Subprime Nation
Posted by "Pat Buchanan, Jr." on January 15, 2008 at 11:21 AM
by Patrick J. Buchanan
Posted: 01/15/2008
Human Events
Since it began to give credit ratings to nations in 1917, Moody’s has rated the United Statesw triple-A. U.S. Treasury bonds have been seen as the most secure investment on earth. When crises erupt, nervous money seeks out the world’s great safe harbor, the United States. That reputation is now in peril.
Last week, Moody’s warned that if the United States fails to rein in the soaring cost of Social Security, Medicare and Medicaid, the nation’s credit rating will be down-graded within a decade.
California has already hit the wall. With an economy as large as a G-8 nation, the Golden State is looking at a $14 billion deficit in 2009 and a $3 billion shortfall in 2008. Gov. Schwarzenegger has called for slashing prison staff by 6,000, including 2,000 guards, early release of 22,000 inmates, closing four dozen state parks and a 10 percent across-the-board cut in all state agencies. The Democratic legislature is demanding tax hikes, which would drive more taxpayers back over the mountains whence their fathers came.
Comments
There are 0 comments on this post. Post yours →
Post a comment
Required fields in bold.