U.S. Credit Rating in Danger!

April 18, 2011

Yikes!

Our friends at Standard & Poor’s reminded us today that posturing and bickering by our elected officials is not only juvenile and annoying, it also has the potential to cost us dearly!

Despite their affirmation of a ‘AAA/A-1+’ rating for U.S. sovereign debt, the major stock indices lost real value.

Although S&P had some pretty positive things to say about the U.S. in its press release, investors are nervous.

Analysts at Standard & Poor’s think that our “highly diversified, and flexible economy (is) backed by a strong track record of prudent and credible monetary policy, evidenced by its ability to support growth while containing inflationary pressures.” They also admire “the unique advantages stemming from the dollar’s preeminent place among world currencies.”

Their concerns seem to emanate from U.S. debt and deficit ratios that are equivalent (or perhaps even worse than!) those of Spain, Portugal and Greece, countries that have already been downgraded by the rating agencies.

Some of us have been sitting on the sidelines frustrated beyond belief that a small cadre of elected officials in Washington seem to be unable (or unwilling) to openly and civilly discuss, debate and/or negotiate policies that impact the present, and which potentially have significant long-term consequences.

Most recently, we sat on the edge of our seats while some fringe politicians followed their own personal agendas and attempted to derail a bi-partisan budget compromise with the demand that Planned Parenthood be defunded.

Apparently, we came within minutes of a total U.S. government shutdown while these self-important creatures followed their individual ideologies on the road to nowhere.

The Congress of the United States was created by the Constitution in 1789.

My recollection from history and civics classes I took in school leaves me thinking that these individuals – Senators and Congress people – are elected to represent the wishes and best interests of their constituents.

I don’t recall any language that implied an opportunity for individuals to be elected to represent their own individual agenda, at the expense of the rest of our nation.

Yet, the behavior of a few members of Congress appears to be at the very heart of Standard & Poor’s warning today.

We need to hold our elected officials accountable for getting to optimum solutions, based on facts and solid analysis, not based on emotion, anger or specious arguments.

Each and every of our elected officials ought to be entitled to their own opinions, but they should not be entitled to their own facts.

My friends, Standard & Poor’s has thrown down the gauntlet, and it’s time for all 311 Million of us to step up to the plate and tell our 536 elected officials in Washington to stop the nonsense and do the job we elected them to do: create sustainable, long term solutions that restore the U.S. to a leadership role economically and politically.

We can’t accept or tolerate anything less.

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