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- 2011-4-19
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- 1970-1-1
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TIME 2
2’33
US is the No.1 superpower in the world with a steady and strong economy. One proof is that US dollar is still the unshakable global currency in international trade, US bond is also popular among countries. // This, however, is now shadowed by the government shutdown which was due to a failure in meeting the government debt ceiling. The default was primarily a consequence of the conflict between the administrator, or Obama office, and the congress, while the later was pushing the former to reconcile in certain ways but the request could not be met. //Authorities such as IMF said that this default in US debt as well as the coming government shutdown could cause serious damage not only to US economy but also to global economy as a whole. They also warned that if the crisis could not be settled soon enough, it might lead to a financial crisis as bad as the one in 2008.
TIME 3
2’05
This passage further explain the possible consequences of a default in US debt, which includes a weakening in US dollar as well as the US leadership in global economy, a shaking of global confidence in US commitment to financial stability and responsibility, and a chance for China to raise as a new superpower and for Euro to be more active again. Finally the author calls on a more responsible act to deal with the crisis instead of risking everything to play political tricks.
TIME 4
2’35
Things can get worse for US because its economy has already passed its peak in growth rate, while people are still living in a lifestyle rely so highly on debt.
TIME 5
2’30
The White House and the Congress has kick the problem to the Federal Government. US economy might be even less optimistic in the long run because the big changes that has brought leaps in social and economic development in the past decades would not happen repeatedly. Such big changes were including: the emergence of international trade, financial innovation such as consumer credit, needs for more social safety nets, higher education rate and women’s growing weight in labor force.
TIME 6
2'02
TIME 7
1’15
It’s time to face the reality and solve the problem. The passages suggests several ways including to create a better social benefit mechanism to support the retiree, more immigration to join labor force, less dependence on monetary policy.
TIME 8
6'57 |
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