|
Relax - From November 11, 2010
| “
|
In the coming days we’ll sort through the
repercussions of S&P’s downgrade of our credit rating, including
concerns about the impact a potential interest rate increase would have
on our ability to service our suffocating $14.5 trillion debt.
I’m surprised that so many people seem surprised by S&P’s decision.
Weren’t people paying attention over the last year or so when we were
getting warning after warning from various credit rating agencies that
this was coming? I’ve been writing and speaking about it myself for
quite some time.
Back in December 2010, I wrote:
“If the European debt crisis teaches us anything, it’s that tomorrow
always comes. Sooner or later, the markets will expect us to settle the
bill for the enormous Obama-Pelosi-Reid spending binge. We’ve already
been warned by the credit ratings agency Moody’s that unless we get
serious about reducing our deficit, we may face a downgrade of our
credit rating.” And again in January, in response to President Obama’s
State of the Union address I wrote: “With credit ratings agency Moody’s
warning us that the federal government must reverse the rapid growth of
national debt or face losing our triple-A rating, keep in mind that a
nation doesn’t look so ‘great’ when its credit rating is in tatters.”
One doesn’t need a Harvard Law
degree to figure this out! Just look across the pond at Europe.
European nations with less debt and smaller deficits than ours and with
real “austerity” plans in place to deal with them have had their
ratings downgraded. By what magical thinking did we figure we could run
up perpetual trillion dollar deficits and still somehow avoid the
unforgiving mathematics of a downgrade? Nothing is ever “too big to
fail.” And there’s no such thing as a free lunch. Didn’t we all learn
that in our micro and macro econ classes? I did at the University of
Idaho. How could Obama skip through Columbia and Harvard without
learning that?
Many commonsense
Americans like myself saw this day coming. In fact, in June 2010, Rick
Santelli articulated the view of independent Tea Party patriots
everywhere when he shouted on CNBC, “I want the government to stop
spending! Stop spending! Stop spending! Stop spending! STOP SPENDING!”
[Full
Conquering the Storm]
|
” |
How many pols garner 4,053 positive comments to a Facebook
post? She ends with —
| “
|
Our destiny is
still in our own hands if we pick ourselves up and act responsibly and
quickly. We must all get involved. Concerned Americans must seek truth,
work harder than ever, and be willing to sacrifice today to ensure
freedom tomorrow. Please get engaged in 2012 electoral politics and
support experienced, vetted, pro-free market fiscal conservatives who
will dedicate all to preserving our Republic and protecting our
Constitution. |
” |
|
|
