much damage when they're not in session. Besides, they're probably all tuckered out from destroying what was left of American credibilty.


    August 2, 2011 at 3:41 pm |
  50. Richard C.

    Simply put, America is the tail being wagged by the rest of the world's dogs

    August 2, 2011 at 3:42 pm |

    tampa, fl no, but you can see it from here.

    August 2, 2011 at 3:42 pm |
  52. Tom Bulger, Canandaigua

    We are still a big player but a great deal of investment has fled to China, Japan, Singapore and Malaysia. Some has gone to Latin America. I am happy for Japan, but the Chinese economy needs more investment like Newcastle needs coal.

    August 2, 2011 at 3:46 pm |
  53. Paul, Parry Sound, Ontario

    Yes, it's over. And you can thank your businesses and industries for shipping jobs to other countries, your politicians for allowing this, and your government for keeping the nation perpetually fighting useless and expensive wars for the last seventy years.

    August 2, 2011 at 3:49 pm |
  54. Kathy

    The future of US leadership depends on many variables not the least important is whether there is investment in new ideas, resarch and devleopment and manufacturing. Unfortunately, we may too late finally realize that major US corporations and financial institutions are US in name only and have no allegiance to the US at all. Their allegiance is to money and where they can earn the most. They have already turned to new emerging markets around the world to take the place of US consumers and US manufacturing. If unchecked by the lawmakers they have" purchased", they will continue to invest in other countries, suck this country dry and then leave for greener pastures with their money safe in off-shore accounts, leaving behind a third world replica of the US. Any chance the middle class will see this and force change before it's too late?

    August 2, 2011 at 3:49 pm |
  55. Steve, Clifton, VA

    U.S economic leadership as we once knew it has come to and end, however, there is an incredible opportunity to recapture that leadership role if we seize the opportunity to start to manufacturer products required by these emerging economies like Chine, Brazil, India. Green technology and medical research into areas like stem cell offer tremendous opportunities for America birth new state of the art manufacturing industries.

    August 2, 2011 at 3:54 pm |
  56. Wilhelm von Nord Bach

    the Wall Street Weasels and Corporate Outsourcing Quislings ended American economic leadership years ago, Jack.

    first NAFTA and later the Comminist Chinese cheating on trade has GUTTED the American middle class who's decent paying manufacturing jobs fueled the consumer economy. NO one is buying a home or car or other "big ticket" item on "Welcome to Wal-Mart" or "Do You Want Fries With That Order?" wages.

    August 2, 2011 at 3:55 pm |
  57. Michael "C" Lorton, Virginia

    Jack: What economic leadership? "The Government emphasis that the economy is nice [and gives] a little confidence boost that we're coming back. But is it reality? It isn't. We have a troubled economic system that is in serious trouble." No leadership what so ever-what we really have is a "runway train--with no engineer.

    August 2, 2011 at 3:57 pm |
  58. Jenna Roseville CA

    Is U.S. economic leadership at an end?

    You bet Jack, just look at how the stock market reacted to the farce of a "Compromised" Debt Ceiling bill passage.

    The markets aren't stupid and Americans for the most part aren't going to take this lying down.

    Anyone who voted FOR this bill should be packing up their offices now because they won't be re-elected.

    If president Obama was smart he should VETO this bill and go with the 14th Amendment.

    Roseville CA

    August 2, 2011 at 4:01 pm |
  59. Tony Brooks from Topeka Kansas

    It surprises me that everyone likes cowboy movies – why – because we weren't an economic superpower then and we got by just fine. What is it with America? Why do we need to be number one in everything? It obviously hasn't always been like that and I can't find anything in the history books that says we were so miserable because we lacked the number one rating in everything from war to widgets. Common, give me a break.

    August 2, 2011 at 4:01 pm |
  60. Paulette in Dallas,PA

    Yes,it is. It is collapsing just like the Holy Roman Empire did. A perfect example of the Peter Principle - the US has risen to its level of incapability and now the walls are going to come tumbling down. Truly a shame because a good life could have been had here for ALL.

    August 2, 2011 at 4:02 pm |
  61. Lori - PA


    Our economic leadership, based on what I've heard, began to come undone when Clinton took office, and was made worse by legislation approved by Bush. I fear this debt ceiling debacle is the final nail in the coffin. Oh what the Founding Father's must be thinking.

    August 2, 2011 at 4:02 pm |
  62. D.Wilson

    I would have to say yes. We have lost our manufacturing base, and what we have not lost will soon be in China. Ask GE about that. Our education system is out of wack. If too many students fail, grade on curve, more pass, but are they any smarter? Remember years ago when a student might lack academic skills' but was great in shop class. That student could look for work in manufacturing but not any more. Hey that could be the solution OUTSOURCE the GOVERMENT!

    August 2, 2011 at 4:05 pm |
  63. Ralph Parks

    Congress is worried about USA lossing its AAA rating even after seeing the many tactics Wall Street firms have shown them over the years.Get Bernie Ebbers and Arther Anderson Auditors out of prizon & on the hill !

    August 2, 2011 at 4:06 pm |
  64. Bryan, Colorado Spgs.

    You can't be the economic leader and the economic loser at the same time. Being an economic leader means you are in great economic shape and are respected as the best economically and financially strong enough to lead. None of these even comes close to describing the U.S. economically. No matter what any politician currently in washington says the U.S. is an economic loser and it is the politicians fault for being so stupid with the finances of the U.S.
    And that means the president and congress. Now shut up and eat your peas. You inept bunch of politicians because the voters are just getting started.

    August 2, 2011 at 4:08 pm |
  65. Rick, Medina, OH


    What has taken us so long to learn is 'economic physics' ... for every action, there is a consequence. We engineer ... they build ... we buy! They discover ... we improve and market ... often back to them! We no longer live in the simple and near 'self-sustaining' days of the 1950's and '60's. Economic 'leadership' is a press release ... and always fleeting!

    Medina, OH

    August 2, 2011 at 4:08 pm |
  66. Gary in Happy, Tx.


    August 2, 2011 at 4:16 pm |
  67. Annie, Atlanta

    Pssst – it has been for a while. Free Trade Agreements anyone? We're only here to enhance profit driven corporate greed now, and becoming less useful to them by the day as the people of China and India are now creating a consumer class.

    August 2, 2011 at 4:18 pm |
  68. Mike in Denver

    The spoiled children in D.C. do not deserve to lead this country, much less anything on a global scale. Maybe one day when our leaders grow up, the U.S. will be invited back to the adults' table.

    August 2, 2011 at 4:19 pm |
  69. Rich in Texas (The Job State)

    The U.S. will not be the financial leader any more in 3 to 5 years. What people don't realize is that Obama care hasn't even kicked in yet. As a small business owner THAT is when I will down size from 65 to 45 employees if I'm still in business just so that I can avoid paying those extra costs. I'm competing against China and India. What do you think my odds of survival are Jack? And they wonder why small business isn't re-investing. We're just trying to stay in business.

    August 2, 2011 at 4:20 pm |
  70. Renee Peoria,Ill

    Shouldn't it be? We can't trust our leaders with our money, why should we expect the rest of the world to?

    August 2, 2011 at 4:22 pm |
  71. Tina Tx

    I hope so because it is time to stay home and get your own house in order instead of trying to police the world. Yes Americans are spoiled. No man alive needs to live in a house larger than 2000 sq ft. Those who thought their money would last forever bit off more than they could chew and now you are seeing the results. This down fall will be good for people if they just roll with the flow.

    August 2, 2011 at 4:23 pm |
  72. LLW

    Yes. It wasn't by accident. You cannot have a plutocracy with a sound Middle Class. It only works if you have rich parasites and an underclass that is undefended. The Social Contract was destroyed today and with it any chance that the US would EVER dig its way out of the hole the upper 5% dug for us. It is political rape and you guys just sit there an cheer it on.

    August 2, 2011 at 4:23 pm |
  73. clyde hooks

    The dollar will cease to be the standard sooner rather than later. If the Fed Chairman can't figure it out, than we're already toast.

    Our debtt rating will fall even with the debt ceiling increase approved.

    Jobs continue to be exported (even at GE – home of one of the Job Czars!). Today's 9M will be a memory like gasoline under $2.00.

    American Airlines is buying 1/2 of its new fleet from Airbus (should they be allowed to continue to call themselves "American"?

    Interest rates are lower than they really should be. When they rise, all the variable credit debt rates will increase (20% interest on credit cards will not be unusual). More people will BK due to debt burden and fewer jobs (except for those 'green' ones (are those the medical marijuana growers? I don't know a whole lot of others. GE wind turbines will wind up made in China. Most batteries (for all our new (magic) electric cars will not be made here. And can our very aged and vulnerable grid handle the extra load?

    And when China approves a manufacturer to build facilities, they usually demand design rights and training of Chinese engineers. Check out the GE Jet Engine deal.

    Jack, your question doesn't go far enough. It should be "in 20 years will we be leaders in anything?".

    People forget than in the timeline of history, the US is barely a blip (less than 300 years old). Will we turn out to be 'just an interesting experiment' for study at Oxford someday?

    There's probably still time to fix it, but it starts in Washington, and they couldn't even get 'cars for clunkers' right!

    August 2, 2011 at 4:25 pm |
  74. Jim, Denver CO


    I would say so. We blew our foots off out of sheer greed. And we all need to take blame. Wall Street & MNC's only aggrevated the issue, the citizens of this country need to wake up and get a clue. It is just so frustrating... bah!

    August 2, 2011 at 4:31 pm |
  75. Valerie in Raleigh

    The economical downfall of the country started with Bush giving tax breaks to the wealthy (never before done in the history of our country in a time of war), two wars he did not fund and a sweet drug plan for seniors, again not funded, trying to buy their votes. The country could not financially survive this many "hits" and a recession occured. Enter new President Obama whose every effort to right the economy was met with objections by the Republicans. This mess is laid right at the feet of the Republican Party – they are to blame and a shame on everyone of them.

    August 2, 2011 at 4:32 pm |
  76. Gary Wayne Hall Harlan, Kentucky

    I live down here in the real world with most and I'll answer your question with a question. When did American leadership ever begin?

    August 2, 2011 at 4:32 pm |
  77. John in Alabama

    Jack: A nation's economic condition should not depend on what big brother does or does not do. But since 1492; when Columbus sailed the ocean blue, the world started to getting much smaller. We on this orb are depending on each other for economic survival and economic growth. The United States of America is a world power to be reckoned with by all who inhabit this earth. If America sinks there goes Europe and parts of Asia, but America will still be able to feed itself, but this is not true for all on this earth. We will be able stay warm in the winter and maybe cool in the summer, but the rest of the world will not have this ability. YES, Jack, the USA is still an economic leader.

    August 2, 2011 at 4:33 pm |
  78. Ron Dayton

    We're leading? Really? We aren't leading in education, healthcare for our people, we aren't leading anything really but Greed! Jack, economics is a voodoo science/math. It can't continue under the Republican mantra, "Keep the poor, poorer and the rich, richer"! They don't seem to understand that if the poor can't spend, the rich will have to pay for everything. I know this is a simple example but the Republicans don't seem to get it! If you cut Health Care and Education from the masses who pay all the taxes, well, it's only going to last so long. It's illogical!
    The whole world is a victum of Greed and Power Hungar. Wheres the Religions when you kneed them?

    August 2, 2011 at 4:39 pm |
  79. Conor, Chicago

    No, it is not at an end. There is simply no alternative for people to consider in the near future. Europes finances are far worse than ours and the very stability of the Euro is being questioned openly in European capitals. China's entire economic models is premised on Dollar Supremecy and their Renimbi doesn't even hold value outside of China. The emerging BRIC countries also lack the financial infrustructure to handle being in charge. Couple all of that with the fact that the US still dominates the oceans and all of this downgrade stuff is still totally overblown. Anyone who screws with the Dollar will answer to the US Navy. It's pretty simple.

    August 2, 2011 at 4:39 pm |
  80. Remo, from beautiful downtown Pflugerville Texas

    What do you mean by leadership? The debt ceiling has been raised 75 times in 49 years, so Jack you try to explain your question. We have no leadership, we have a bunch of self centered crooks that are taking our money and our rights away. If there was leadership we would always have a balanced budget .

    August 2, 2011 at 4:45 pm |
  81. john ....... marlton nj

    No, but clearly there is a failure of leadership in the USA.

    August 2, 2011 at 4:46 pm |
  82. Dave

    There isn't another country in a position to take over leadership. We are still three times larger than the second largest economy. China and India will eventually overtake us, but for now, we're still number one.

    August 2, 2011 at 4:49 pm |
  83. Cy Gardner

    How do scams like subprime loans and collateralized debt obligations show leadership? Why should every country in the world that has universal health care for a lot less money, look to us for advice on taking care of its citizens?
    Why would countries with democracies that support job creation and educating their citizens want to follow a country that only gives to the richest one percent. Nobody in their right mind would follow where our corporations and the government they've bought are leading us, into virtual slavery and designed misery. cy from arlington, va

    August 2, 2011 at 4:49 pm |
  84. Frank Rindosh

    Well, first of all, we (the United States), the largest and strongest economy the world has ever seen is now on it's knees borrowing from a country (China) that can't be trusted and would do anything to defeat us and own us. And our military is over extended and preoccupied with conflicts that are unconstitutional when it comes to our involvement which is also further bankrupting our country and not to mention our crumbling infrastructure. Yes, U.S. economic leadership is at an end.

    August 2, 2011 at 4:50 pm |
  85. Jk from Minnesota

    As long as the extreme right manages to stop any real progress in solving the country's economic issues, and act like they did during the debt crisis – the US will lose a lot of respect in the world. They scare me too, Jack and need to be removed from office in place of peop0le would will focus on creating jobs in this country.

    Washington, DC - increasing employment within this country is one way to reduce the deficit. You might not even have to cut as much spending with the increased tax revenue. By the way, the Bush tax cuts do have to go too.

    August 2, 2011 at 4:50 pm |
  86. Dennis north carolina

    it is very possible. big business owes no allegiance to no country but just to the major stock holders and the profit line so we need to limit or bar special interest groups from our elected officials. you know that their money can buy votes and elected officials. we have a very corrupt system and country. if the back rooms could talk most people would want to hang the people in office.

    August 2, 2011 at 4:51 pm |
  87. Cy Gardner

    Why can't you ever ask any questions about puppies? Or unicorns or daisies? Why do your questions always pile on the misery and remind me what a crappy place this country is determined to become? Forget it. If you asked about puppies you'd probably get a lot of recipes. Cy from Arlington, VA

    August 2, 2011 at 4:51 pm |
  88. Terry- Greensburg, IN "Hoosier Hillbilly"

    It's teetering on the"brink!"

    August 2, 2011 at 4:53 pm |
  89. Joe Ft Walton Bch Fl

    I have a better saying. When I catch a cold I'll blame on the Republicans. And with a little cut on Medicare they will make catch an pneumonia. Its a conspiracy to make Obama look bad and the world to have to deal with our losses.

    August 2, 2011 at 4:54 pm |
  90. Robby Bowling

    Leadership ! what leadership ? Reading speeches off a teleprompter & campaigning 365 days a year isn't leadership. Waiting on the other side to make a move while coming up with no moves of your own is not leadership, Playing the blame game game while NEVER owning up to you own blame isn't leadership. Not listening to the public & doing what you want isn't leadership. We may not agree on what leadership is , but we should be able to agree there's not any in Washington.

    August 2, 2011 at 4:55 pm |
  91. Madge from Saratoga Springs, NY

    It certainly seems like it could be.

    August 2, 2011 at 4:57 pm |
  92. Bill in New Mexico

    For Russia, China, India, OPEC, Japan, The European Union–for all these economic powerhouses of the future, I have good news and bad news.

    The good news for them is that the U.S. economic leadership is ending because:

    America's highways, bridges, electrical power system, and education system are not being renewed.

    The U.S dollar has had a two pronged assault:

    A.) a debt of $14 trillion

    B.) the U.S. trade deficit that sent volumes of money out of the U.S. on a magnitude a good fraction of the national debt (this paper is out there waiting)

    The bad news for the foreign economical powerhouses is that the U.S. economy is massive. It will require decades for it to fall–and when it does finish falling it will bring these foreign economies down with it.

    Could these foreign economical powerhouses being interested in saving themselves by saving the U.S?

    August 2, 2011 at 4:58 pm |
  93. Chris Brown FL

    no I dont think so. largely we are the welfare for the world so as long as we buy our way into their hearts we'll stay on top. Trouble with this idea is we need jobs to fund this .We can all go get jobs over seas so we can get OUR money back .

    August 2, 2011 at 5:00 pm |
  94. Cliff Glass - Rego Park, New York


    We're the economic leaders only by default and not by merit, as there is no country nowadays that are beacons of economic purity and ingenuity. Stupidity and malfeasance it seems, is a collective global effort.

    August 2, 2011 at 5:02 pm |
  95. Curt, Avon, IN

    Jack, when a country has to borrow trillions of dollars from a country like China it can no longer be called a, "leader". When all we have to offer the world is another war we are finished as a civilized nation.

    August 2, 2011 at 5:05 pm |
  96. Duane North Dakota

    Jack: Leadership is the courage to make the hard choice when no one else is willing to do so. As Washington pats themselves on the back for a job well done, our country is still in trouble; our bridges, roads, power grid and our way of life are rapidly disintegrating and oh-by-the-way, our country is still 14 trillion dollars in debt. What happens if the world forecloses on US?

    August 2, 2011 at 5:08 pm |
  97. Dave, Orlando, FL

    You betcha. And the Tea Party closed the curtain on us with their bizarro, idiotic economic ideas that make St. Ronald’s voodoo economics look like genius.

    August 2, 2011 at 5:08 pm |
  98. Michael, from Smiths, Alabama

    I don't believe our economic leadership is at an end, but it has been weakened enough that another economic powerhouse, such as China, Japan, or India, won't have to work as hard to surpass us in 10-20 years. I already dread the day when a dollar becomes as worthless as the penny. When that happens 'another day wont mean another dollar'.

    August 2, 2011 at 5:10 pm |
  99. Gordon NJ

    Global markets went down today because the people who really
    understand history and economics recognize that the US is repeating the
    same mistakes it made in 1937. Then, FDR was forced to cut new-deal spending instead of spending more. This mistake was only corrected by the onset of massive spending for WW2. I hope we are not doomed to repeat that mistake too.

    August 2, 2011 at 5:10 pm |
  100. curtis in philadelphia

    Yes. Just like peak oil production, its all downhill from here Jack. It didn't have to be, but here we are. I wish I still drank.

    August 2, 2011 at 5:14 pm |
  101. Ron Dayton

    We're leading? Really? We aren't leading in education, healthcare for our people, we aren't leading anything really but Greed! Jack, economics is a voodoo science/math. It can't continue under the Republican mantra, "Keep the poor, poorer and the rich, richer"! They don't seem to understand that if the poor can't spend, the rich will have to pay for everything. I know this is a simple example but the Republicans don't seem to get it! If you cut Health Care and Education from the masses who pay all the taxes, well, it's only going to last so long. It's illogical!
    The whole world is a victum of Greed and Power Hungar. Wheres the Religions when you kneed them?

    August 2, 2011 at 5:15 pm |
  102. Donald

    I'm at an end with it.

    August 2, 2011 at 5:15 pm |
  103. Ray in Knoxville

    Jack, 30 years of GOP economic policies have resulted in 50% of the American population not making enough money to either pay taxes or support the economy. Those same policies have sent American jobs and American economic leadership overseas.

    August 2, 2011 at 5:17 pm |
  104. Chris

    No Jack its not but its taken on serious damage. This entire circus had nothing to do with anything but the 2012 elections. We are all paying the price but eventually things will turn around, they have to , that's what the rest of the world wants.

    August 2, 2011 at 5:18 pm |
  105. RJ

    No! Not yet at least. There is no alternative to U.S. Treasuries. It'll take a while for a viable alternative.

    August 2, 2011 at 5:19 pm |
  106. Steven K

    It's been over for a while. While the US is still important to the world economy, it's not in the top spot. Or rather the US economy is too tied into other countries for it to be considered any type of leadership role in the world. At the moment there is no real one country that leads the economy, but rather a tangled weave of several countries that do so.

    August 2, 2011 at 5:19 pm |
  107. Thomas

    Is U.S. economic leadership at an end? I dont know if it is or not, I hope its not at an end.I see thepast and present leadership trying to lead but they run up against alot of resistance in there quest to lead to reach there goals to keep there promises.They end up leaving office with as much as they could acheive of what they promised etc if they achieved any of there goals at all while in office..Its clear its hard to lead in washington from my view point.

    August 2, 2011 at 5:19 pm |
  108. Cindy Colwell

    I am very dismayed that no one seems to remember 2008. WHY? The fact the "tea party" wanted us to default is one of the scariest things I've heard, and I'm becoming more and more distraught that this group AND Norquist are obviously running our country. I've awakened financially in the past three years, but obviously the USA hasn't.

    August 2, 2011 at 5:19 pm |
  109. marybeth, massachusetts


    Yes, it is. We have been surpassed by China and India. We no longer make anything in this country. The economy has shifted to a service economy, but most "service" jobs don't pay a living wage and even many service jobs are now being outsourced. When is the last time you talked to a customer service rep. for your credit card, computer, etc. and that person was actually in the U.S.? I don't know about you, but I always get someone in India, the Phillippines, etc.

    Wall Street and banking took huge risks, failed, and the taxpayers saved their butts. Now those same companies that benefitted from gov't largesse refuse to hire people. People aren't going to spend money outside of the basics if they're unemployed or underemployed or even just worried that they're next on the chopping block. Business howls that they won't expand until we start buying things and about "excessive" gov't regulation. What regulation? If there had been regulation, we wouldn't be in this mess. Gov't trusted business to self-regulate, and what we got was unmitigated risk and greed, and which took down the country and the economy.

    Gov't needs to grow a pair, regulate fairly, but regulate. Don't reward businesses for shipping jobs overseas. Stop giving subsidies to big oil, big pharma, big everything...make them pay their fair share of taxes.

    If we keep doing what we've been doing, we'll be competing with Burkina Faso and Haiti for bottom third world status.

    August 2, 2011 at 5:19 pm |
  110. gaucho420

    Yes it is, unless the boat changes course within the next decade. The US used to be the world leader in practically everything, but we now shun science, knowledge and facts as if Satan himself were pimping them in some sort of highway to hell map.

    Unless we can modernize our education system so that facts and science are cherished over fables and myths, we will fall behind.

    This started with GW by the way, the dumbing down of the US and the villification of brains and facts. When you do that, there's only one direction to go and its down.

    August 2, 2011 at 5:20 pm |
  111. Aaron

    With jobs leaving at a huge rate and economists saying consumer spending drives the economy, haven't we already lost the leadership? What was that Ross Perot said back in 1993? A giant sucking sound.

    August 2, 2011 at 5:21 pm |
  112. WAKE UP

    Its sad that two parties engaged in political brinksmanship have the power to make all americans look bad on the global level. And i dont care if you are republican or democrat, they both screwed the pooch on gthis one, as usual.

    August 2, 2011 at 5:21 pm |
  113. Reggie

    Well if politicians like Obama is voted in to be our president and he has no leadership skills what do you expect. He has led America down a dismal path and that's why he has to go in 2012. I don't care how much charisma he has, he does not know anything about leadership or economics so he has to go. Until then, America will be in a sad state and maybe there won't be any return. If we know whats good for us, we will not vote Obama back in. Lets get someone with some leadership skills and at least know what they are doing.

    August 2, 2011 at 5:21 pm |
  114. RickFromDetroit

    Only for 98% of us, the other 2% will bankrupt all us, and than move their operations to another country.

    August 2, 2011 at 5:22 pm |
  115. Wilbur From Lemont

    The president of this country has no leadership qualities. The house and the senate are a bunch of rich kids playing with our money. Do the elected officials of this country do anything that is in the best interest for the people that voted them into office? The middle class is supplying all of the funds in the way of taxes, there are rich people that do not pay anything. How many people in the current administrations cabinet did not pay there taxes when they were appointed? There are two different sets of rules in this country, one set for all of the rich and for the politicians, and a second set of rules for the rest of us.

    There is nothing wrong with this country, just the people who run it, vote all of the bums out of office!

    August 2, 2011 at 5:34 pm |
  116. Robert C Cooke

    The United States government financial system makes "Alice in Wonderland"seem rational by comparison. We have a mad queen
    and a white rabbit (Pelosi & Reed) and all the money goes down the
    bunny hole.

    August 2, 2011 at 5:34 pm |
  117. Samantha Judge

    Hi Jack!!

    I believe it's envitable that the U.S. will lose it's AAA standard and global economic leadership. Even though the U.S. states that it'll cut cost of 2.1 Trillion dollars over the next 10 years, the debt will grow well beyond this. With gold and silver skyrocketing upwards and the extreme concern of many countries around the world about the stability of the U.S. economy, it wouldn't surprise me to see a bigger crash than in 2008. It's like the U.S. economy is teetering on the brink.

