Saturday, August 06, 2011

Short thoughts: On downgrading from AAA

I assume nobody is shocked that the U.S. credit rating was downgraded from AAA. Speaking of our government: We do not have a triple-A commitment to balanced budgets. We do not have a triple-A commitment to living within our means. We do not have a triple-A commitment to financial responsibility.

The ratings are simply reflecting what has long been a reality.

If someone considers that prized credit-rating worth obtaining again, we have to develop triple-A seriousness about putting our finances in order.


Craig said...

The ills that are effecting the health of our society and economy are so obvious, it's amazing that anyone considers our current position a shock. We've been propping our economy up since at least the burst of the dotcom bubble and the slow down in business spending since Y2K and, subsequently, 9/11. Combined with our obsession with bread, butter, and "no new taxes," the weight on even a $14 trillion economy is too great. something has to give.

Weekend Fisher said...

I think one of the problems is that so many things are wrong. Did Wall Street mess over the country? Well, if we're specific about which firms, some of them did. Did Fannie & Freddie? Yep. Are taxes too high / too low / too unfairly distributed? Well, our tax code is a mess, really. Did the government raid the Soc Sec piggy bank? A long time ago.

If you add up the sheer number of things that are wrong, it will take real leadership to get us out of this without a reboot.

I haven't seen any real leadership.

Take care & God bless
Anne / WF