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Jacob Lew

WASHINGTON. — The recent US government shut down and the debt ceiling deadlock have led to economic hardship across the United States, and the nation should avert another similar event that will impact the economic recovery, US Treasury Secretary Jacob Lew said yesterday.

“The government shut down and the debt ceiling impasse have led to economic hardship in every corner of the country.
“While we do not yet know the exact magnitude of the damage, these events have generated unnecessary headwinds for the economy,” Lew said in an article carried on The New York Times.

“A few days ago, a bipartisan majority in Congress voted to reopen the federal government and remove the cloud of uncertainty hanging over our economy.

This put an end to a messy, and at times downright ugly, political process.
But when you look through the noise of the moment, it showed that America’s leaders are committed, on a bipartisan basis, to doing the right thing for our economy and our standing around the world,” Lew said.

Wrapping up weeks of bitter fiscal fight that had rattled the financial market, US Congress on Oct. 16 passed a legislation to end government shutdown and raise the government’s debt limit.

“What took place was a political crisis, not an economic one,” stressed Lew, adding that the U.S. economy has proved its resilience and U.S. businesses are hiring.

“Our economy has been poised to make serious strides over the last few years, but self-inflicted political wounds have gotten in the way time after time,” he said.

“The dollar is the world’s reserve currency and, for over 200 years, we have established ourselves as the backbone of the global financial system.

“The world now knows we are and will remain the safest, most reliable place to invest,” Lew said.
The 16-day U.S. federal government shutdown has not only cost different government agencies millions of dollars of productivity, but also left the world worried about the politics of the United States. — Agencies.