    August 2, 2011 at 5:34 pm |
  118. John

    Jack, our economic leadership is at an end and both parties in congress are totally responsible. We were once a beacon of hope for the rest of the world. No more.

    August 2, 2011 at 5:34 pm |
  119. Lloyd Gallant

    Everyone knew that the "crisis" was manufactured by the GOP and used to tactically force the government to accept the spending cuts they wanted. I'm sure nobody really expected that an agreement wouldn't be reached. So – they got what they wanted, but at what cost? There is now a global loss of confidence in America's financial leadership which will surely be followed by a mass selloff of US securities.

    Consider the case of a preacher and his wife who live in one of the nicer houses in the neighborhood and for years they've lived as role models for the other families on the street. Then one day they are suddenly out in the driveway, drunk and screaming at each other, throwing dishes and cursing a blue streak. Whatever they were fighting about wasn't worth the spectacle and neither is this.

    August 2, 2011 at 5:34 pm |
  120. Pat

    When the economy went busted few years ago, I thought to myself. "Is it the beginning of end of the empire ?". In the last few days, watching the 'kids" played adults in DC, I think I was right. It is coming.

    August 2, 2011 at 5:34 pm |
  121. Ed Sr

    Yes...........our overall leadership is at an end...............it did not take much to perform that ill advised trip..........it simply took a bunch of politicians in Washington who would not make good prospects for a basic training course in the US Army. We are devoid of leadership..........what we have is mostly a bunch of worn out lawyers who could not make the cut in their own chosen profession so they ran for office with a big grin and no brain! I am thoroughly disgusted with Washington DC leadership and so should everybody else in this country who is of voting age. We need to boot these people out of office and find some live bodies.

    August 2, 2011 at 5:35 pm |
  122. Joe from Texas

    No Jack, the U.S. economic leadership is not at an end. It is currently bogged down in the mire due to republican priorities that involve the "assurance that President Obama will fail". Once the republicans and their selfish agenda is out of the way, our country will flourish and things will get done (once again) in Washington. Until then, it will be obstruction, obstruction, and more obstruction.

    August 2, 2011 at 5:35 pm |
  123. Stefan Stackhouse (Black Mountain, NC)

    We're still leading the world all right – straight into a black hole. The infuriating thing is that it doesn't have to be. We have so much going for us as a nation, but we simply don't seem to be able to get our act together. Most of the blame for that can go right back to the people we have been seeing too much of on CNN lately – the people who seem to think that they have been sent to Washington to posture rather than to really work out what is best for all of America.

    August 2, 2011 at 5:35 pm |
  124. DaleL

    From an outside perspective, the US politicians and media should be ashamed. The Tea Party is a lobbyist and isn't being recognized as such. The media portrays them as regular voters but they are no different from other special interests like unions, corporations and organizations. The Republicans are going to get more pulled through the primaries deeper and deeper into this type of insanity because the irrational is rewarded. My country (Canada) bit the bullet years ago and blended cuts and taxes to place itself with a better financial security. Although our health care system isn't perfect (no one has that), anyone can get reasonable care without ruining personal finances. Our banks are strong and regulated. Our crime is far lower. Even Conservatives in Canada are left of some of the Democrats. American citizens are told lies by their leaders and need to get better informed.

    August 2, 2011 at 5:35 pm |
  125. Latros Worku

    No, it is not over yet. I remember when people said the same thing in mid 80’s and then boom!! The 90’s came around and the IT technology exploded with American ingenuity and entrepreneurship sprit, which resulted in strong economic growth. As long as those two American original characters remain, we will be unstoppable and will always be the envy of the world.

    August 2, 2011 at 5:36 pm |
  126. frank cavness

    If congress paychecks were involved, never would have happened.

    August 2, 2011 at 5:36 pm |
  127. Chris Hesperia CA

    If it isn't, it ought to be! Who in their right mind would follow the way our government runs things? After the passage of this bill, I heard the President say that to get jobs flowing, he wants to "loan" construction companies money to get the repair of our highways & other infrastructure underway. Does he STILL not understand that he doesn't have any money?

    August 2, 2011 at 5:36 pm |
  128. Mark, Oklahoma City

    What do you mean "economic" leadership? How about just Leadership PERIOD? We don't lead the world in anything but, fat, lazy kids who think the world owes them a living and have absolutely NO respect for adults or authority. And to think that this "once" great country will be handed over to these electronic zombies over the next few decades just rattles me to my bones!

    August 2, 2011 at 5:36 pm |
  129. ttrumbo

    We are seeing our standard of living fall, our quality of life suffer, our fellow citizens facing unemployment, losing their homes, bankruptcy, inability to afford health care or college for their children, retirement and pension meltdowns, etc. What is the Tea Party's angry answer to this systematic downward mobility? Cut government! What a selfish, cruel mob.
    We need to raise taxes on corporations and the wealthiest Americans and bring us back in to some semblance of equality. We are so far removed from a real democratic structure: you know, committment to a more perfect union, domestic tranquility, general welfare, secure the blessings of liberty....We've reneged on this pledge for decades, the Bush tax cuts are just one recent example...the top 5-10% of America own the rest of us...it's so backwards, and until we do lead economically (which requires a much more equal distribution of wealth, income, power and property than we now practice) we will see more of us (Americans, working people, families, good-hearted citizens) crashing into the stress and depression and desperation that awaits the bottom, what, 50%? We've become a country wedded to the love of lucre and mammon (who exactly caused the world-wide economic crash we're still in? the moneychangers, who are still making millions and billions) with little sense of fairness, compassion, love or a more perfect union.

    August 2, 2011 at 5:36 pm |
  130. Kevin

    No, but we are on a downhill run and have been since the 1970's. We are a delusional country that believes we can have anything, anytime. I am fearful that class warfare will doom my kids to a future that is far less than what I have been able to provide them to-date. My generation has squandered what the previous generation has given us. We should be ashamed.

    August 2, 2011 at 5:36 pm |
  131. Mark

    Jack, leadership at all levels in this country has long been absent. It is time for personal leadership; that is, taking charge of one's own life given the reality we all face. At least this way, we can brace for the certainty of our country's collapse into a third world nation who no longer can bully its way among the global clan. Politicians will continue lining their pockets and multinational corporations will continue looting world resources without geographical boundaries, so brace for the inevitable. Leadership has become a nostalgic term that has been replace by a more modern term – greed!

    August 2, 2011 at 5:36 pm |
  132. John

    Of course this is NOT the end of US financial Leadership in the world. This is more an example of peaceful (if not efficient) government decision making.
    Like or not Jack, the US is head and shoulders ahead of all others even after your leading, sky is falling questions.

    August 2, 2011 at 5:37 pm |
  133. Derek

    The US economic leadership effectively ended with the election of Obama – his fiscal policies and "stimulus" have made things exponentially worse and the Fed has only assisted in the disaster. Unless fiscally sound conservative policies are adopted immediately, the Chinese will quickly inherit the role of World Leader in every meaningful category....

    August 2, 2011 at 5:37 pm |
  134. clint ashley

    Yes, sadly, U.S.A. economic leadership in the world will never be the same again. All of us Americans share the blame in this dilemma, not just our elected government leaders. What brought us to this place in our national crisis is our personal and national desire for more and more stuff. We have "charged" our way into this financial mess. We are dangerously in debt. We must discipline our pocketbook and put the breaks on our greed.

    August 2, 2011 at 5:37 pm |
  135. Judy D

    Are you kidding? You just saw an example of global economic leadership that is unequaled in history! A small band of people in a free society standing strong and forcing there own people to be more austere and moderate in our demands from government, at a time of our choosing, on terms that are neither draconian nor unreasonable. Financial responsibility of our own choosing, rather than at the hands of our creditors! Hardly does a more responsible example of economic leadership on this scale exist in history.

    August 2, 2011 at 5:37 pm |
  136. Daniel

    Not at all Jack, what are they going to use? The Euro which has 4 parties that will crash in the next 5yrs? As long as we stay the largest consumer in the world there is no alternative. Russia has no room to talk seeing as they have never recovered from their USSR restructuring. Not to say in the least if an alternative is used it would cause a partial collapse in the US economy therefore substantial decline in the purchase of the goods that allow others think there currency that could be used other than the dollar, when the fact is, is that its the purchase of goods from the country that houses that alternative by the U.S. is what makes that currency look like an alternative.

    August 2, 2011 at 5:38 pm |
  137. Jerry Jacksonville, Fl.

    Thanks to the
    U.S. congress and the worthless jerks we elected to represent us. yes we are at an end of an era where the United States was the world leader, not any more our elected officials have sold us down the drain to the highest bidder.What a damn shame

    August 2, 2011 at 5:38 pm |
  138. JD Caldwell

    The sad truth is im 32 and is this is not the same country i grew up in....makes me think of the romans

    August 2, 2011 at 5:39 pm |
  139. NationalKato

    Jack, as long as our economic leadership is more concerned with keeping the status quo – including tax breaks for companies that ship jobs overseas, oil subsidies to companies that earn gargantuan profits while gas prices rise for the common man, and tax loopholes and breaks for multimillionaires who are holding onto that cash instead of 'creating jobs' – we have no leadership. The climate in Washington's halls of Congress continues to be dominated by the 'haves' and the 'have-mores.' The Tea Party is either ignorant of how national economies work, bought and paid for, or just wanting to watch the world burn. The Democrats and Republicans are too caught up in their own re-election interests to risk being honest and courageous.

    August 2, 2011 at 5:39 pm |
  140. Bobby Bhakta

    Yes it ended, long time ago. We can rest on our laurels for a while but not for long. To deal a deadly blow to the US the Chinese might forgo trillions, their thinking is " I want you to be a widow, even if I have to die to accomplish that ".

    August 2, 2011 at 5:39 pm |
  141. Gary Lee, San Antonio, TX

    There are many challenges facing Americans today, but the greatest issue is our reluctance to embrace individual responsibility and raise our consciousness. If we are to survive. we must comprehend what made us unique and recapture our goodness. And since we no longer follow our own Constitution, our collective ego has no business being involved with the affairs of other countries. It's time to regroup and rethink our roles as true Americans.

    August 2, 2011 at 5:39 pm |
  142. Chris

    Game Over hit the reset button

    Cresco, Iowa

    August 2, 2011 at 5:40 pm |
  143. Joe - Utah

    Everything Obama does makes the economy and stock market worst! I hope we can survive until 2012. Wake up America, it's later than you think.

    August 2, 2011 at 5:40 pm |
  144. johnessj

    yes, long as we allow these tea confederates extremist loud mouth to run rampant, they will bring the u.s to ruin. it 2011 and these ignorant children of the old day are playing war game with our economy. a very fragile economy cause by two unwinable war. the u.s reputation are at a shady low. wake up america, stop drinking that poisonistic cup of tea you being serve as patroitism. it plain dumb mix with alot of stupid. btw did u hear any rebutal from the tea confederates party representative when mr. putin call the the u.s a parasite ?

    August 2, 2011 at 5:40 pm |
  145. rtbrno65

    So the downfall of the country is going to be heavy government spending with nobody wanting to pay any taxes. Figures.

    August 2, 2011 at 5:40 pm |
  146. Elizabeth Fosty

    Yes, I believe it is at an end, thanks to George Bush and the Tea Party.

    August 2, 2011 at 5:41 pm |
  147. Adam

    Shelburne Falls, MA

    In many ways, the approach this Republican Congress took to reduce the size of the federal government is consistent with the way we deal with many issues this country faces. Instead of seeing US debt and the economy as complex, delicate entities that must be coaxed and finessed out of trouble, they took the heavy-handed, narrow-minded approach of addressing the symptom alone. We deal with the countries drug problem with increased security forces (not working), with illegal immigration with deportation (not working) and with debt by reducing spending (not going to work). A country of over 300 million people requires more than Newtonian thinking, it requires that policy makes have an understanding of systems, of interconnected parts that affect each other in a variety of ways that are only predictable to a degree. Cutting spending at this time is simply foolish, economists overwhelmingly agree. This new short sighted approach to our debt will kill more jobs, generate less revenue, and increase entitlement payouts. Don't people remember what Clinton did? Democrats should have said, "WE aren't going to raise the debt ceiling unless we increase taxes for individuals making over $250K per year by 4%, cut defense spending by 10% and close tax loopholes for the largest corporations." Lack of leadership? Definitely.

