How to evaluate the outcome of the 16 day U.S. government shutdown? Most “referees” judge that President Obama won by a knockout. “Republicans backed down,” we are told. “The President got an extension of the budget and the debt ceiling without caving in to Tea Party demands. In addition, Republicans are being blamed. No contest.”
There are, however, more losers than just the Republican Party. The image of the United States as the world leader was seriously damaged. How can the rest of the world rely on the dollar as the global currency when the Congress cannot responsibly manage its national budget and debt ceiling?