Re: [OT] USA Elections
- Posted by mattlewis (admin) Nov 05, 2012
- 2774 views
Jet planes which are generally made by very well paid workers. Win, win! Yes, they definitely consume things. And other people produce them and get paid for them.
So the money .. stays at the top?
Sorry, I'm not following you here.
Except that the main credit ratings agencies were talking about downgrading our credit rating due to the excessive amount of debt and the apparent policy of more of the same. Without that threat, I'm sure the ceiling would have been increased with just the normal amount of partisan approved posturing with which it has always been raised in the past.
Moody's was the one who did downgrade the debt - not because the US was unable to pay it but because the US was suffering a political crisis (at least, thats what they said).
Yes, the political crisis was that we were spending way more than we were taking in, and were making no signs of changing course. Reasonable people can disagree about proposed changes. But sovereign debt default has a long and current history.
Matt