    August 2, 2011 at 5:41 pm |
  148. richard aptekar

    from Burlingame, California (San Francisco)

    China and Brazil, among a few other nations, are outproducing the U.S. We must restart manufacturing engine here to get back in the game. Fear factor malaise has a stranglehold on Americans. Gap between ultra-rich and rest of us is ever-widening. Disgust with big biz not paying its fair share and the grotesque, unfair tax system have citizens boiling, not simply hot summer weather. Fed. government is rightly perceived to be out-of-touch with reality of Main Street problems. No jobs situation has pushed country to brink of another recession. Obama administration missed the boat. Should have pulled the 14th amendment lever immediately. Mistakenly expected tea-republicans to compromise and lost the battle.

    August 2, 2011 at 5:41 pm |
  149. chrisFromOhio

    Global impact? No. Leadership? Yes.

    August 2, 2011 at 5:41 pm |
  150. Mr. Les Freeman

    Well Mr. Cafferty, the country wanted CHANGE and CHANGE is what they got and that's probably all they're going to have to live on so to speak. This Nation has always spent more dollars than we take in, I'm tired of being the middle class whipping post to carry the burden's of our nations exorbitant, fruitful spending. The RICH keep getting richer and the poor keep getting poorer. I want the people in Washington to know that "THEY DON'T SPEAK FOR ME" and how I feel or what I think; if they did we wouldn't be in this stupid mess in the first place. The members of the House and the Senate call themselves being for AMERICANS; poo on that. We need accountability, we need responsibility, we need leadership.

    August 2, 2011 at 5:41 pm |
  151. Linda Spad

    from Des Moines, Iowa

    sadly yes. Our political system is seen as not competent to carry us through this crisis, and the "tea partyers" are going to continue to drag us into the ground. They think poliitics is a reality TV show. Next episode of the congressional debacle airs next month when Congress comes back to star in "Bringing Down the United States Economy".

    August 2, 2011 at 5:41 pm |
  152. David Castro

    If we countinue to act like "spoiled children" and throw a fit when something doesn't go our way then, yes our economic leadership is over. The only way to save ourselves is to become like ants and work together for a common goal and brush our own selfishness aside. Then the rest of the world would see our effort to perserve our economic leadership and would be more than willing to contribute to it.
    Until then the future of the "Good 'ol USA" is very dire and that makes me sad.

    August 2, 2011 at 5:42 pm |
  153. Mike

    The US economic leadership has been at an end. US leadership in the world began its end back around November of 2001, when certain people in the government began the folly that would lead this country not just into Afghanistan, but also into Iraq. Decisions at that time wiped out a budget surplus and created the current debt crisis, and worse, eroded nation's place as a leader in a global community, to the the equivalent of a global bully, a nation-sociopath.

    The real power structure of the world is changing, and it's not centered around the wealth/might of a nation or its people. It's becoming more and more about the might/influence/wealth of persons.

    Consider this please....
    If the disparity between the top 0.5% and the lower 99.5% in this country is so great, how does that top 0.5% stand in relief to the world at large?

    August 2, 2011 at 5:43 pm |
  154. Pat (Missouri)

    What Putin says about the United States is not relevant. No Russian has a clue about economics since their ecomomy is run by thugs and they just throw CEOs in prison and take over the company if they don't follow the communist party line. In America we argue and discuss and fight our battles and sometimes we get it wrong but we always bounce back. US treasury investments are still doing fine on the global market. Investors never lost confidence in them through the whole debt ceiling debacle.

    August 2, 2011 at 5:43 pm |
  155. Creek10

    The is more need to create or bring back jobs than there is to reduce debt which can / will be lowered if jobs are brought back to America.

    Unfortunately, America has no control of our economy any longer because we are a global market that has been taken over by the need to please China since they own our debt and the need to outsource American jobs to China, India, South Korea and others for cheap labor to please Wall Street.

    America can payoff all of its debt and the American workers that use to have good paying jobs are still screwed forever !!!
    Think about it, Wal-Mart and McDonalds are 2 of Americas largest employers with $10 per hour jobs...

    August 2, 2011 at 5:43 pm |
  156. Denny from Tacoma

    What leadership? We have a Congress full of Individualists who all think that they represent the American People, when in reality they only represent themselves.

    August 2, 2011 at 5:44 pm |
  157. David

    Our beloved country's position in the world is dictated primarily by our leaders in congress and the president; if they fail to realize that they have a responsibility not only to their constituents, but to the world, then our position as a leader in the global economy is up for grabs. The nonsensical behaviors that congressional leadership has exhibited is hinting that this very may well be the case, and that is a very hard truth to swallow.

    August 2, 2011 at 5:45 pm |
  158. Ken in MD

    When, exactly, did economic leadership in this country START?

    August 2, 2011 at 5:45 pm |
  159. Lurch

    Not over, but ending. Until a viable economic substitute for US securities takes hold, the US and our currency will remain the options of choice. Once real options are in play, the situation will likely change.

    August 2, 2011 at 5:45 pm |
  160. Bill in PA

    Just wounded.
    There is no other choice in the world.
    A commentator said it best: "value is set by the cost/value of the second best choice." The U. S. is still number one.

    August 2, 2011 at 5:45 pm |
  161. Jason


    Kids and parents stopped prioritizing education long ago. Various Administrations stopped prioritizing US manufacturing and the trade deficit soon thereafter. American consumers stopped prioritizing Made in America over low prices and convenience and US corporations stopped prioritizing communities and investment in infrastructure over shipping profits overseas and escaping taxes.

    As a result, with no industry leadership, vision for the future, and well educated work force, the US economy stopped being prioritized by the world long ago. It's odd something so irrelevant and unnecessary as this deficit fight finally woke us up, but if it did, it might be a slim glimmer of hope to take out of an otherwise dark and stormy mess.

    Lakeville, MN

    August 2, 2011 at 5:45 pm |
  162. DrJeff

    I think the US leadership in the house and senate has been beyond dysfunctional for a couple of decades at least. Now the psychosis has deepened to a point where we can no longer hide it from our international neighbors...how embarrassing. There are so many levels of what is wrong in Washington and dysfunctional in government that most people I talk with – personally, in blogs, Facebook, etc – all seem to agree....our constitution has been left trampled in the dust long, long ago, our "representatives" we elected have our welfare at the bottom of their list of priorities....#1 is them doing whatever is necessary to get re-elected, #2 is payback to all the special interests that help them get elected, #3 is feathering their nest for big-time influence mongering and payola so they can use their elected position to leverage themselves into multi-millionaires by the time they lose an election, #4 demonize the opposing party and give no ground whatsoever, even if it brings down our entire country, economy and the whole world along with it.....as scary as it gets.

    August 2, 2011 at 5:46 pm |
  163. Sanford Selman

    This crisis exposes the soft underbelly of our political system where long-term decision-making is undertaken within 4-year election cycles. It's a fundamental mismatch and the problem is further magnified by the financial influence wielded by less-than-objective corporate interests through their lobbyists and campaign contributions. Unbiased media fans the flames with 24/7 coverage that disguises opinion as fact so effectively that most citizens cannot tell the difference. The US is still looked upon with respect and envy around the world but we're trying awfully hard to fetch defeat from the jaws of victory.

    August 2, 2011 at 5:46 pm |
  164. Chris in CA

    I fear it could be. We bought the promise of globalism from our business execs, who were (surprise) the primary Americans beneficiaries. We exported our mfg and sacrificed our sovereignty on the altar of globalism. My company is laying off today - in the US and Canada. I was told by a manager that it is more difficult to lay off in Asia and Europe. Seems not everyone is buying the idea of globalism equally. What if we have to choose between this mantra of globalism and a recovery?

    August 2, 2011 at 5:46 pm |
  165. Brandon Hart

    I fear another recession. Look at the news! Consumer spending is down. Shareholders are selling their stocks. Unemployment is high. The AAA credit rating probably will decrease. And, a real debt solution was kicked down the road because of the polarity in Congress. I thought cutting taxes (which both Bush and Obama have done) was supposed to increase revenue for the government and save the economy?

    Grand Forks, ND

    August 2, 2011 at 5:46 pm |
  166. Mark in Houston

    Economic leadership started going down hill when greed took the place of
    sound moral decision making,decades ago.

    This country has been surviving on reputation for years, and now the behavior out of Washington has wrecked that.

    Sound leadership is old hat....we have now moved into the blame game as the ship sinks.

    August 2, 2011 at 5:46 pm |
  167. gonzo54

    Economic leadership came to it's final end when G.W. Bush was spooked by 9/11 into waging war off the books.
    It was slowly going south, than Reagonomics was put in place and sped up the process. Both partys are to blame but not as much as Madison Ave who sold us a bill of goods that was worth nada but made self gratification our deity.
    Any economy that mainly depends on it's citizens spending money to survive will never do so.

    August 2, 2011 at 5:46 pm |
  168. Jim

    Jack, it's been at an end for close to 30 yrs. People hate to admit it, but since the inception of Reaganomics, this country has been sliding towards this very moment. Trickle down doesn't work, it just makes the fat cats fatter. As the number of said fat cats decreases through consolidation, the middle and lower classes pay the price. But some people will continue to support economic policy which doesn't address the main concern, which is the lost revenues from tax cuts and breaks for the wealthy.

    August 2, 2011 at 5:46 pm |
  169. Juliet

    An end indeed, a simple Nursery Rhyme tells it all, it is derived from the Black Plague that killed Millions.” Ring around the Rosy, pocketful of Posey’s, ashes ashes we all fall down” exactly! We are ashamed, embarrass and disgusted with Congress, were next for a revolution and we welcome a new breed of human beings, Snookie go girl go

    August 2, 2011 at 5:46 pm |
  170. Brad

    As a small biz owner. Its time to start thinking about the unthinkable.... Its over.

    August 2, 2011 at 5:47 pm |
  171. andrew,San Antonio,tx

    Not just " economic" leadership. The whole nine yards Jack.

    August 2, 2011 at 5:47 pm |
  172. Cindy from Canada

    Jack, Of course economic leadership is going to take a back seat when one considers who is making the financial decisions on behalf of the country. Economic plans driven by religious beliefs and extreme wingnuts pretty much guarantees less than favourable outcomes. Furthermore, maybe it's time that the politicians be removed from such serious financial decisions. Being a newly elected car salesman, lawyer, or doctor for that matter don't make these folks the best people to be making the tough decisions. They aren't the bean counters that are needed to sort this stuff out – economists, accountants, and actuaries might be a better negotiating team. It's unbelievable how ill prepared these politicians are when they take office and outright scary listening to the garbage they spew.

    August 2, 2011 at 5:47 pm |
  173. Mark

    Economic Leadership ended with the first T.A.R.P.

    August 2, 2011 at 5:47 pm |
  174. David in Cleveland

    It will be over as long as we let spending/entitlement ideology continue. The world wants the US to be fiscally conservative. The US has to show the right way. When the economy is strong, the entitlement issues will take care of themselves. If entitlement issues lead, the economy will never be strong. A tough message, but true.

    August 2, 2011 at 5:47 pm |
  175. John

    We will rebound; we survived the economic hard time under Carter and will survive the current situation with Obama. We just need to put a real leader in the White House

    August 2, 2011 at 5:48 pm |
  176. Daniel Gilmore

    With this "deal" is has become clear to me that the United States of America is at the beginning of the end. This "deal" is not suppose to decrease out current debt but instead decreases the projected incurred debt over the next decade. So in reality we will be borrowing more money and wasting more money on failed federal government programs such as the "War on Drugs." In order for our country to once again thrive, the size of the federal government must me decreased and failed wars must be withdrawn, ie. Iraq Afghanistan. The problem is we focus to much on other countries problems and not enough on our own. Here's and idea, let's legalize marijuana and tax it to raise revenue. As a secondary effect of this, spending on DEA and local law enforcement will decrease. Rich drug cartels will loose 60% of their income and we should fix our relations with the Mexican people and help them with their current issues of violence, which is mainly caused by the War on Drugs. Obama needs to do what he promised the American people and be the leader on the forefront of drug reformation. Correct me if I am wrong but if you continue to do what you've always done, nothing is going to change.

    August 2, 2011 at 5:48 pm |
  177. John

    The perspective of the tea partiers is small, insular and backwards looking. They seem willing to sacrifice America's world standing over petty domestic squabbles because they simply do not understand the tremendous benefit we derive from it. So long as they can "get Obama" the tea party led GOP is unconcerned with the collateral consequences of its policies and actions. Since the GOP has utterly abdicated control to a handful of the most extreme, and Obama appears to lack the spine to resist even the most destructive demands, one can only surmise that as the most extreme among us dictate, so goes our national standing.

    August 2, 2011 at 5:48 pm |
  178. Michael S. Williams

    The US never would have been in this position had it not chosen to save every country on the planet that asked us to, and a few that never asked us, but we decided we had to save the day.
    Equally, George W. Bush should be jailed for life for fraud. He started a war in Iraq (becuase he wanted revenge for daddy) that has done nothing but cost the US over a trillion dollars in debt, thousands of our soldiers lives, an unstable Iraq now influenced by a more powerful and equally unstable Iran, and a successor that thinks if he just keeps voting "present", the sun will come out tomorrow.

