Politicians and pundits are belly-aching about the S&P downgrade. Yes, S&P did some seriously sleazy things in the past (and this blog slammed them and the other ratings agencies for it back when most progressive blogs were clueless about the impending financial crisis.) But S&P is right about the massive dysfunction in the federal government and how that is affecting the financial health of the country.
Most of pundits, implicitly or explicitly are saying, but this is America, the greatest country in the world. I say, that’s a red herring as well as roadblock to solving our problems. Like our apparent innate wonderfulness is supposed to make us immune to reality? Maybe such delusions did for a while. But that game is over.
No, I mean really. That game is over. It’s a new world now. America has a choice. Get serious about solving its real and growing problems or continue its slide towards becoming a banana republic.
I usually take these news with a grain of salt. After all, this is the same S&P that rated subprime crap as top notch.
Then again, it is also true that Congress and the President has really fucked us over with these partisan bullshit. We really need new political parties in this nation.
The rating game was rigged, absolutely.
But I find it hard to disagree with what S&P says about the DC dysfunction.