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August 02, 2011
From Politics To "Economic Realities:" Wall Street Tanks, Moody's Issues "Negative" OutlookWith the stroke of a pen we've given ourselves the nominal right to borrow more money, but that doesn't fix anything. The broad-based index fell for a seventh day and crashed through the key 200-day moving average in an ominous sign for markets. The seven days of losses mark the longest losing streak since October 2008. Credit rating agency Fitch said the deal makes the possibility of default very low, but the US must reduce its debt or face a downgrade. Moody’s Investors Service said the U.S. credit rating may be downgraded for the first time on concern that fiscal discipline may ease, further debt reduction measures won’t be adopted and the economy may weaken. Consumers were already forecasting a downturn in June, by cutting their own spending. Unexpectedly, of course. Consumer spending unexpectedly fell in June to post the first decline in nearly two years as incomes barely rose, a government report showed, suggesting economic growth could remain subdued in the third quarter. Um, "remain subdued" is a rosy scenario. It was already weak and with the adjustment of the first quarter's figure to a near-recessionary 0.4% GDP growth, "subdued" growth is the upside. This is sort of an unrelated point, but I've seen liberals strain to make the case that Bush was really responsible for the increase in debt the past 2 years. I don't know how they get to that claim, exactly. But even conceding they're right, then what they are saying is this: Bush spent irresponsibly and even recklessly. (You don't have to argue long with conservatives to get that much conceded.) Now, Bush having accumulated several more trillions in debt than he ever should have, Obama's response is to... pile on another $5 trillion? What is there some kind of free $5 trillion rule, that every President gets $5 trillion in debt? If, as Obama said when he voted against a Bush debt ceiling increase in 2007, Bush was burdening the country with unconscionable levels of debt, what the hell exactly is Obama doing adding another $5 trillion (in just two and a half years!) on top of the burden already accumulated? That's like a general brought in to replace one who'd gotten 10,000 men killed who then turns around and employs a similar strategy to kill 30,000 men, and then says, "Hey, the other guy did it, didn't he?"
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