Reflections on the Weekend: Deadbeats, Sea Monsters, and Bozo the Clown
So, what have we all learned this weekend? I’ll start with me. I learned that it’s easy to scare my children with stories of sea monsters that couldn’t possibly live in the lake we were sitting on while fishing. The Boy: “Dad, you’re kidding right?” Me: “Well, when you lose both arms due to a Croctopus attack, you’ll have your answer.” What else? Well, we learned that S & P dropped our AAA credit rating to AA+. If you’ve been reading this blog, you already know what the credit rating is and why it matters (and if you haven’t, then you probably have bumper nutz hanging from your truck and need to be sterilized). In response to America’s credit rating having dropped FOR THE FIRST TIME IN HISTORY, the market is tanking and our Prez gave another speech in which he assured us that popularity doesn’t matter as long as you believe in yourself (or something like that).
As usual we ask: Does it matter? Well, yes. It does matter…sort of. It matters because it has angered the markets, and it may affect interest rates at some point, somewhere. However, as Barry rightfully said in his speech, America will always be a AAA nation…in comparison to all the other deadbeat nations out there. In a world filled with debt and communists, we’re still the safest investment.
However. The important point was made by S & P when it said it will continue to view America as a credit risk until it figures out what to do with its long-term debt problems. And as I’ve said here before, there isn’t any politician who wants to deal with the long-term debt problems because that would mean doing something about medicare, medicaid, and social security. And everyday Americans don’t want them to do anything about it. Why? Because everyone loves free stuff (even if it’s only kinda’ free). And politicians like to get re-elected, so….what’s the moral of the story? Continuing to give people stuff they didn’t pay for only works on “The Bozo Show.” In every other circumstance, it eventually results in a nation of (happy) deadbeats.
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Tags to Note
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