Tag: Downgrade

Who was the father of this revolution? It was not Ron Paul, as some might offer. Any other names not mentioned here certainly do not qualify, as it was Rick Santelli in 2009, who sparked a well fueled fire in his CNBC "rant" that frankly was the call to arms many needed.  Though many were ready to march, protest and pressure, it was a matter of "who starts?"

In mere days after Santelli challenged Obama openly on CNBC the first tea parties events happened. I wrote about that cold first (feb 27th) event in Lansing Michigan:

"These folks.. these truly great folks gave up the time, packed up their kids, made signs, and showed how much they care for this country.  Aside from the camaraderie and knowing you are with people who care as much about the country and the direction we are headed, there was no pay to be there, and no direct financial reason or reward.  The motives are pure."

Conservatism found new life through the realization that the ideas that built the greatness of the country, this state, and hope throughout the world, were still held by a majority of Americans.

Congressman Tim Walberg issued a statement yesterday on the downgrade of the U.S. Credit Rating from AAA to AA+. The downgrade being an action that places the United States with a worse credit rating than at least 18 other countries. From the release:

Washington, DC- Today, Congressman Tim Walberg released the following statement after Standard and Poor's downgraded the U.S. credit rating to AA+:

"This downgrade is the result of a history of failure in leadership and fiscal responsibility by the President.  We have responded to the people's call to action and passed significant deficit reduction plans through the House, and we remain willing to make the tough decisions needed to put our fiscal house in order.  Let's use this moment to fix our nation's fiscal problems. I stand ready to work with those who seek the best America for the next generation."

I have been stewing on how best to continue trying to make a point here without continually beating up on those congress critters that we can better relate to, who once again screwed up.

The bottom line is bad decisions have to be called for what they are.  The wall of shame on the left will hang to remind all that good folks can (and will) royally mess up, and that even their friends (that would be this community) are willing to utter the unthinkable, that perhaps a life in public service is not a place for them.

One might think that when the public (as in the TARP situation) was 70% against the debt ceiling increase, and the disaster that followed demonstrated clearly that the decisions made were not good ones, well maybe repentance is in order?

It was to NOT allow the debt ceiling to increase.

It is the most basic and simple fix for the problem known as Obama, that exists today.  It is a "defacto" balanced budget amendment, and a cure for inflationary spending that follows the president through to the end of his political career in 2012.

Why on earth would Republicans give an inch to this megalomaniac is beyond me.  And given the unlikely scenario of GDP growth in the next few years as a result of Obama policies, chasing the Debt higher is not something sane people would do, UNLESS they were trying to crash the economy.

In all this however the basic question must be asked, what is the purpose of debt?

Why does one borrow? Is it so that they can perpetually carry a liability that they do not plan on paying? Or is it a temporary measure, that merely carries through cycles that have expected ends.  All too easily the latter must be assumed to be the ideal answer. And now as our substance is already being eaten by interest and mismanagement of tax revenues, it is assumed by some that mismanaging even more has some logic to it.  No logical explanation can be made to support more debt going forward, ESPECIALLY now that is it clear the downgrade of credit decision has already been made.

".. But according to most experts, Standard & Poor's and/or Moody's will be lowering their rating regardless of the outcome, which means climbing interest rates and more difficulty securing loans -- not to mention a very volatile stock market."