Standard and Poor's has just downgraded US credit from AAA to AA+. For the first time ever.. Let that sink in. For the first time ever. Ever.
We deserve it. Let's not waste time pretending we don't. After the sad spectacle of the last 6 weeks or so, the inadequacy of the outcome, plus our absymal deficit and debt, we deserve it. Let's skip the denial part. S + P isn't the only ratings agency that has taken this action, so shooting the messenger just doesn't work.
The United States credit rating has been downgraded because in the span of 11 years we have gone from a balanced budget to spending about $1.72 for every dollar we collect. The 2010 budget estimate figures show that we collected about 2.2 trillion dollars, and we spent 3.7. That's the problem, and the cause of this downgrade. The rest is static.
The soundbites in the immediate aftermath of the downgrade announcement should make it crystal clear to all Americans that the folks in congress are uncommitted to working together to address the issue. Or unable. The only thing either side seems eager to do is blame the other side for being unable to do the right thing. The debt council negotiations are certain to be a fiasco. I wish there was a way to bet money on it.
I'm convinced that the best way past this is for Americans to join together and sign our own pledges for the election of 2012. We should all promise to vote for every single non-incumbent congressional candidate (senate or house) that seems reasonable and promises to work outside the confines of partisan ideology to close the gap between government spending and government revenue by every means necessary.
Nothing will straighten up our alleged leaders better than an extremely loud shot across their bow. We need 60-70-80% turnover in the house and the ouster of most senators running for re-election. This institution needs an enema.