Wednesday, August 10, 2011

What Do You Know, The Tea Party Was Right About The Debt Deal After All

Doug has this over at The Daley Gator.

In case you didn’t hear- and you would have to have been living in a box for the past 72 hours not to — America’s AAA credit rating was lowered to AA+ status for the first time in history on the fifth of August, and the primary reason for this move couldn’t be more painfully obvious.

Standard & Poor’s downgraded the credit rating of the United States because, even if most Americans don’t understand what baseline budgeting is, credit agencies do, and they aren’t fooled by the media’s insane mischaracterizations of the “historic debt ceiling deal” reached in Congress several days ago.

To begin with, practically every story written about the debt fight over the past few weeks has included some reference to an ‘imminent debt default’ if our government failed to reach some sort of agreement on extending the debt limit yet again. This term — or something like it — was used as a scare tactic by both the Democrat party and the mainstream press, who knew damned well that such a default was NEVER going to happen, regardless of whether Congress and the President came to an agreement on the debt ceiling matter.

The only way the U.S. would have defaulted on its debt-payment responsibilities is if President Obama had decided to not make good on them for purely political reasons. According to the Treasury Department, existing federal revenues were more than sufficient to cover these costs, as well as Social Security, Medicare and military expenditures.

Read the rest because the Tea Party was right and you know it.

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