Saturday, August 6, 2011

Well, we're officially boned

The downgrade by Standard and Poor's of the United States credit rating proves three things:

1. Obama is probably not going to be re-elected

2. It's a good bet to learn Chinese these days

3. S&P is a really crappy credit agency

Personally, I like Americans, and I think they're probably the best hope for the world's continuing democratic course corrections. Don't get me wrong, Europeans are cool too, but they have their own issues that frankly, I see less among Americans than I do them. And for all we make fun of the Americans for, they are the leader of the world's most liberal and secular culture, that being the West. It's not good to let them go down the drain.

But alas, it appears the US is more or less screwed these days, thanks to quirks in their political system and leaders who can't seem to do anything without putting a knife to each other's throats. I mean, hell, I'm no fan of Stephen Harper, but even he hasn't screwed up to the point where we end up with downgraded credit.

3 comments:

  1. I'm no fan of Stephen Harper, but even he hasn't screwed up to the point where we end up with downgraded credit.,

    Not yet. But that can come. The S&P credit downgrade is due largely in part because of the stubborn refusal to raise taxes on the wealthiest to generate much needed revenue.

    A lesson Harper & Jimbo should learn as they continue cutting corporate taxes. Contrary to the popular belief of the right, they're not 'job creators'.

    ReplyDelete
  2. I think CK means, "Raising taxes on the 52% in the US who don't pay taxes _and_ on everyone else _and_ cutting 10-15% across the board _and_ getting pension liabilities under control _and_ balancing the budget."

    While 'the rich' are a useful scapegoat even they don't have the 4 Trillion dollars that S&P wanted.

    Fools and ideologues use 'the rich' as an excuse for either math deficiencies or to conform to their political bent. I'm not sure which CK is.

    ReplyDelete
  3. Raising taxes on the rich will only generate about 90 billion a year. Not a lot of money when you are dealing with a structural deficit of trillions in the future although it is a start.

    ReplyDelete