As expected and as I predicted at the small Tea Party rally July 28, 2011, America’s credit rating has been downgraded from AAA to AA+, with expectations that it might even sink further. We didn’t need to allow that to happen, but in today’s air of hyper-partisanship, party power being more important than the good of the country on both sides of the aisle, it’s what we received.
Our problem remains our ridiculous staggering debt, now with the limit approaching $16 Trillion. Our elected officials seem only able to address the deficit between what they spend and what is received in taxes, spending greatly outpacing tax receipts.
Seeing how our Congress can only spend, spend, spend, we have lost the AAA rating we have depended on. The S & P Report cites among their reasons, “We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process.”
The left immediately focuses on “raising revenues,” increasing taxes on the wealthy, and completely ignores “containing the growth in public spending, especially on entitlements.”
Instead of rolling up their sleeves and setting to actually fixing the problems, what do we once again see?