    August 2, 2011 at 5:48 pm |
  179. Jerry Ogle

    No, I'd say we still have many years of being number 1. We have bills, we need to raise taxes to pay them. The rich need to step up and start paying they're share on SS / medicare, 6% of 100% of their income, Banks / stock funds, that the USA has bailed out need to pay higher taxes for putting us in this position. Every corporation needs to reevaluate they're business ethics and start paying a fair tax and a fair wage to their fellow coutrymen / workers. Every business needs to pay some tax on their profits and very high profits need to be taxed at a higher rate to encourage a better distribution of this wealth among the workers / communities in which these companys operate. We can be the number one economic power for many years by just taking care of our problems sanely and humanely. Jerry Ogle

    August 2, 2011 at 5:49 pm |
  180. Christina L. from RI

    After the absolute ridiculous shenanigans displayed by the republican party, I almost hope that the US economic leadership is over. ALMOST. The republican party is completely in outer space when it comes to the will of the ppl. In what right mind is it okay to default on a loan???!! Especially just to "make a statement/point"??!! And no increase on taxes for the 1% of the US population?? You can't pay bills without revenue! Spending cuts alone is worth beans. The scariest thought right now is that Boehner, Cantor, Bachmann, etc could be elected president and control over the red phone in 2012. What would this great nation do to the economy then? Drive it into a ditch just to be able to score votes?

    August 2, 2011 at 5:49 pm |
  181. Robert

    The economic leadership is at an end. Our partisan electees in the goivernment need to be ousted and replaced or term limits placed. It is very appealing to consider another country to move to for financial and sound reasons. America is on its downfall.

    August 2, 2011 at 5:49 pm |
  182. John in Michigan

    No American economic leadership has not come to an end, especially if we elect a non-politician with proven business credentials as president.

    August 2, 2011 at 5:49 pm |
  183. Catherine in Virginia

    Yes, it is unless and until we make Congress sit up and take notice. At this time, the US really has no governing body; we are basically leaderless. And for this, we can thank the Tea Party. The American People need to stand up and shout loud and long that we will no longer tolerate the partisan posturing and juvenile temper tantrums coming out of Washington. If we don't do this, I give it less than three years before we are no better than any other third world country.

    August 2, 2011 at 5:49 pm |
  184. Todd

    Yes, our government has consistently shown that we do not deserve to lead the world. We are directly responsible for the tech bubble, the housing bubble, and likely a downgrade of our debt. Then our foreign policy has not created peace, but brought about terrorism. I am sad to be an American these days. When the wall fell in Berlin, we had a chance to bring prosperity and peace to the world. We have done the opposite. As I look at my opportunity to change this through my vote, I see a choice of who will do less damage, not a choice of who will do the most good. I still believe in America and know that we still have a chance to do what is right. Come on Washington let's make America a place that the world looks up to. Not a place that people are forced to tolerate or worse actively look to destroy.

    Todd Phoenix, AZ

    August 2, 2011 at 5:49 pm |
  185. Rocky in LA

    Our country is in the same situation as many of it's inhabitants. We've escalated our spending well beyond what our income is able to support. If we continue to ship manufacturing jobs out of the country, allow huge corporations to utilize loopholes to avoid paying taxes, and allow the wealthiest people in this country to pay less of a percentage of their money in taxes than their middle-class counterparts, then our leadership era is definitely coming to an end. It may already be too late, thanks to the recent antics of our Congress.

    August 2, 2011 at 5:50 pm |
  186. John in Houston

    Perhaps. We must get people in Congress who are truly literate in economics and will quit playing insane politics with fiscal policy. Most of the Republicans don't seem to understand one whit of economic theory, and only pander to their equally illiterate base. We are doomed unless we get the tea party yo-yos booted out of Congress.

    August 2, 2011 at 5:50 pm |
  187. Carlos

    I think the way Obama handled the crisis is the cause for this loss of leadership. The sooner he leaves office the better

    August 2, 2011 at 5:50 pm |
  188. BIll in VA

    I believe it is on temporary hiatus pending our return to some semblance of fiscal sanity. If we can acknowledge that spending on Medicare and Medicaid must be reigned in, cut out all the pork and get the nearly 50% of those who pay no taxes to contribute a fair share we can get our house in order in time.

    August 2, 2011 at 5:50 pm |
  189. Andre Rynders

    At an end? Jack, its already dead and buried. We have shown the world, like a family fighting over a will, just how badly people behave when they want that certain something given to them, as if they were entitled to it. From the US to the rest of our economic allies, no one wants to earn their place or lead by example. Its time to bring in the probate team, disperse what's of value, and let them all begin a new.

    Andre Rynders
    La Mirada, CA

    August 2, 2011 at 6:13 pm |
  190. Glenn Schupp

    I think the U.S. retains the "key" position, in the world economy. We may present cause for some to bite their nails, at times, but the U.S. is still a leader. We have more going for us than just dollars and cents. Although the economic news, here, the past couple of years has been disappointing, it's not so great, in other corners of the world, either. Our troubles get magnified, since we are a world leader, and what we do is in full view. Those are also reasons, for the U.S., to get the house in order, because we should be setting a good example. We averted one crisis, sort of, but we have to grab the bull by the horns and address the issues. Everyone wants and expects us to step up to the task and get the job done. We will have to agree to some increase in taxation and some reduced expenditures, but with all that's been paid in, in good faith over the years, the seniors need protection. It won't be easy. We just can't keep delaying it, and we've got to pull together.

    August 2, 2011 at 6:13 pm |
  191. kayjulia

    These dimwits in Congress (House of Representatives) have made us look like stupid fools to the rest of the world. We are NOT held in high esteem in many other places in this world because we are gullible to the most idiotic ideas and schemes put forth by dubious sources. The only thing that keeps us on top is there is no better choice. I'll bet there are some meetings going on to fix that problem right now and if it comes to pass we'll be out on our rear-ends when it comes influencing anybody about anything.

    August 2, 2011 at 6:13 pm |
  192. Matthew

    After Congress's debt-ceiling drama, our representatives have proven that they cannot solve our nation's economic challenges. Our leaders not only created an artificial economic crisis that had the potential of grounding our economic recovery to a halt, but they have also demonstrated their incompetence in solving our nation's challenges. Our credibility around the world is forever damaged.

    August 2, 2011 at 6:14 pm |
  193. valerie fetterman

    Our economic and job problems can be solved in a very easy way.
    STOP BUYING ANYTHING MADE IN CHINA!!!!! I have been doing this for the last 5 years and it's easy once you START. If everyone in this country did this, our companies would be forced to reopen on our land and hire OUR people who are willing to take almost ANY job . It won't be easy at first and some companies would come kicking and screaming,but that's just TOUGH. Please tell the people who watch you faithfully every day to start.
    Thank you.

    August 2, 2011 at 6:14 pm |
  194. Brian Wickremasinghe - Woodland Hills

    Sad but true. Just like Britannia that ruled the waves. United Kingdom is not United any more and neither is Great Britain Great. Looks like history has made a full circle. But there is still a better than average chance of USA coming off this. We need an opposition that could "pave the way" than "have the way."

    August 2, 2011 at 6:14 pm |
  195. Chuck

    As long as the Tea Party republicans are in charge of distributing economic wealth our leadership will come to an end. You can't cut yourself to stability.

    August 2, 2011 at 6:15 pm |
  196. jan Williams

    I know politicians care nothing about what we think out here. I mean if they did then it would stand to reason that things would change. Speaking of change, I voted for it last time and was told it was "change I could believe in." Well, I didn't vote for this kind of change and the president has assured himself of one term. As soon as someone plays hardball he folds like a cheap suit. Time will not repair how I feel about him.

    August 2, 2011 at 6:16 pm |
  197. Tim in Colorado

    Our leadership will only have a chance of continuing if liberals in the media like Little Woffie and Mad Jack stop telling everyone that the solution is to penalize the successful and reward those who what to depend on the government for their existence. America is the world's leader because we reward success and risk taking. You liberals want to stop those rewards and punish the successful. Our leadship is destined to end.

    August 2, 2011 at 6:16 pm |
  198. DJ

    It didn't have to be. But thanks for the childish Tea Party and their artificial drama, it is now. After all, they were wanting to skip on paying the bill for things we already 'bought' in the current budget.

    August 2, 2011 at 6:16 pm |
  199. Sid

    Yes. The business leaders of the U.S. have sold the nation to China and India. We are the United States of 'Made in China' and 'Programmed in India' products. Outsourcing and Insourcing of H1 visa workers are destroying this nation. We need to outlaw outsourcing and insourcing until all U.S. citizens have jobs.

    August 2, 2011 at 6:16 pm |
  200. Riley D

    Unfortunately I believe so. The US has spent its way into a hole because Americans believe that they don't have to work for anything. We all just expect the government to provide everything for us and if we keep spending like this it won't be able to provide anything for us at all.

    August 2, 2011 at 6:16 pm |
  201. Mary Steele

    Yes, as long as we have somebody in the White House (WH) that refuses to do his sworn duty and uphold our laws to the fullest, and a Congress that has no power to do it either!!!

    Jobs are suppose to be a priority of the WH and Democrats but the status quo proves otherwise!! 14-22 legal immigrants and citizens can't find a job but 8 millions illegals are "still" allowed to work!! That not only costs billions in unemployment benefits and subsequent needs, that causes our unemployed to lose their home and that too effects our economy!! It costs less than 5 million to seriously enforce our laws, getting 8 million of our unemployed legal immigrants and citizens back to work-priceless!!!!!

    Yorktown Virginia

    August 2, 2011 at 6:16 pm |
  202. Warren

    The supposed hegemonic administrator of international financial flows was proven to be unable to regulate itself. For example, the recent U.S. Senate hearings on Goldman Sachs have proven how hard it is for regulators to follow the financial flows of investment banks, as there is still the unsettling quality of having financial markets that escape financial regulatory oversight in one country and commencing activity in another, allowing them to undermine any system of regulatory control. In the end, the only influence that the United States had over the international system leading up to the 2008 financial crises was just an influence of profiteering.

    August 2, 2011 at 6:17 pm |
  203. Jeff A. - New York

    Most people simply don't understand that the world has a demand for nearly $1 trillion of triple A rated debt each year. The U.S. supplies 80% of that debt. The demand comes from funds and pension plans that are required to invest a certain percentage of their money in AAA rated debt.

    So it's not a matter of leadership – it's simply a matter of filling that demand. If you had investors lined up at your door asking to lend you trillions of dollars at nearly zero percent interest, what would you say?

    It's a ridiculous discussion.

    August 2, 2011 at 6:17 pm |
  204. Steve

    Chickens coming home to roost should not make anyone sad. The American people (to include myself) put these idiots into office and should be us to send them packing. When you lye down with fleas, you have to expect to get bitten.

    August 2, 2011 at 6:17 pm |
  205. Louis George

    The US has been in decline for many years now. DO NOT blame it on the present President. It has beeen in decline Culturally, Morally, Financially, Educationally, Ethically, Socially etc. etc. etc.
    It has been in "General Decline"

    Eg.: There were historically two political parties, Republican and Democrats. How does a group (Tea Party) who are not even organized, in less than a year have control of a major party (Republicans). The Republicans are now the Tea Party they (Tea Party) are calling the shots. This country has become disfunctional.
    Louis George
    Long Beach, California

    August 2, 2011 at 6:17 pm |
  206. Theodore J. Cohen

    Maybe we should pull in our horns and let the rest of the world, which seems to critical of us now, pick up the slack everytime there's a crisis to be addressed somewhere on the globe. I don't see Russia, Saudi Arabia, or any of the other countries that are kvetching so loudly now about us pitching in to stablize the world situation, economic or otherwise. Maybe they should put THEIR money where THEIR mouths are.

    August 2, 2011 at 6:17 pm |
  207. COLLIN


    it is...and Obama should resign for failure of this economy...he so-called ideas failed...He alone should be held accountable..

    August 2, 2011 at 6:17 pm |
  208. Bob

    It is if we continue as we have over the past 30 years or so. The Republicans rack up the bills, then the Democrats are expected to clean up the mess on the backs of the poor. The Dems do clean up most of the mess (Bill Clinton case in point) and the Republicans and their wealthy and powerful masters come in and rack up the bills again. It's a never ending cycle as long as the American public refuses to see what has been playing out before their very eyes. Either vote in a Democratic White House and both houses of Congress and insist on Democrats standing their ground for their beliefs, or else let the Republicans sink this country as well as the rest of the world, as they very nearly did in 2008.

