Concerns about the nation's budget deficits and climbing debt burden resulted in Standard & Poor's cutting the U.S. long-term credit rating from top-tier AAA by a notch to AA-plus on Friday. Today China bluntly criticized the United States over the realities of economics which US Congressional debt dealers have to this point ignored:
"The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone," China's official Xinhua news agency said in a commentary.Holy cripes, 2.5 trillion! The piece scorned the United States for its "debt addiction" and "short sighted" political wrangling. The sad truth is they are exactly right, and the impact of our failure to address our spending problems are just now starting to appear.
After a week which saw $2.5 trillion wiped off global markets, the move deepened investors' concerns of an impending recession in the United States and over the euro zone crisis.
"China, the largest creditor of the world's sole superpower, has every right now to demand the United States address its structural debt problems and ensure the safety of China's dollar assets," it said.It urged the United States to cut military and social welfare expenditure. Meanwhile, the class clown was holding forth with his typical political double speak:
In Washington, President Barack Obama urged lawmakers on Saturday to set aside partisan politics after the debt battle, saying they must work to put the United States' fiscal house in order and refocus on stimulating its stagnant economy.Ahfff, it's so irritating to listen to this guy. Within two short years he has brought us to the brink. And now Mr. Spendepalooza wants us to get our fiscal house in order?
S&P blamed the downgrade in part on the political gridlock in Washington, saying politics was preventing the United States from addressing its deficit and debt problems.Well, that is certainly true from the Democrat side, and as far as GOP leaders were willing to deal with the Dems on the Dems terms, it was true of the Republicans as well.
"Both parties are going to have to work together on a larger plan to get our nation's finances in order. In the long term, the health of our economy depends on it...in the short term, our urgent mission has to be getting this economy growing faster and creating jobs."You're a little late there, Barry. Not that you mean anything you're saying.