The crisis of the U.S. debt ceiling has taken over all our media channels. It is an issue which cannot be avoided or ignored. The inability of our country’s leaders to come to an agreement on how to move forward threatens the stability of our economy, our security, our credit rating, and potentially even the strategic financial future of the world.
As a business person, I can’t help but wonder why basic business principles can’t be applied to this situation. Those of us in business (and those managing our own households) must embrace reality regularly. We have to make brutally tough decisions every day. Funds are not unlimited; trade-offs must be made and faced. There is no magic button to push…no giant bank in the sky from which to borrow.
A few basic business thoughts for our government leaders to consider: