I still don’t have a computer, so this won’t be as indept as it should be.
Last night, Standard & Poor’s lowered the US Government’s credit rating from AAA to AA+. Honestly I think they were too kind and we got off light. I wouldn’t buy US Bonds if they were the last investment in town, and that has been my stance for years now.
Ok, first let’s look at Standard & Poor’s rating system and see what this means.
‘AAA’ – Extremely strong capacity to meet financial commitments. Highest Rating.
‘AA’ – Very strong capacity to meet financial commitments.
Note: Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.
So, we just went from Extremely Strong to the positive end of Very Strong…
My fellow Americans, we were lucky to get even that. If I was to rate our credit worthiness, I would give a F-! Our bonds, in my honest opinion, is below junk! Our debt and deficit is wildly out of control, and we have idiots like Ezra Klein advocating we further monetize the debt. I am thankful Rick Santelli was there to check him. Just because Ezra Klein’s engaged to an economics reporter at Slate, does not make him an economist. Even I know inflation is wrong, wrong, wrong!
But I digress.
The Debt Debate is over. There will be no redo. Conservative Republicans now have to look to the future. I call this future the 2012 Budget. If we are to do anything about the debt long-term and deficit short-term, it’s in that budget. If we can get our deficit under control, we can lower our debt over time.
Is there no way we can bring up the Ryan Plan again and couple it with a Balance Budget Amendment?
Hell, even French President Nicolas Sarkozy is going to run for re-election on a campaign to push adding a Balance Budget Amendment into their constitution. But what choice do they have? France (while they still have their “AAA” rating, by the way) have seen their borrowing costs jumped to 27% above German borrowing costs resently and their debt is currently at 81.7% of their GDP.
President Nicolas Sarkozy sees the writing on the wall, why doesn’t our own President? I’ll tell you why: Obama is, at the very least, quasi-socialist and opposes a Balance Budget like the French Socialist Party. He talks a good game about reducing the debt, but doesn’t want to do anything about it. Barack Obama talks about investing in the future, but there will be no future if the United States goes bankrupt.
One can say we already are bankrupt, we just don’t know it yet. I say to hell with that, the ending has not yet been written. We, THE PEOPLE, control the future. So today is the first day of the rest of our lives. What will you with it?
One (Term) And Done: U.S. Debt Downgraded – BigGovernment.com
Life After D-Day – HotAir.com
VIDEO: Bachmann Demands Resignation Of Treasury Secretary Timothy Geithner – The Other McCain
The Downgrade Delirium – Michelle Malkin
Unprecedented: S&P Downgrades US Debt to AA+ – Ace Of Spades HQ