Can the ponzi last through the next election cycle?
Fitch downgraded the United States’ long-term credit rating as expected. This is basically the reason:
Thank you Barak, Donald, Joe, Janet, Jerome, Ben, US Congress et al.
My question is, can the ponzi last through the upcoming election cycle? Instability rears its ugly head from time to time like an alcoholic realizing he is slipping into the abyss. SVB bank, commercial real estate, Fitch credit ratings....
How easy or difficult will it be for the party in power to pin it on the other party?
Oh well, I guess we'll just let the good times roll... for now.
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SW-User
The only reason that there is a downgrade is because one political party will raise the debt ceiling, an arbitrary, unconstitutional performance art law, quickly and quietly while their party is in power while using it as a hostage taking device every time the other party is in office. The names you should have on that list are: John Boehner, Mark Meadows, Paul Ryan, Donald Trump, Kevin McCarthy.
@SW-User I already had Trump and the US Congress. That includes everyone on your list. If you want to use this as a way to assassinate one party, be my guest. Everyone knows you're wrong.
@irishmolly72 So, here's the thing. I'm an actual political scientist and though I try my best to keep a modest profile sometimes sounding patronizing is difficult to avoid, so I'm going to apologize in advance. First, I ignored the Ponzi scheme reference before but @Ynotisay is correct. It is irrelevant to the conversation.
The ratings companies that have downgraded the US credit rating both made a mistake in my view but setting that aside, and giving them the benefit of the doubt, this is why these downgrades are a Republican responsibility only. It isn't hyperbole or grandstanding. Democratic voters are, generally speaking, less partisan in their assessment of government behavior. When they fuck up we don't give them a pass and we don't blame Republicans- even when it hurts the party. That's a noble but unfortunate problem on my side of the aisle. Individuals and their efficacy and ethics are very important but laws are passed by holding majority power. Sometimes you need to tolerate people you'd rather not.
Governance to economists is not about Democratic vs. Republican policies. Most of them lean wealthy and are happy to get rid of government assistance programs if they get to pay less in taxes. What they are talking about is how there is now a standoff for raising the debt ceiling every time a Democrat is in the White House because only Republican politicians are reckless enough to use this must pass legislation as a tool to reach their two goals of ending government programs of almost any kind and cut taxes for the wealthiest people in the country. They have also gotten to a point where they may have elected ignorant enough representatives that they truly are okay with a default, especially if it will hurt the president politically.
Former president Barack Obama and president Biden do have responsibility in this. They allowed Republicans to take this hostage and actually negotiated with them. It was an understandable but ultimately cataclysmic decision. Because of this, a clean debt ceiling bill will only be signed by Republican presidents. The hostage taking doesn't benefit Republicans when they're in power so since their motivation to risk the global economy is purely for political gain, they don't bother taking the hostage with a Republican in office. They just vote through a clean bill.
The credit agencies aren't stupid, short sighted and naive, but not stupid. They think by doing this that they will convince Republicans to stop this reckless pattern. It won't. Republicans celebrate the bad news because it gives them an opportunity to attack the president.
I understand your skepticism and would share it if I didn't know better. But "a pox on both their houses" only works for Republicans. Democratic voters want their party leaders to build consensus and compromise. Left-wingers may not but they've been burned a lot by the Democratic establishment. Democrats and Republicans are appealing to very different audiences. I don't respect Republican politicians because they either lack ethics or lack the strength to reject their members who lack ethics. That's disqualifying in my view.
Democrats are hand ringers and often time fail their voters for fear of alienating the center left of the electorate. They can be too naive when trying to help people. This can result in vulnerability to fraud and waste. But I will stand with a party that takes direct action to help their people over a party that takes acts designed to hurt people any day of the week. We need a conservative party that will cut the reckless and criminal culture that's taken control of the Republican party out like a cancer. One party rule is bad no matter who it is. Be well. I come here to escape politics for awhile. I needed to remind myself of this this week. I strayed into the fray more than once.
SW-User
@Ynotisay considering we're in at least broad agreement I'm going to assume this wasn't meant for me.
@irishmolly72 I've got to assume your life sucks. To live in that kind of world...hard pass. If you had any guts you'd leave the place you hate and want to see fail. That won't happen though. Block time. Sick of the whining lemmings. Such a waste. For everyone.
SW-User
@irishmolly72 Unfortunately, you're beyond reason. What you listed was either wrong, irrelevant, and/or ignorant. If you're more intent on expressing hostility then I can't help you. If you want to behave like an adult I'd be happy to enlighten you. You do you.
