Saturday, August 6, 2011

USA Debt Ceiling Raised, Yet Global Markets Collapsing?

Hold on a minute, I thought all the experts were telling us that if the USA did not raise their debt ceiling, they would lose their AAA credit rating? And yet, the debt ceiling went up, and the credit rating still went down? What kind of madness is this? Now global stock markets are plunging, despite Obama reaching a deal to drive the United States deeper in debt? How is this even possible? Maybe just maybe, the answer to a debt crisis is not going deeper in debt? Obama should be on the phone with Stephen Harper asking him for advice, because his administration as been leading the American economy into the abyss. Obama is in over his head, and he needs help.
Canada is in comparatively great shape, but if the United States collapses we will feel the pain because we sell so much to our southern neighbours. I'm just responding to all those who said the debt ceiling had to be raised to maintain America's credit score, but you did and the rating fell anyway. Good work. Taking out new credit cards to solve the problem of maxing out your previous credit cards doesn't solve any damned problem.


  1. PM Harper is not waiting for the USA to get back on her feet, he has a country to run so he is off to South and Central America: Brazil Peru etc.

    Obama has unions to pay for before the other citizens get a dime.

  2. Two things, one Harper got us into the biggest deficit in our history and second everyone said that even if congress had approved the debt deal it was too late to save the credit rating, thanks to Tea Party absolutism.

  3. Anoy, The Lie about Harper getting us into the largest deficit is getting old. It is the largest only in raw numbers, but as a percentage of GDP (the only fair comparison) it is not even close, consider
    1984 34B approx 9% GDP
    1993 42B approx 6% GDP
    2009 54B approx 3.5% GDP

    Rob West

  4. Nonny,

    My only regret with "Tea Party Absolutism" is that they didn't push for enough cuts to clear the US deficit completely.