For those keeping score at home...
S&P revoking the United States AAA credit rating will force us to pay more interest on our bonds, thus increasing our debt when we're forced to pay that interest back to bond holders.
This, naturally, will increase our national debt.
One reason why S&P revoked our AAA rating is because of political turmoil in this country -- indecision and infighting caused our politicians to push the economy to the brink. Which is amazing since we weren't facing an immediate crisis.
Who caused this needless, high stakes political brinkmanship that not only held the economy hostage, but will also increase the national debt? The Tea Party, aided and abetted by their (now) Republican slaves.
Now if President Obama can't hammer away at this obvious and obvious hypocrisy -- and FIGHT against them WITHOUT compromise -- then please don't blame people like myself when he loses in 2012.
I'm so sick of this shit. I thought I voted for a president who would fight for the good of the nation, so what the fuck happened?
Labels: big baby republicans always get what they want, debt ceiling, interest rates, lowered credit rating, lynchburg tea party, president obama, s+p
posted by tas @ 9:22 AM
4 Comments
4 Comments:
I'm resisting making any comments on Obama's re-election prospects until the middle of next year at the earliest (it's just too early — we don't even know what the election will be about yet), but I will say that I'm concerned. The GOP seems ready to bring the Howitzer in 2012 and Obama continues to try to "play the adult" and sit in the middle. In my experience, that's a losing game. American's like strength, even when it's wrongheaded. Obama looks anything but strong.
Obama's relection prospects rest solely upon the economy -- chiefly, unemployment. For Obama's part, he's done next to jack shit. Being the only adult in the room means nothing when the rest of the kids treat it like "Lord of the Flies". But if that's what Obama insists we need, then perhaps America will be better off without his "maturity".
Furthermore, using Obama's own adult analogy, he's like the bad parent who tries to appease children by playing ball with all their dunbfuck ideas. A real adult would say NO! Now goto your room before you get spanked.
The House Republicans didn't offer one job bill. Boehner has hardly passed anything in his own chamber. Obama could have attacked the Republicans on jobs. Which is what the Republicans ran on. Instead, Obama allowed the Republicans to destroy the Treasury credit rating by being weak on the debt ceiling. Bad policy and bad politics.
The biggest irony (I plan on making a post about this later) is that corporations were swimming in profits, but wouldn't reinvest that money into expanding companies (ie: hiring more people) because of fears that markets for products wouldn't be large enough since on one was hiring.
If Obama did his job priming the pump by funding massive infrastructure projects, the government would have created enough good jobs so a market of consumers was out there, which, in turn, would cause companies to create jobs to make goods to sell to consumers.
Instead, Obama was such an adult that he played ball with Republicans wet dreams of austerity. Investors, recognizing that corporations won't grow in such a hostile environment, are taking their money back from corporations. Companies didn't invest the money when they could, and soon they won't have a choice.
What a clusterfuck.
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