    August 2, 2011 at 6:17 pm |
  209. Ken in NC

    When you cut the head off a snake the body keeps trying to get away because it didn't get the memo that it was dead. The US never got the memo. It still thinks it is the King Snake. Maybe now we will get the message that we are no longer the Big Dog on the block.

    August 2, 2011 at 6:17 pm |
  210. Priscilla

    It seems as if we have not learned the lessons from our past economical woes. As a young country, we started out with a bang, progressed at lightning speed, and will crash just as quickly if we continue to travel the route we've been on. We are a country that many have looked to for freedom, adventure, liberty, and the pursuit of happiness, but this freedom has been abused long enough. It's time to get our act together and show that we can rise above our circumstances, and come together to create solutions. Washington D.C. has turned into Hollywood on the East Coast, and there lies the problems. Money, greed and politics tend to lead us astray more than anything. I want real change, not just hear or talk about it, but actually live and experience it in a positive way.

    August 2, 2011 at 6:18 pm |
  211. Chris Matthewson in Maine

    No, but we have become the Head Lemming marching towards an economic cliff.

    –Chris in Maine

    August 2, 2011 at 6:18 pm |
  212. Pat Hayes


    The answer is a resounding.....no! These ratings agencies are so overrrated, it is ridiculous. These are the same boneheads that rated the mortgage packages that caused the mortgage meltdown, as AAA. Do you really think the rest of the world doesn't know that? Come on!

    August 2, 2011 at 6:18 pm |
  213. Levi

    Not yet but it needs to be. The economies of the world should not hinge on one country, not having a plan b in case of another recession would be negligent of political leaders. We live in a global economy that a single country should not be in charge of.

    August 2, 2011 at 6:18 pm |
  214. steve Nelson

    Yes, as a country we have lived beyond our means.

    Going to war is costly – allowing unqualified home buyers to have loans from greedy banks and failed government lending instituitions was very unwise, and yes – costly, allowing a goverment to not have a balanced budget, to let the wealthyhave loopholes to not pay taxes, morons in Congress and Whitehouse to behave like kids who deserve a good whipping – and these say representatives cost us money – on and on.

    Let us wake up and revive the American spirit. Balance the budget, cut the parts of programs that need to be cut, get to a flat tax that all must pay – including business and most importantly "oil companies" and live within our means – and most importantly – vote most of the Bums out of Washington – Sad part of this is neither the Democrats or Republicans have anyone worthwhile to vote for – the believe their cr–, does not stink! What a bunch of losers.

    We can recover, but it will take all of us understanding the need for compromise – this bill will not get us there – so maybe we should pay the Congress what they are worht – NOTHING!

    August 2, 2011 at 6:18 pm |
  215. Bryan From San Jose CA

    I see the leadership in the Republican at an end because they only have one agenda and it is to ruin President Obama by any means necessary. Instead of fighting among each other they need to tackle the education system that should be the next step since I am a Student which the Board of Education of the CSU System just hiked it by 12% again and middle and lower income families will not be able to afford it this is what happens when Republicans take over and are only in it for themselves and do not care for the US.

    August 2, 2011 at 6:18 pm |
  216. Erick Mulder

    You better believe it Jack. I have been living in europe for the last 10 years; and i can tell honestly tell you: there is no one in europe that expects the US to be the economic leader in ten Years.

    Our children are getting Chinese Lessons 4 hours a weak at school.

    Believe me Jack, it's not because we like Chinese Food.

    It's a Sad thing. But it's reality. The Roman fell, the soviet fell, i guess it's our time now.

    August 2, 2011 at 6:18 pm |
  217. Mark from Boston


    Absolutely. The moment we left the gold standard and were able to print money, the doomsday clock began. To the world, our government is like Bernie Madoff and the entitlement Ponzi Scheme has just been revealed. The only difference between Madoff and the government is Madoff's victims weren't FORCED to participate once they realized they had been robbed.

    August 2, 2011 at 6:18 pm |
  218. Debbie from Florida

    I think that the U.S. has been lacking in any clear economic leadership for quite some time, but it has been more evident over the course of the last eleven years. Politicians are quick to spout ideology and slogans, but they are devoid of substance.
    Government is awash with politicians at a time that we desperately need statesmen and stateswomen; the type of leaders that will focus on solutions for the next generation rather than the next election. The problem is, where and how do we find them?

    August 2, 2011 at 6:18 pm |
  219. Peter, Hudson, Wis.

    U.S. economic leadership is on the decline. The British Pound had its day. The French Franc had its day. The dollar is no longer the currency of choice. The economies of China, India and Brazil are on the ascent.

    August 2, 2011 at 6:18 pm |
  220. Charles

    What would the world replace the dollar with? The guy, who can raise the most food is always the big dog. I'll give you ten bucks for a loaf of bread, would will you give me for ten bucks? See what I mean?

    August 2, 2011 at 6:18 pm |
  221. Dr j McCray

    Yes, in fact this was one of the objectives of our enemies. The attack on the World Trade Center was more than an attack on two tall buildings in New York. It was designed as an attack of the USA hegemony in the finance markets.

    August 2, 2011 at 6:18 pm |
  222. Martin Wielgus

    I'm afraid so. It's pretty clear that the Chinese, and probably later the Indians, are going to be taking over as the leading economic power in the world. Congress is made up of a bunch of morons. There are too few people up there with the brains to handle this job. We are doomed.l

    Martinsburg, WV

    August 2, 2011 at 6:19 pm |
  223. Marc Hebner


    Economic Leadership? Seriously? How about leadership in general Jack? The US is a shell of the country it was even ten years ago...and we as citizens have no one to blame but ourselves.

    August 2, 2011 at 6:19 pm |
  224. Steve

    The US is absolutely losing its economic leadership. It has been in decline ever since the New Deal was enacted. Entitlement programs and uncheck spending has created this fall from grace.
    Steve from Georgia

    August 2, 2011 at 6:19 pm |
  225. ramses

    Absolutely. It started 10 years ago when George W became the President & went to Iraq war. Now it is a bottomless pit. Let's all move to BRIC nations.

    August 2, 2011 at 6:19 pm |
  226. RA in Canada

    Since I was a boy almost 80 years ago, Americans have had this concept that they were better, bigger and richer than everyone - and so they were. Eventually they began to think that America was so superior they could do what they liked. Wrong !!
    Big come down. Being a reserve currency, they thought they could just buy foreign goods with printed paper money and now the day of reckoning has come.
    America is still both big and beautiful and full of some of the finest people on earth but, the nation can only spend what it earns. Unless this lesson is learned by all, then apolypse is near.

    August 2, 2011 at 6:19 pm |
  227. Fred Distefano

    It most likely is, and it began to decline when America s moral leadership began to decline.Secularism just might turn out to be the poision pill of post modern America.

    August 2, 2011 at 6:19 pm |
  228. Arthur in Manchester Missouri

    As long as we are the target market for the world's producers it is hard to say that our economic leadership is ended. But I can only imagine the Chinese are smiling. We outspent the Soviets to win the Cold War. Now we have outspent ourselves and lost the peace.

    Our national leadership argues pieces of a shrinking pie. The debt ceiling debate demonstrates that they are incapable of thinking "outside the slice." I think we should put them on unpaid leave, convene a national competitiveness commission, and force Congress to have an up or down vote on it.

    August 2, 2011 at 6:19 pm |
  229. Timothy M. Antosy

    If our leadeship is over in this world then we no longer have to go to war everytime something happens around the rest of the world and therefore we will again become the leader and have vast amounts of money as many of those same nations who root us on in war but do nothing except watch us spend our money and lose our best of the best men and women. There has to be a change in the way we look at the world. As far as terrorism goes. I think we should be "Fortress America" make our borders the strongest and then take care of our problems and stop worrying about the rest of the world. The money will be there and the debt will not be there.

    August 2, 2011 at 6:19 pm |
  230. Richard

    Government controlled currency is the problem. The government's willingness to simply print money to pay its debt is causing the dollar's influence to wane. The immaturity of our politicians is only expediting the process. We need a decentralized worldwide currency to solve this, I suggest we all start looking into Bitcoins.

    August 2, 2011 at 6:19 pm |
  231. leotis johnson illinois

    every superpower in the world, has cme to an end. Its th beggining of ours.

    August 2, 2011 at 6:19 pm |
  232. Ed Scott

    Yes, it is at an end and would you loan money to this government? Additionally, the republicans have caused the layoff of 70,000 private construction workers and 4,000 air traffic controllers in a sill dispute with the FAA. Now the politicans are off to a 5 week "break." They should all resign and go off into the woods to pee on tress for the rest of their lives like the dogs they are. We'll remember in November 2012.

    August 2, 2011 at 6:19 pm |
  233. Abdullahi Edward, Kano, Nigeria

    Yes! Definitely. It is bad enough to lead from a position of power, but when you use your power to lead you step out of the theater of reality and walk into the mirage of self delusion. When you make war everywhere under false pretenses for the sake of generating profits and lose all semblance of compassion and humanity you deserve to lose and that's why the US is losing it.

    August 2, 2011 at 6:19 pm |
  234. Charles

    The Saudis, Chinese and Russian monied elite desperately want security when it comes to investing the billions they are stealing out of the average American's pocket every day. To date, that security has been realized in the form of loaning that money to the U.S. government. They get all foul-mouthed and start ventilating when we say, "Enough already, we are going to live within our means."

    August 2, 2011 at 6:20 pm |
  235. Paul MacDonald

    Unfortunately for US citizens this is true. We had our time when we shone brightly but the greed that brought down the Soviets is now bringing down the US. Look how ineffectual our so called leaders are. We've been disgraced by Congress. So sad. But it's been coming for a while and is beginning to culminate.

    August 2, 2011 at 6:20 pm |
  236. Bayo

    like every empire that has once ruled the world. the US is loosing global and economic dominance. Washington politics is making it worse and the world is getting sick of the games and uncertainty.

    August 2, 2011 at 6:20 pm |
  237. COLLIN

    Obama is trying to put this great country down...He is a marxist and a socialist...he knows what he is doing...Obama has failed and should

    August 2, 2011 at 6:20 pm |
  238. Mark Cardwell

    Hey Jack,
    I beg to differ from your on-air comment that the U.S. has been the world's unchallenged economic leader for more than a century. I'm no economic historian, but it seems to me that Europe committed economic and political suicide in two world wars, and the U.S. became the big cheese by default. I think the global power structure is just coming back into natural alignment – but we all owe a heap of thanks to the U.S. for making the world a place where so many of us live well – and where others can hope for a better future.
    Love your daily commentaries, Jack. Keep up the good work.

    August 2, 2011 at 6:20 pm |
  239. Kevin from Ohio

    NO! We still lead the world but our government is trying its best to take this away. I will bet on us over them even with the nuts in Washington doing all they can to take it away.

    August 2, 2011 at 6:20 pm |
  240. Gamma

    Like the Roman empire was a super power, and Britain once was . The U.S is now included in history as "was a super power" . I blame our leaders for this way the world now depicts us.

    San Diego Ca.

    August 2, 2011 at 6:20 pm |
  241. Rabi Tripathi

    Whether it turns out to be true or not, US politicians have acted as if they don't care for the U.S. to maintain economic leadership. Very inward looking.
    Else they wouldn't have tried so hard to keep the world biting its nail for such a horribly long time about will US or won't US refuse to pay its bills.

    Why does it matter much that it chose at the last moment to pay this time? The very idea that the US can seriously consider not paying its bills is the big wound.

    Ratings from the likes of Moody's and S&P aside, irreparable harm has been done to the good name of the U.S. (government), and unfortunate doors opened to question economic leadership and the supremacy of the currency of the U.S.

    Childish. Somebody commented that an enemy couldn't have desinged a better short, medium and long term damage to the U.S. economy than what the clowns in Washington did.

    Very true, sadly, thanks to the misguided "patriots" that have proved to be an enemy within, their unworthy companions whose lust for job and power trumps all else, and their spineless and principle-less opponents.

    By the time this collective idiocy bears painfully obvious fruit, a generation or two of citizens will have suffered for years, and our children set far behind. Not to mention ideals of equality, resourcefulness and rationality prized by the country will have been shattered.

    No empire lasts for ever, but there was no reason to take a thunderous step towards the bottom at this time in this way.

