The word Senator Chuck Schumer said - unaware that Conservatives could hear him - had been assigned was "extremist". Now there is a new mantra.
"TEA PARTY DOWNGRADE".
"TEA Party downgrade" my ass. The phrase is meant to shift blame for the recent downgrade of the Standard and Poor credit rating for the nation from AAA to AA+. Now, how this is a product of efforts by the TEA party freshmen is a bit hard to understand, since the debt limit WAS raised in the end, which all the Ratz insisted was necessary to maintain the AAA rating and "avoid default" (which as we have stated would not have happened anyway). The downgrade was made because the deal that was struck MADE NO MENTION OF REDUCING THE DEBT, only the "deficit" between income and outgo. The TEA party frosh wanted to hold out for DEBT REDUCTION and a rigid commitment to cutting spending from PRESENT levels instead of just stating vague intentions not to spend as much more next year than we spent this year and calling that a "cut" in spending. The newbies would have held out, but they were parliamentarily out-maneuvered in the end into accepting the half-assed Devil's bargain that led to this downgrade.
Personally I am not worried. For one thing, even though the rating was downgraded, there is a stunning sell off in the stocck markets globally as investors race to put their money in safe harbors such as gold and......
That's right, folks. Even though them there T-Bills are now only AA+; the smart money STILL considers them a safe investment. WHY??
Because the United States economy is STILL the strongest in the world. Europe and Asia are tanking far faster and far worse than are we. This has translated into a reduced demand for oil, and the price of oil is plummeting. This in turn is translating into lower energy costs. The less energy (read gasoline) costs, the more Americans are willing to travel and spend money. This boosts the economy. We will as usual pull out of this nose-dive faster than anyone else.
It's odd the folks I meet driving a cab. One young fella told me this morning as we were discussing this that the money we pay for oil represents "a huge transfer of wealth" from the USA to foreign countries.
Baloney, I told him. American purchases of foreign energy are the purchase of raw material for the creation of wealth. If I buy a dollar's worth of cotton from you and use it to make a twenty dollar shirt, have I "transferred" my wealth to you? Hell no. I've just fed you for a day so I can feed myself for a week. Our wealth isn't being bled out of us by OPEC (but they do try). However, if these fuddled folk bemoan the fact that US dollars pay for foreign oil, they should be aware that there's plenty of oil right here in the USA and her territories, but the idiots in charge of things won't let us go and get it.
You lefties out there better face the facts. Anyone who bets against the US economy will in the end walk home wearing a barrel. Your point of view needs a major change of scenery.
The only sense in which the drop in our credit score is a "TEA party downgrade" is that despite the best efforts of that faction, the debt limit was passed with a bunch of weak, watered down commitments to - not PAY DOWN the debt, but to NOT INCREASE IT as much as had been planned.
If the TEA party freshmen did anything less than 100 percent of what they could to hold out and demand that real cuts from present spending levels be made, then yeah; I guess you could say it's a "TEA party downgrade".
But it's not. It's a Democrat downgrade. It's an Obama downgrade. Obama keeps bitching about the things he "inherited" from George Bush.
One of those things was an AAA credit rating.
The Oath of the Presidency was flubbed by Obama. Here's a rather simpler statement:
DO IT. SAY IT, YOU JUG EARED JACKASS! DO IT!! NOW!!!