U.S. debt from 1940 to 2010. Red lines indicate the Debt Held by the Public (net public debt) and black lines indicate the Total Public Debt Outstanding (gross public debt), the difference being that the gross debt includes that held by the federal government itself. The second panel shows the two debt figures as a percentage of U.S. GDP (dollar value of U.S. economic production for that year). The top panel is deflated so every year is in 2010 dollars. (Photo credit: Wikipedia)
The increasingly partisan struggle over America’s mountainous national debt and budget crisis reminds me of a famous quote by the Roman political theorist Cicero:
“The budget should be balanced, the treasury refilled, public debt reduced, the arrogance of officialdom tempered and controlled, and the assistance to foreign lands curtailed, lest Rome become bankrupt”
With the current outrage over the outsourcing of middle-class jobs to China and Mexico, insistence on acting as the world’s policeman resulting in foreign entanglements ironically causing more problems than they have solved; and never-ending foreign aid to foreign nations during a domestic economic downturn, is it time for the United States to return to its original foreign policy of isolationism during this time of economic crises?
Isolationism is a foreign policy of non-interventionism and economic protectionism in which a nation refuses to enter alliances or international agreements with other nations in hopes of avoiding wars not related to direct self-defense. Nations practicing isolationism avoid all foreign entanglements and focus all their resources into self-advancement within its own borders. Can a return to this way of thinking ultimately solve America’s national debt crisis? Is a return to isolationism even possible today?
Since the end of the Cold War, the nations of the world have become increasingly interdependent. Interdependency is the idea that relations among states within the international system are mutually dependent and inextricably tied together. In theory, interdependency will lead to peace as war among the dependent nations is no longer feasible. A perfect example is the European Union and its pacifying impact on Europe. The history of Europe is as long as it is violent. Nevertheless, the region has been relatively peaceful ever since the nations of Europe became economically interdependent.
However, interdependency has a dark side. In this new era of globalization, sovereign nations can find themselves held hostage by the economic policies of other states. Imagine the impact on the world economy if Saudi Arabia decided to cease all oil production or if the United States instituted a trade embargo on all foreign products. The current Greece debt crisis is a real-world example of how the economic policies of one nation can severely hamper the economies of the entire Euro-zone, the United States, and the world.
With the aftermath of the recent economic recession and the impact of international trade agreements on domestic economies, should not the United States, as well as the nations of the world, strive to be self-sufficient?
President Obama continues to push for Congress to pass a new tax law, based on the so called Buffett rule, which would require households earning $1 million a year or more to pay a minimum of 30% tax rate. What do you think?
Food stamps have been all over the news after Newt Gingrich branded Obama the best “food stamp president.” Issues involving food stamps seem to strike a nerve across the political spectrum. Professor Gaffaney explains.
Look beyond today’s headlines with our analysis of American politics! This blog is a feature of Pearson’s MyPoliSciLab, the most popular online learning solution for American government courses. To learn more about MyPoliSciLab, visit www.mypoliscilab.com.