    August 2, 2011 at 6:20 pm |
  242. Alvy

    Jack, I believe that it all began when in the time of Reagan when we were all told to "buy American", while at the same time so-called American corporations were out-sourcing jobs to poor countries. This began a steady decline that no president, not Reagan or anyone since ever tried to stop. Congress, the media and virtually all the Presidents since willingly presided over the destruction of America as an economic and manufacturing giant. The lame excuses by Clinton that we were merely moving to a service industry a replacement for the loss of manufacturing jobs was a lie too, as these same jobs were also being out-sourced as well. It is sad that you are only now talking about something that you and others should have been addressing every day for over 30 years.

    August 2, 2011 at 6:20 pm |
  243. Thomas Mathew

    It is obvious we cannot keep borrowing to keep our standard of living.
    We have to produce what we need here plus what other countries need.
    Our political system guarantee a good living with or without working,the govt will rescue big companies doomed to fail. Govt is not a business and do not take any responsibility for its action.
    Good decisions that will encourage people to go back to work and take responsibility for themselves are very unpopular. Just look at the comments made during the last few weeks from politicians ,news media and some citizens. just raise the "ceiling" (code name for more borrowing) and everything will be ok,for how long?
    Only 33% of people pay tax ,others enjoy the benefit of staying in the country without contributing a dime.
    I am afraid we are going down

    August 2, 2011 at 6:20 pm |
  244. Stanley Bramnick

    For the near future, I imagine we still will retain our leadership. I like to think that the greatness of the United States" economy is the fact that we have thus far survived in spite of our leaders. Hopefully, we will survive economically and maintain our position of economic leadership

    August 2, 2011 at 6:21 pm |
  245. Paul, San Diego

    No Jack, we are still a major player in the economic world. China may be increasing faster than us but they are also polluting themselves to death and doing shoddy work and they will eventually fall because of these. Other emerging economies are too small to ever overpass us. Besides, as far as politicians go, we still have the biggest liars and cheats and they'll never let us get surpassed, even if they have to bring down the world economy..

    San Diego

    August 2, 2011 at 6:21 pm |
  246. Will

    We have earned a loss of leadership position and our "real' credit rating is probably a C at best and deservedly so. The "deal" just signed into law has NO cuts...none...it is an agreement to discuss cuts. Until you see people protesting and bitching about no longer getting something free or at a reduced cost thru the taxpayer, there are no real cuts. What Federal program is being cut/eliminated or scaled back? How many Fed jovs are going away? NONE! We deserve what we get because we continue to elect attorneys to enrich themselves as politicians and set the system up to perpetuate their tenure in office. Great gig if you can get it. A system of attorneys, by attorneys, for attorneys.Give me enough freebies and I will vote for you till one of us dies.

    August 2, 2011 at 6:21 pm |
  247. Jeff

    The young freshman "tea party'" representatives have never ever seen tough times. The GOP bowed to the Ulta right Evangelicals last election, and gave the White House away. Now, they bow to the ulta right tea party. They'll lose the house next time around. Ryan, Cantor, Mack and many more couldn't care less if this country was downgraded or defaulted. Ryan is against health care, and he takes millions from the insurance company lobbies. Comprise is not in the vocabulary of people that don't really understand the concept. Oh yeah, and why is the world still listening to Moody's, Fitch or Standard and Poor's? They all gave AAA and AA ratings to Lehman Bros., Goldman Sachs and Merrill Lynch during their toxic ABS days. The ratings companies should be censored. JMO

    August 2, 2011 at 6:21 pm |
  248. Keith

    well Jack, it appears the people fail to elect competent
    individuals to run the government. the second issue, to my
    amazement, is public apathy!

    it is apparent the government's system is brokern. the rise of the Tea Party is an indication of the anger and frustration. to be truthful, Jack, you seem to verbalize common sense and practical solutions to these issues....are you running for President?

    August 2, 2011 at 6:21 pm |
  249. kathy from peoria az

    As long as the Republicans and the Tea party are running things, A big fat Yes. They won't be happy until they throw all the middle class and poor over a cliff and all that is left are the wealthy. They are off to a good start don't you think?

    August 2, 2011 at 6:21 pm |
  250. Steve M

    How will we convince the world we've solved these issues and can be trusted again? We need to finally get rid of any incentives for personal gain by our leaders. Here it is the true solution – GET RID Of ELECTIONS and all of the money and energy wasted on them! Instead, we can come up with a method for screening qualified (ie: Smart and Honest people with verifiable integrity), add them to a Master List and each for a SINGLE TERM by random drawing or as done for jury duty for each position required. This solves so many issues... our leaders would be there ONLY because they love the country and want to serve the country. Then some actual work could get done every day! What a concept...

    August 2, 2011 at 6:21 pm |
  251. Jamie


    The US has proven not to be capable to see the forest through the trees. Gross overspending and under taxation have taken the globe to the brink. The mortgage crisis and now the debt ceiling "hostage crisis". I am from Canada and hope beyond hope that the US will save itself and remain stewards of the global economy – but I'm not counting on it.

    Question for you.... Defense spending is extreme. What exactly is the government protecting? A crumbing nation?

    August 2, 2011 at 6:21 pm |
  252. Srini Venkatesh

    US economic leadership goes in cycles. While the US is going through a trough right now, we will emerge stronger and eventually get back to our dominance. Look around the world; India & China are the only countries with better economic growth than us while the overall standard of living is no comparison. Innovation and freedom will once again prevail to put us back on a robust trajectory.

    August 2, 2011 at 6:21 pm |
  253. Bernice Leslie

    Jack: The Answer is YES YES YES. Since the financial crisis in 2008 and the causation for that many of us have waited with baited breath to see how the US government can mess it up again, well we certainly didn't have to wait too long. The republicans started this mess and their continuing there antics. They don't seem to take there jobs very seriously. How can the world respect a bunch of over ego children who couldn't resolve a penny toss without stealing the penny. It started with Bush and its still going down hill......shame shame shame.....an even bigger financial and job crisis is around the corner....trust me I'm not republican lol....

    August 2, 2011 at 6:22 pm |
  254. Mark, Round Hill, VA

    The beginning of the end happened with the election of 2000. The crash of 2008 marked the end. We can have a new beginning in the next year, depending on how our debt is reduced and who we elect next year to lead us. We can have a new beginning if the old (Republican) leadership is kicked out and a new leadership is not beholden to political supporters, special interest groups, and disproven economic theory.

    August 2, 2011 at 6:22 pm |
  255. Hot in AZ

    Yes...My father always said, the only thing worse than a fool is an old fool. It is time to change things in Washington. Let the repubs have their way, then let's sit and watch for the cliff when it comes to our ecomony.

    August 2, 2011 at 6:22 pm |
  256. Zack

    Yes, because these Tea Party Republican members have no education in economics and finances, which explains why their viewpoint on this debt crisis is disputed by a majority of respected economists.

    August 2, 2011 at 6:22 pm |
  257. Sandra

    Maybe, Jack. We were once viewed by the world as a democracy for the people. The US always stood for security, inclusiveness, and compromise. Today, I watch the news and see hateful, singleminded, individuals arguing like spoiled selfish children. They show little respect for their own government or the care what their middle class wants. Where would you put your money?

    August 2, 2011 at 6:22 pm |
  258. Umar

    We cannot say for sure that the United States economic leadership is at end but it is being questioned by other countries. If we want to keep that leadership we will have to make tough decisions. For now, we know what we have to do to get back in track. So let's do it before it is too late. We have still many advantages that other countries do not have. But the question remains , how long the rest of the world will keep up with the kind of crisis we faced during the past months? That will determine the future of our leadership.

    August 2, 2011 at 6:22 pm |
  259. enrique m.

    It will be at an end along with our former status as the worlds only super power. Its about time that the US steps back from the reigns of the world economy and becomes a member of it. Its time to scale back our empire on all fronts (militarily and economically especially) and start leading by example once again, instead of by brute strength.

    August 2, 2011 at 6:23 pm |
  260. There is no economic leadership

    The welthiest people in america are riding on the wallets of the rest of us. This could only have been accomplished by bribes, I mean lobbying, I mean funding – lets face it Jack, someone is bribing these republicans to keep them from paying their share of taxes. There should be an investigation. Here is how simple this is to do. Just follow the money.
    Larry in Florida

    August 2, 2011 at 6:23 pm |
  261. David Dartmouth NS

    Yes it is as there has been a slight shift in top money holders to sell or buy less of America's debt. Sadly Jack this is all home grown as America has put all her eggs in one big budget "Defense" that in end will break the bank. Jack Defense contracts are close to your #1 industry, why?

    August 2, 2011 at 6:23 pm |
  262. Andrew from Pinehurst, NC

    Yea, Jack. The Euro has really done wonders for the EU's economy. However you want to paint it, the dollar is still the most wanted currency in the world. Just watching CNN, I notice how many countries are trying to entice Americans to visit and spend our money.

    Then, again, you do continue to highlight liberal interest and you have so much influence on the public. Maybe you should be a little more conservative in choosing those headliners. The last I checked Bush got us in 6+ trillion $ in the red...that took 8 years. Obama, in two years, has added 8 trillion $. Hell, the Chinese love us!!!!!!

    August 2, 2011 at 6:23 pm |
  263. Tim MacPhail

    America is heading for another dip. The American economy is sliding back to 2009 levels, the House Republicans are undoing all the work Obama and the Democrats have done over the last 2 years. Stop electing Republicans stop fix the mess they made under Bush. The Republicans economic tactics during the Bush years are what cause the mess, now they think they can fix the problems with the same tactics. Stupid is when people keep repeating the same thing and expecting different outcomes.

    August 2, 2011 at 6:23 pm |
  264. Gary

    The leadership will not change, let alone be at an end. The American people keep voting these people in office, term after term. So who is to blame for the type of leadership we have? The self centered morons in office now, or the morins who put them there? The American people better wake up before the hole is so deep, we can't get out.

    August 2, 2011 at 6:23 pm |
  265. Ed Sr

    Everybody who thinks our leadership is NOT at an end should read a little bit of history....try reading "The Rise and Fall of the Roman Empire"...............history does repeat itself whether we like it or not.

    August 2, 2011 at 6:23 pm |
  266. Pam - Arizona

    I don't think it's at an end but it needs work. The "big businesses" that have taken their jobs out of the US need to bring them back. They moved the jobs so they can pay lower wages. I'm sure there are plenty of people here who I'm sure would work for less just to get a job. They need to call the "special committee of 12" the JURY. That's about what it amounts to. And who do they answer to? The JUDGE. The Dems and Repubs have always been at odds with each other and I don't believe we need this tea party getting involved. Thank you for your time.

    August 2, 2011 at 6:23 pm |
  267. JJ

    Not remotely. Americans' inherent false sense of impending doom has served them well in the past, propelling the country ever upward with frenetic, nervous energy. It will be no different this time around. We are a young country just hitting our stride, not an old, crumbling empire.

    August 2, 2011 at 6:23 pm |
  268. Bill brehm

    Canadian news interviewees suggest that Canada needs to diversify it's trading partners and deal more with countries like China and India and less with the USA. The world is no longer going to put most of it's eggs into the one basket of the USA which is now regarded as an unreliable partner. I think that while the US extravagance has been going on for a long time, the world is appalled by the extremist approach of American right-wingers.

    August 2, 2011 at 6:23 pm |
  269. Randy Canada

    speaking for your northern neighbor, as our economy hinges on what happens south of the border, we've always had faith that after you americans have exhausted all other means you eventually get it right,but the extreme wings of both parties are starting to have more of a voice, nothing good can come from this.

    August 2, 2011 at 6:23 pm |
  270. M from Maryland

    Congrats Congress et al. You managed to do what no US enemy has ever been able to do in our history. Reduce us to third world status!

    August 2, 2011 at 6:24 pm |
  271. Bill Finch

    If U.S. economic leadership is at an end, then we have no one to blame but ourselves. No, I do not believe the failure to use common sense with a balanced approach means that the decisions of yesterday and today are "cast in concrete". As voters we will soon have the opportunity to make change, and I believe that is exactly what will happen.

    August 2, 2011 at 6:24 pm |
  272. Steve, Allen,Tx

    In a nut shell, YES.

    I don't care which party had the majority over the past 21 years, they are only in it for themselves. If you can't pay your bills then your credit score goes down. Its simple math.

    Has anyone mentioned that the largest creditor is the money that was take out of Social Security and NOT China.

    Oh, will someone please tell Senator Yahoo, from Vermont that its the rich and the largest companies who have the money to find the loop holes in the tax regulations that were written in over the years by both parites.


    August 2, 2011 at 6:24 pm |
  273. Steve

    I'm afraid we've lost more than our economic leadership with this fiasco. Our once-great experiment in democracy has taken a turn for the worse.

