This refers to the editorial "Papering over the cracks" (October 18). The recent tug-of -war between the Republicans and Democrats is just a clash of ego. After World War II, the US became a superpower in all respects and the current crisis is due to faulty economic policies.
From the 1980s, successive governments encouraged consumerism and reduced taxes/interest rates to induce people to spend beyond their means. This resulted in zero domestic savings that left the government and people in huge debt. Industries and production units were either shifted or closed and the manufacturing sectors' contribution to gross domestic product is dismal. The current bipartisan settlement is only a balm, but the US economy needs major surgery to cure its illness.
N Ramamurthy Chennai
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