Thursday, June 2, 2011
The pressure is on to do NOTHING
To repeat Rush, Obama is popping the champagne corks at the White House today with the latest warning from Moody's. Reuters reports, "Moody's Investors Service said on Thursday there is a very small but rising risk of a short-lived default by the United States if there is no increase in its statutory debt limit in coming weeks." Joe Weisenthal over at Business Insider seems practically giddy with his applause and 'I-told-you-so' analysis of a possible downgrade: "This should help put an end to this idea that a technical default would be just fine, and that somehow all this brinksmanship would be good for US credit somehow. Back in January, we called on Moody's to do exactly this: Threaten a ratings cut as a way of warning about the harmful effects of this fight. They've done exactly that." Nevermind the principle of controlled spending. And wasn't Greece told to increase their debt ceiling without spending controls? Look where that's gotten them! The pressure is on to do NOTHING towards spending cuts, just increase the debt ceiling, and we'll continue to kick the can down the road as our government spends the next generation into oblivion. Print more worthless money, and let them figure it out, right? How can we be more fearful of a 'possible' downgrade of our credit rating over a TOTAL COLLAPSE of our economy from the weight of debt and deficit spending? What a coincidence that Moody's would release this report following a 'very frank' meeting between Obama and House Republicans, huh? Realizing that Obama sold his same rhetoric to the GOP, meaning his words surely won't match his deeds, perhaps President Obama could learn a valuable lesson from a certain fable about a great ship that received ample warning. But of course, that would require an attentive ear and call for him to turn away from his "big and bold and passionate" blind ideology about "what America can be." Now what are the chances of that?