Michael Spence argues that continued U.S. debt ceiling brinkmanship will reinforce perceptions that American politics are helplessly parochial, encourage other nations to diversify away from holding U.S. sovereign debt, and accelerate the decline of America's global economic influence.
After Congress passed a budget and raised the debt ceiling after a sixteen day government shutdown, President Obama spoke on three agenda items: passing a budget, reforming immigration, and subsidizing farms.
Because a binding U.S. debt ceiling creates constitutional contradictions that cannot be resolved in a non-destructive way, Martin Wolf writes that the debt ceiling is too dangerous a law to remain on the books.
Stephen P.A. Brown and Mine Yücel examine how changes in U.S. oil and natural gas production may affect individual state economies, showing that some of the states providing new energy resources are becoming less economically diversified and more economically vulnerable to energy price declines.
"For the last fiftyyears, Washington has assumed the scientific dominance of the US. This assumption is now in question as scientific capabilities become more widely distributed," especially to China, writes Adam Segal.
"Yellen will have to continue the Fed's easy money policies. She has no choice. The economy is getting no better, and a consensus is forming that stopping the stimulus could make things suddenly worse."
The Council on Foreign Relations' David Rockefeller Studies Program—CFR's "think tank"—is home to more than seventy full-time, adjunct, and visiting scholars and practitioners (called "fellows"). Their expertise covers the world's major regions as well as the critical issues shaping today's global agenda. Download the printable CFR Experts Guide.