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Everyone has been in a panic this week over America’s impending fiscal collapse, but I think the reality is that America does not face an immediate debt crisis. Take a look at the simplest indicator, the day that Standard & Poor’s raised its now famous warnings about America’s debt, markets decided to lower America’s borrowing costs and the dollar rose against its principal alternative, the euro.
The real problem for America may well be that it does not face a short-term crisis. Over the last few years, everyone has been worrying about America’s debt, and despite all that public worrying, markets keep lowering the rates at which we can borrow money.
Anyone want to take a stab at this one?
Related articles
- “Standard and Poor cuts long term outlook for US Debt to negative: Thank you Congress, WTF?” and related posts (anaverageamericanpatriot.blogspot.com)
- A U.S. debt crisis? Only if we make it one (timesunion.com)
Joel L. Watts holds a Masters of Arts from United Theological Seminary with a focus in literary and rhetorical criticism of the New Testament. His interests include exploring the role of mimesis in human civilization, specifically in the study of religion and media, as well as science fiction and the way in which it has allowed mythology to be explored in light of scientific discoveries of the past century. He is the author of Mimetic Criticism of the Gospel of Mark: Introduction and Commentary (Wipf and Stock, 2013) and a co-editor and contributor to From Fear to Faith: Stories of Hitting Spiritual Walls (Energion, 2013).
Website: → Unsettled Christianity
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Rachel Maddie once did a special report showing how debt levels increase under D’s & R’s. It wasn’t even close. Republicans run up debt and deficits with programs meant to benefit those who already have. This forces D’s to deal with the crises left in their wake. Then, R’s label everything D’s do “liberal” and it poisons the common sense approach they take to strengthening the economy. That, also, has the effect of forcing D’s to put off their policy initiatives. This explains everything since the Great Society.
Also, the hair-in-fire approach to public opinion on debt and deficits helps to give their argument credibility. Unfortunately…