As it was planned.
Actually, it’s only gridlock that will save the Republic, the TT would gladly take another downgrade if it meant that the Tea Party forced an amendment into Congress that demanded the government to be restrained to 16-18% of the GDP. It would serve a few purposes straightaway, reduce the debt, limit the size and scope of government, and defeat statist agenda at radically transforming the US into something never designed nor imagined by the Founders of the Republic. KGS
S&P executive says it could take over a decade to restore US credit rating
By Alexander Bolton – 08/07/11 10:10 AM ET
John Chambers, the chairman of Standard & Poor’s sovereign debt ratings, on Sunday estimated that it could take between 9 and 18 years for the nation to regain its AAA credit rating.
Chambers said the credit agency could further downgrade the national rating depending on whether President Obama and congressional leaders can agree on reducing the deficit.
He put the chances of another drop in credit rating at one in three.
Chambers said if the nation’s fiscal scenario worsens or political gridlock becomes more entrenched, “that could lead to a downgrade.”
Chambers said “it could take a while” for the U.S. to regain its perfect credit rating.
I forget where I was actually talking about this, but I believe the basic thesis is probably true. Much of the impact of the O’Bama Administration’s policies won’t impact the average American’s pocketbook until 2014 at the earliest. Much of it won’t fully impact until 2016. By then, President O’Bama will either be retired or planning his imminent retirement.
The President’s successor will not be able to “un-do” much of the trouble until Americans actually feel its effect. That’s pretty much the way things are here.
Although taxation and spending has been decelerated in the Congress, the process continues through any number of regulatory agencies empowered by Congress but taking orders from the White House. This is really unfortunate, especially since even the most Republican dominated Congress will likely be unable to intervene.
Hi TINSC, that why there’s a need to continue the battle for successive congresses to fill them with fiscal responsible representatives, otherwise the Republic is lost.