Monday, March 15, 2010

The U.S.'s AAA Credit Rating and Health Care

Today (Monday, Mar. 15, 2010), Moody's Investors Services, an institution that despite having come under criticism in recent years (most notably for firing analysts at the company that had warned of the 2007 housing market collapse and promoting those responsible for helping to bring about the collapse) has a tremendous amount of influence in the financial world, released a report stating that the U.S. and Britain are in greater danger of loosing their AAA rating with than Germany or France. Should the U.S. lose its AAA rating, interest rates on outstanding debt would skyrocket, making it even more difficult to pay down the debt and stop deficit spending.

Most reports I've read and seen on the usual news source (Yahoo and Google News, ABC, NBC, CBN, the New York Times, etc.) have emphasized the part in the report where it's stated that, "the U.K. and the U.S. don't face an immediate threat to their AAA ratings because they are still able to service their debts." However, the report also states that the U.S. will face a huge amount of downward pressure on its AAA rating unless the country reduces its spiralling federal deficit.

It's not a coincidence that this report was released at the beginning of a work week where some in the U.S. Congress are trying to ram down a health care "reform" package through, despite major opposition from the U.S. people. The report from Moody's today was a warning to Congress. The company made a major mistake in 2007 and they don't want to make another. They know how much the health care package is going to cost, how it will skyrocket the debt and deficit, and damage the chances of any major recovery in the U.S. economy. Moody's gave Congress a warning today. Sadly, it doesn't seem that Congress is listening. Instead of being leaders who steward the Republic through troubled times, they are more interested in trying to leave a political "legacy" that will ultimately destroy not only the Republic, but their precious political legacies as well.

No one denies that health care in America has problems that need to be addressed. I've read a part of the legislation (about 300 pages worth of a bill that is over 2,000 pages long) and from what I've read and gathered, the current bill as it now stands before Congress does very little to address the real problems with health care in America.

If you haven't already contacted your Congress person, I plead with you to do so and give your opinion. Perhaps you think the legislation that Congress will be voting on very soon is a good thing. Then let your Representative know. This is still a republic and you're concerns still matter even if I might disagree with them. However, if you are like me and you believe that this legislation is not a good thing, please contact your Representative and let them know. The fate of our country, everything that the founders of our country were willing to sacrifice (their honor, lives, and fortunes) is at stake.

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