According to our U.S. Constitution, only Congress can spend money and only Congress can set policy. Even the veto power of the President of the United States, is at the mercy of Congress–as they can override his veto power. They can override a presidential veto for political gain (or games), or because they just don’t like him, or because they are self-centered-greedy-drunk-with-power elected officials who want it “their way,” or no way at all.
I only point this out to show that no matter what our President tried-or as some think, didn’t try to do in the month-long debt crisis fiasco–it wouldn’t have mattered. The Republicans had control of the ball and they dropped it right on us. Not just we the people but we the standard poor people. The people who have no jobs, or two jobs, or low wage jobs. The people who don’t get the tax breaks of the rich and can’t afford off-shore accounts. The people upside down on their homes and sinking fast or in default. The people who Congress can’t possibly relate to and therefore refuses to help with anything more than rhetoric.
The fact that Standard & Poor’s has downgraded the U.S. credit rating a notch is not nearly as important as why? S&P said the downgrade reflected their opinion of our political situation and said the Republicans are not likely to let the Bush tax cuts (for the rich) expire in 2012– so no new money coming in. It is a totally separate issue that S&P is grading on some kind-of fortune teller-astrological-voodoo curve, whereby they predict the future political situation rather than assessing the financial situation as it stands.
Yes, the Republicans got their “deal” and us standard poor people got to watch elected officials play one-upmanship, not play well with others, and sell us down the river so they can report back to the lobbyists, big banks, big pharma, and other big entities that make big political donations. In the meantime the real American crisis of jobs, wages and growth is once again taking a back seat so that the rich can get richer and the middle and lower class can become obsolete.
We can only hope that anyone in Congress that helped create this mess is heavily invested in the big companies that they are supporting with their votes, the “too big to fail” companies that were tanking today in the stock market. This Congress deserves a DD–rating, from all the standard poor people in America.