For School of Management Professor Jeffrey Garten, the debt agreement reached Sunday night between President Barack Obama and congressional leaders is little cause for celebration.
Garten, who has written extensively on globalization and American power, said in the New York Times that America’s global reputation has been tarnished by the debt crisis.
“Even if the deal passes muster with the credit rating agencies, there is still a huge problem,” he told the times. “The problem is that we need both a fiscal strategy and a growth strategy. And what you hear around the world is that no one is convinced we do — that we have a pathway to making the debt sustainable and to dealing with everything from our infrastructure to our education system.”
“It seems obvious to everyone that we haven’t done anything, but veer around to avoid catastrophe,” he added.
His remarks come at a time when many international leaders are questioning the authority of the United States after the debt crisis, the Times reported, including the head of the International Monetary Fund Christine Lagarde and several Chinese officials.