Well, it’s official: The United States of America now has the same credit rating as New Zealand and Belgium. Put a different way, investing in America has the same risk as investing in those other countries. Now, I don’t believe that: our economy is far more diverse and our main problems have to do with our appetite for debt.
The larger point is that a deal needed to be struck months ago that was far more sweeping than this limp solution than we’re currently stuck with. It’s an embarrassment. All in Washington should be ashamed of themselves. All of those grinning idiots who call themselves “leaders” should do the right thing and resign. This is the first time I can remember that America has been humiliated by our own leadership on such a scale. Yeah, we have a steady drumbeat of scumbags on Capitol Hill arrested for whatever but that has become the norm and really only affects them and their family.
Now, I would point out that I don’t really aim any of this particular heat at the Tea folks. I don’t know that I’m crazy about their actions but they aren’t in a leadership position in any party. The establishment people blew it. They didn’t do their jobs.
Hey America, keep hiring ideologs and party hacks to run your State and National governments and then be shocked when things go to hell. This might come as a surprise but ideologs aren’t really interested in what’s best for all of us – especially when it’s tough medecine. They’re interested in 2 things: making sure they support those that donate (many times the party caucus) and reelection. It’s gotten out of control in Washington (and Richmond for that matter).
Want to know what’s wrong with America? We don’t have competent leadership in Washington and most of our state houses. The “government” can’t really create jobs – only the private sector can do that on any scale. I’m not an economist but I do run a business and I can tell you that the uncertainty has frozen my capital investment and the investment of most of the other business owners that I’ve spoken with. That debt ceiling issue should have been dealt with in a productive fashion – it should have been addressed head on (Our state has similar problems as well but it’s more related to quality of life and education and funding thereof). If the debt issue had been dealt with crisply, we could have moved past it. I suppose that the bottom line is that government can’t create jobs but it sure can destroy them. A pox on all their houses.
August 6, 2011 at 8:15 pm
Of course, they have a plan!!!! They can figure out how to cut $3Trillion and even overhaul the tax code to find the other $1Trillion. That should fix the credit!
Caveat: those morons all say for next year (meaning for the FY 2013 Budget). Of course, that also puts it into the election cycle.
August 7, 2011 at 3:43 pm
Andy,
Well said. It is sad that we have too many people in Washington who only care for their own well being. Raising money has never been an issue for Washington, it’s spending. How many times have we heard, “that only accounts for a small amount of the debt” from the idiots in Washington? That’s code for we won’t cut that either.
The tea party has only been around for the last couple of years, we’ve been in a debt situation for much longer. The dems simply do not want to cut entitlements. They rail on about the costs of the war, but have you ever notice they do not say that money could go back to us, no, they say that money could go to pay for more schools, or more social programs, or more whatever. In other words, they don’t mind the spending of the money, they just mind how it’s being spent. At the wars will go away, the entitlement spending will never go away. Wait until there is not a choice on what cuts need to be made. We are fast on the path of being a 3rd World Nation, when you toss in the illegal alien issue, and the debt issue. America had a good run, but it took only about forty years to bring her down.
August 7, 2011 at 4:22 pm
Actually, according to this CNN article New Zealand has the AAA rating. Why you gonna hate on New Zealand?
Seriously though, it says that the US does share the AA+ rating with Belgium. It also says that Abu Dhabi, Bermuda, Chile, Qatar, Slovenia, and Spain have the AA rating while China has an AA- rating and Greece is the lowest rated country in the world. At the other end, it says that Australia, Austria, Canada, Denmark, Finland, France, Germany, the Isle of Man, Luxemburg, the Netherlands, New Zealand, Norway, Singapore, Sweden, Switzerland, and the United Kingdom are the only ones to have the top AAA rating.
August 8, 2011 at 12:59 pm
@AB: Saw it on TV – could be wrong tho.
On another note, Yay! we’re on track to lose 1,000 points off the Dow in 2 days. This is just great.
August 9, 2011 at 1:41 pm
So, here’s a hypothetical (except that it’s not really a hypothetical): You essentially have two parties notwithstanding factions and fractures within each. The two parties disagree on the big picture, and the supporters of each party likewise disagree.
So, now you are in Congress. Do you enter into a compromise with the other party or do you hold firm and end up with what we got? Would the supporters back home have allowed you to compromise? I think not. For every politician voting a particular way there are folks wanting (rather, demanding) that he or she vote that way. On the latest vote they were more grass roots folks than lobbyists. In other words, “us” (so to speak).
The blogs of all stripes show how demanding the voices of the people really are. When we demand and don’t tolerate compromise, we shouldn’t be surprised that our politicians follow suit with resulting non-solutions or gridlock. When half the population has markedly different views from the other half, not of us has the luxury of making believe the other half does exist. I do know that true compromise is far from ideal but it is sometimes all we have. What recently resulted, however, was less true compromise and more Frankenstein’s monster.
Regards to all from the beach.
August 9, 2011 at 2:12 pm
All true but irrelevant. Our elected folk in washington are also charged with governance. The fate of the individual districts and congressmen don’t really matter if the ship of state sinks.
It is an adult responsibility, just like when you have kids: sometimes it ain’t about you any longer.