I’ve got a post ready that I’ll publish a little later on in which I do a little explaining of the debt deal that was just passed today. Meanwhile, I feel the immediate need as a concerned young woman; as a concerned young American, to vent. This deal is no good, people. Please come back and read my summary of the debt deal later on, if you haven’t been able to analyze the situation yourself just yet.
Okay, so where does it end? At 20 trillion in debt? At 30? Will we even reach a point where we will still even have that much borrowing power? If, at this point in time, the ratings agencies are contemplating our current situation and looking with uncertainty and concern at our 14.5 (and growing quickly) trillion dollar debt RIGHT NOW, how much more until they finally throw in the towel and call us a lost cause? The stock markets didn’t surge today at the news of the passage of the debt deal. World markets didn’t breathe a sigh of relief (In fact some are DOWN!). S&P didn’t slap a gold star on America’s forehead for a job well done. America’s economy is nowhere near fixed. This debt deal didn’t even so much as put a band-aid over it. As I’ll explain later on, the only good thing that came out of this whole debate is that the Tea Party was able to shift the debate away from immediate tax increases; though this final bill certainly leaves the door wide open. More on that later.
Think for a moment about the monumental damage a downgrade in our credit rating, and a soon-to-follow default will do to the ENTIRE WORLD. To paraphrase an astute commentator on the subject, other nations’ economies have defaulted before, but never the economy of the world reserve currency. I say that not out of some kind of arrogance, but rather I speak from a realistic perspective. The U.S. dollar IS the reserve currency. I shudder to think of the result when the U.S. economy finally fails under the massive weight of this debt. It is an inevitability at this point, people, unless we turn around NOW.
So what, GOP, that you’ve only got half of 1/3 of the government with your control of the House? Why exactly do you think you’re there? You’re there because in a landslide victory last November, the American people PUT YOU THERE in reaction to what the rest were/are doing! Imagine if the American colonists had your attitude at the time of the revolution. They were a smallish group of fairly organized patriots going up against THE superpower of the day. They went in knowing the likelihood of their loss. But they did it anyway, because they knew the consequences of inaction. You know the rest of the story.