The rhetoric was inevitable. Now that the final decisions, or in this case, lack of decisions are made, the politicians flock to the microphones and cameras to declare victory for one side or the other. What has actually been accomplished is that the government bodies have agreed to raise the ceiling on the national debt, enabling us to pay our bills and to repay our indebtedness. There will be no default. Moreover, at some future time, there will be some discussion and some resolution as to where the money to repay the indebtedness will come from.
The Democrats are still adamant that entitlements won’t be significantly reduced. And the Republicans, locked together elbow in elbow, have taken a giant step in limiting or delaying that the very wealthy and corporations will have to suffer reduced income. It is noteworthy that with Apple having more cash in its tills than the United States government, we are hearing less talk that richer corporations result in more jobs for the people.
We might look forward to a time when wealthy Americans and wealthy corporations are considered separately, not bunched together. It is now trivial and apparent that many in Congress see it as their role to protect the corporations which sponsor them. We might even glean from all this the potential for a third party (and I don’t consider the Tea bunch a separate entity) in America. Some might agree that the damage was done when the U.S. Supreme Court made its decision regarding donations and ongoing support for candidates from groups with particular interests; presumably the court won’t change its aggregate mind.
The question arises: was the matter of the debt ceiling satisfactorily resolved? The obvious answer is no, but at least there is a resolution to discuss the matter further; perhaps when the lights have dimmed, and the fanfare diminished. So if our AAA rating as a nation falls, it should. If it doesn’t we suspect that someone somewhere is doing the wrong thing for all the right reasons.Powered by Sidelines