Credit Downgrade: Where do we go to get our good name back?

Now that Standard and Poor's has concluded that America isn't as credit worthy as we once were and has downgraded U.S. debt, we need an immediate course correction. We cannot stand by flat-footed and allow additional agencies, like Moody's and Fitch, to join S&P, and we certainly can't allow further downgrades to even lower ratings.

The S&P downgrade and the threat of downgrades to come is the perfect opportunity for our elected officials to finally do something real about the federal debt. It gives them cover to seize the moment and explain to the American people why everyone must sacrifice. That is, get less from the government.

As this downgrade is a government-caused disaster, those Congressmen whose first response is to advocate tax rate hikes on the wealthy should be hounded out of office. The correct response to this unprecedented smudge on our national reputation is immediate, massive spending cuts -- $500 billion for FY2012 is the minimum. All pork, every earmark, NPR and Harry Reid's oh-so-necessary funding for cowboy poetry festivals must be stripped immediately from the 2012 budget. Otherwise, D.C. just isn't getting the message and we can look forward to more downgrades. In addition to the cuts for 2012, a promise of equal cuts in the following two years must be made. That would get us to balance in three fiscal years and revive the economy to boot.

The goal here is not just to get our credit rating back up to AAA as soon as possible; it's to prevent America from sliding into the abyss from out-of-control spending. But the bozos in D.C. and their media and academic enablers think they control everything. Kevin Williamson, Exchequer at NRO, recently wrote:

On Feb. 7, 2010, the secretary of the Treasury, Timothy Geithner, was asked whether persistent deficits put the United States in danger of losing its AAA credit rating. "Absolutely not," he said. "That will never happen to this country." A little over a year later it did, when the ratings agency Egan-Jones downgraded the United States to AA.

President Obama must sack Geithner and replace him with either Erskine Bowles or Alan Simpson. Fed head Bernanke needs to go back to Princeton and read up on economics. I recommend that Rep. Ron Paul replace him. Senate Democrats need to replace Harry Reid; I'd recommend Sen. Mark Warner of Virginia.

What this downgrade means -- as if sentient creatures didn't already know -- is that Washington is dysfunctional. But it's not the system; it's the people we've elected.

President Obama has distinguished himself by being the only president to preside over a trillion-dollar deficit, and now he has added another feather to his cap by being the only president to preside over a credit downgrade. If he does not respond to this calamitous downgrade correctly and do what must be done to earn back our triple-A rating as quickly as possible, he doesn't deserve to be re-nominated, much less re-elected.

Jon N. Hall is a programmer/analyst from Kansas City.



Now that Standard and Poor's has concluded that America isn't as credit worthy as we once were and has downgraded U.S. debt, we need an immediate course correction. We cannot stand by flat-footed and allow additional agencies, like Moody's and Fitch, to join S&P, and we certainly can't allow further downgrades to even lower ratings.

The S&P downgrade and the threat of downgrades to come is the perfect opportunity for our elected officials to finally do something real about the federal debt. It gives them cover to seize the moment and explain to the American people why everyone must sacrifice. That is, get less from the government.

As this downgrade is a government-caused disaster, those Congressmen whose first response is to advocate tax rate hikes on the wealthy should be hounded out of office. The correct response to this unprecedented smudge on our national reputation is immediate, massive spending cuts -- $500 billion for FY2012 is the minimum. All pork, every earmark, NPR and Harry Reid's oh-so-necessary funding for cowboy poetry festivals must be stripped immediately from the 2012 budget. Otherwise, D.C. just isn't getting the message and we can look forward to more downgrades. In addition to the cuts for 2012, a promise of equal cuts in the following two years must be made. That would get us to balance in three fiscal years and revive the economy to boot.

The goal here is not just to get our credit rating back up to AAA as soon as possible; it's to prevent America from sliding into the abyss from out-of-control spending. But the bozos in D.C. and their media and academic enablers think they control everything. Kevin Williamson, Exchequer at NRO, recently wrote:

On Feb. 7, 2010, the secretary of the Treasury, Timothy Geithner, was asked whether persistent deficits put the United States in danger of losing its AAA credit rating. "Absolutely not," he said. "That will never happen to this country." A little over a year later it did, when the ratings agency Egan-Jones downgraded the United States to AA.

President Obama must sack Geithner and replace him with either Erskine Bowles or Alan Simpson. Fed head Bernanke needs to go back to Princeton and read up on economics. I recommend that Rep. Ron Paul replace him. Senate Democrats need to replace Harry Reid; I'd recommend Sen. Mark Warner of Virginia.

What this downgrade means -- as if sentient creatures didn't already know -- is that Washington is dysfunctional. But it's not the system; it's the people we've elected.

President Obama has distinguished himself by being the only president to preside over a trillion-dollar deficit, and now he has added another feather to his cap by being the only president to preside over a credit downgrade. If he does not respond to this calamitous downgrade correctly and do what must be done to earn back our triple-A rating as quickly as possible, he doesn't deserve to be re-nominated, much less re-elected.

Jon N. Hall is a programmer/analyst from Kansas City.



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