Why did we lose our AAA credit rating?

Speaking strictly, if all one uses is the metric of ability to meet obligations then the USA should not have had it’s credit rating downgraded. But if one uses the more subjective metric of direction, then we did deserve it.

What is meant by direction? Well, just as though we were a company drowning in debt, the creditors of that company would want to know what the company executives were doing about the debt. Did they have a plan to pay it off, or were they just borrowing more? What direction were they headed?

Anyone can see that we are headed in the wrong direction.

So now come the spin from the party in power and the administration, it is not a shock to see that they blame everyone but themselves. Most notably the villains of the day are the teaparty.

Sure, let’s blame the only people who have been trying to do something about this massive debt, lets not blame the people who added a trillion and a half of purely EXTRA spending in the last two years!

I don’t think a lot of people will fall for that.




4 Comments to “Why did we lose our AAA credit rating?”

  1.   Invisible Backhand said:

    “That we had a deficit when Obama took office is neither here nor there,”

    Kind of like it’s just an opinion, not historical record or anything.

    “We have SINCE then had a massive bout of federal spending”

    Right, he put the wars ‘on budget’ on day 1.

    “and it did not help at all,”

    except for at least 1.4 million jobs http://www.factcheck.org/2010/09/did-the-stimulus-create-jobs/

    “but rather harmed the economy,”

    how?

    “because Keynesianism is an idiot idea that only idiots or those blinded by utopian left wing fantasies believe.(or those who know it does not work but use it just to steal goodies from the government for their constituents, can you say unions?)”

    unions?

  2.   Invisible Backhand said:

    Deleted my comment? Your faith in the Holy Hayek not strong enough to with stand my keynesian blasphemy?

  3.   Invisible Backhand said:

    If you fix your comment system people will be able to see the posts and not think they’re deleted.

  4.   impudent said:

    No, I just haven’t checked my blog lately. Your arguments are silly. the Democrats have spent at about eight times the rate of the Republicans who themselves spent way too much. More debt will not magically create prosperity, it will do as debt always does and create poverty.

    That is why keynesians are idiots.

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