    August 2, 2011 at 6:24 pm |
  274. Jack

    No not yet Jack USA can still lead but it will take the voters to stop cutting their own throat. A good common sense politician is not welcome in Washington, and a good politician can not run against politicians with their millions from big business. Your supreme court even made it easier for big business to buy Washington. cumon voters...

    August 2, 2011 at 6:24 pm |
  275. Rick Perry

    Everyone outside the U.S. complaining? China complaining? Hey, I've got an idea. Let's immediately stop all imports to America and let the U.S. live off the U.S. That idiot Putin calling us parasites? The U.S. has transferred 10s of trillions of dollars of it wealth to other nations, effectively building up the world – and we're the parasites? Time to close shop on all imports. This will have a huge immediate effect of boosting the U.S. dollar and forcing jobs back home. The $2T we transfer to other nations each year for goods and services we can keep at home and put our own people to work (sure we'll lose exports, but what we import far outstrips what we export). Then we'll see China and many other "parasite" grovel to get in our good graces. Enough is enough!

    August 2, 2011 at 6:24 pm |
  276. larry anderson

    There must be a will to govern responsibly, esp. as it concerns our financial standing.

    How can we hand out huge breaks to large companies, tax the rich at such low levels, eliminate social security tax on salaries ABOVE a certain point, ... and so on?

    It's the insanity of our irresponsibility that will spur other countries to look away from us.

    August 2, 2011 at 6:24 pm |
  277. Maurice

    Sure Jack that is looming ahead in the years to come. When common sense is not a priority it all crashes!

    August 2, 2011 at 6:24 pm |
  278. AweKumAwn

    The answer to the question sadly is yes.

    August 2, 2011 at 6:25 pm |
  279. Michael

    Not one elected official has yet to answer the simplest of questions: "How will the United States pay for all of this?" the reason no answer is given is simple: "we never will."

    August 2, 2011 at 6:25 pm |
  280. equus6

    Yes, I agree, economic leadership is best displayed by raising the debt ceiling without debate and spending trillions we don't have, wonderful leadership, that. It the world is losing trust, it is because they see people in Washington who wanted to raise our borrowing without a thought and spend like the money is never going to end and pouted when someone came in and said, hang on!, what they will see now is a few people in Washington are grownups and willing to turn off the lights and send every drunk home unless something is done.

    August 2, 2011 at 6:25 pm |
  281. Allen from Illinois

    Yes. Thank the GOP for running up the debt, the Tea Party for protecting the wealthy from having to pay an additional 2% in taxes, and thank the Democrats for knuckling under to the GOP's extremist demands. It was a perfect storm, self-inflicted, our leadership went out the window when we voted the Tea Party into power.

    August 2, 2011 at 6:25 pm |
  282. Hd

    Jack, it's not over. If we stayed the course in 2000 we would have no debt by now, but instead we ironically gutted our financial security for our national security.

    Unless we get rid of these idiots in congress that are willing to play chicken with our financial security for the benefit of the rich, it will be over.

    It really scares me when I hear the members of congress speak. These are not bright elected officials.

    It is very disconcerting when a 60k a year tech guy knows more about geography and finance than his representatives.


    August 2, 2011 at 6:25 pm |
  283. Armando

    As proud as I am of my country, it really hurts to see its decline. I remember when I was a kid in the mid 1950's that I would look at products and almost all of them were Made in USA. Then we started what I call the era of "greed". US companies began to give away their lead in almost all categories to other countries in the name of short term profits. Everything began to say Made In Japan, then Made in Taiwan, Made in Korea, and now almost everything is Made in China. Pretty soon we will have no industry and not even a Space Program.

    We still have time though. We need to stop the corporate greed and we need to elect people that worry about our country and not their political careers. I have voted both Democrat and Republican in my lifetime. But, I have to say, I may never ever vote Republican again. The GOP has become like kindergarten, a bunch of unruly children. Absolute shame on them for continuing to lead our country in the wrong direction. I can't help but remember that when Clinton left office we had a SURPLUS and the budget was balanced. Who actually put us where we are today? George Bush and the GOP did. People seem to forget the mess the current government recived the country in.

    August 2, 2011 at 6:25 pm |
  284. joseelr

    Good evening, Mr. Cafferty,

    I tend to agree with the rest of the world. It IS a global economy and what happens to one seems to have repercussions on everyone. I live in a country with the soundest banking system in the world, great education, social benefits, healthcare, housing market is stable – all around, we are in quite good shape. BUT, you are our biggest trading partner and if your hurting it will eventually come to us. The Government of Canada is in the process of trade deals with China and a free trade agreement with Europe, as they well should be – they are looking to the future to create stability for my country and further create more jobs, but most of all, to keep our standard of living, and to continue to support our most vulnerable.

    It is unfortunate that this latest debacle in your Government has really brought all of this to a head to the rest of the world.

    I am no economist, but for the stability of the world, the standard should no longer be the US dollar.

    August 2, 2011 at 6:25 pm |
  285. Claudia, Houston, Tx

    I believe everything eventually makes a full circle just like life and death. The U.S. economic leadership is on the critical list and maybe this is the reality check needed to understand and know what battles our forefathers faught and it's not ours to lose.

    August 2, 2011 at 6:25 pm |
  286. GQ

    Yes The U.S is at the end of its Reign .Not only Money markets but Education, Health Care and overall quality of life is way down the list on the world scale.There are so called 3rd world country's with better standards of living and a more stable Government.Washington is now a laughing stock on the world political scale. They deserved to have the rating dropped.

    August 2, 2011 at 6:26 pm |
  287. Al Granizo

    As we have raised a nation of morons who elect our government officials because they have a nice smile or a 400 dollar haircut, we can truly say we've lost it, Jack. They more than likely will vote them in again next year. I can only hope they won't take away my 27 year Federal and FAA retirement pension.

    Unfortunately, our reputation in economics in the world is down at the bottom of the ocean with whale droppings while all those idiots in Washington enjoy their untouchable retirement and medical benefits, even if 1-termers. God help us.

    August 2, 2011 at 6:26 pm |
  288. Robert Auld

    Yes,Jack the writing's on the wall for US leadership in the global economy. A Great country with numerous God given splendors, the sad fact is that your Political System has evolved into a greed driven mess. Was sickened by Nancy Pelosi yesterday when she repeated the lie that the USA is the greatest democracy in the world. Great country, wonderful citizens, many achievements but with laughable political parties. There are many smaller Nations that handle their financial affairs better.

    Bob Auld

    August 2, 2011 at 6:26 pm |
  289. Carlos Paz in Colorado Springs

    The US is in a downward spiral caused by the actions of a congress that simply act on self interest politics. The trend has nothing to do with the debt ceiling. It has everything to do with laws that do not protect American Jobs, literally giving corporations an incentive to destroy the American industrial infrastructure, causing the young to see no need to pursue science and technology, dismantling the ability to continue the great American experiment of a strong middle class. The current congress has no care for the average American annd the most amazing thing is that ideology is replacing common sense and down right subversion is passing as a loyal opposition. Both are anti-amercan and shame our country.

    August 2, 2011 at 6:26 pm |
  290. Drew

    Of course it's at an end. The moment politics became a profession it came to an end. No longer do politicians worry about their constituents that voted them in office. They worry more about doing the right thing for which ever special interest group is going to line their bank accounts the most. Politics is now, and has been for a long time, a game for the rich. Politicians nowadays are to worried about re-election to stick their necks out and fight for the common American which, by the way, is who makes America go around. It's sad that instead of cutting of aide to the middle east, and aide for illegals, they would rather cut domestic programs to save some money. If congress wants to win back America they need to all take a pay cut. If I did my job as horrible as they do theirs, I would not have a job for very long.

    August 2, 2011 at 6:26 pm |
  291. Wayne Tennessee

    No US leadership is not at an end. It's just no longer respected, or expedient. People have no confidence that collectively Washington polititions have the best intrest of the middle and lower class in mind when they make decisions. Money controls Washington. The whole world know that. We all are hostages to Washington and "The Haves" The leadership is NOT at an end...this is only the beginning for our leaders until they have their hand in every pension fund, bank account, entitlement, and etc. Our leaders are just beginning to reap long term benefits from the American people.

    August 2, 2011 at 6:26 pm |
  292. Bob in Ashland, KY

    Jack: Not necessarily, but it will end unless Congress takes specific steps to restore fiscal confidence in the U.S:

    1. Amend the Financial Services Modernization Act of 1999 by requiring banks to get out of the investment brokerage and insurance businesses. This short-sighted law set the table for the financial crash of 2008, by enticing bankers to pump up profits through gimmicks like mortgage CDO "securities" in order to justify their insanely huge bonuses, at the expense of the Nation's fiscal stability.

    2. Bring back Glass-Steagle ! It worked for 60 years to provide a stable banking system.

    Congress screwed up the good faith and credit of the United States by catering to the banks, and they now owe it to the voters to clean up the mess they created. If they don't, VOTE OUT THE INCUMBENTS ....ALL OF THEM !!

    August 2, 2011 at 6:26 pm |
  293. David

    We fail to realize that the 10 million or so undocumented workers here are not paying taxes and we are looking at a lost of 25 billion a year and this has gone on for 20 years now, that is a half a trillion in lost FICA & FUTA & Medicare tax. This work force has built homes south of thr boarder and have zero mortages on these home. I know what I am talking about for I have traveled across Mexico recruiting legal workers who pay taxes here for more than a decade.

    August 2, 2011 at 6:27 pm |
  294. dave

    There are two separate problems:

    1. The Republicans/Tea Party, because their candidates are so weak, have decided to drive the economy into the toilet and keep unemployment high in order to have a shot at defeating Obama in 2012.
    2. Due to technology and global competition, the US is not as competitve or protectected as it used to be. The only out is education and upgrading our industries and infrastructure. We need to make things, not just push around financial paper.

    August 2, 2011 at 6:27 pm |
  295. Jason

    No Jack – U.S. economic leadership is NOT at an end. You have to separate the REAL economy from Washington and (Wall Street)'s idiocy. The U.S. has been and will continue to be the home of every earth changing innovation – TV, Airplanes, Computers, Internet, GPS,... I could go on all day. What was the last earth changing thing that Canada, Saudi Arabia, China, or Russia invented??? Our politics might be dysfunctional – but the U.S. is STILL the home of progress. I'd like to see those counties live in an economic system not dominated by the U.S. That would be a world without IPad's and I seriously doubt that's a world they want to live in.

    August 2, 2011 at 6:27 pm |
  296. Joe

    Lovely. Our economy and country are being run by the three stooges. Nothing but blue skies and joy. Help!!

    August 2, 2011 at 6:30 pm |
  297. Mike

    Simple solution to a simple problem – 1st America apologizes to the world explaining that for the next two (2) years we will be giving nothing to anyone. 2nd All the money that we would have doled out will be used to bail out the middle working class by paying off all mortgages and credit card debt. 3rd Stop all the give-a-way programs to the deadbeat free loaders and all illegals. 4th bring the troops home, secure our boarders and start drilling for our own oil. Except for the truly mentally ill and seriously handicapped individuals – end welfare (if they can buy lottery tickets and beer than they can work). It baffles me that no one else has come up with this. MIKE from Framingham, MA

    August 2, 2011 at 6:30 pm |
  298. Russ

    The fact that we borrow 42 cents for every dollar we spend in and of itself is probably not enough to convince others that we are no longer the leaders. The fact that our credit rating will likely be lowered to AA or less (who in their right mind would KEEP us at AAA?) is probably not enough. It might take the Chinese calling in their loans to convince those non believers that we are no longer the leaders.

    August 2, 2011 at 6:30 pm |
  299. Heather

    Are you kiddin Jack! This country has slid into an economic abyss in which every American born and unborn will feel for the remainder of days on this planet. Working low and middle class people are now slaves to this demonic system created by republican greed. But this is what part of the country voted for. WHY??? God help us all!

    August 2, 2011 at 6:30 pm |
  300. Al from St. Louis

    What leadership? Members of all 3 parties have acted like children and as such should be placed in "time out" from holding public office.

    August 2, 2011 at 6:31 pm |
  301. C Graham

    Jack: I am sad to say, Yes. We have lost our manufacturing base to other countries. Free trade agreements and lax tax laws allowed US companies to make things over seas cheaper than at home. Is it time to learn Chinese? I think so.

    August 2, 2011 at 6:31 pm |
  302. Sea Mike

    Let us just keep using the ostrich method and keep printing more money. If were lucky we'll only destroy are grand kids economy.

    August 2, 2011 at 6:31 pm |
  303. wileysee

    Is the sky falling chicken little? Why not just change the economic basis of the world, right Jack. That should create all kind of stability...lol.

    August 2, 2011 at 6:31 pm |