Zack Westall is a Senior Contributor to TDA. He graduated from Florida State University and fills his spare time with reading, movies, games, guitars, beer, and beaches.
It seems that every time you read a newspaper (does anyone still do that?), go online, listen to the radio, or flip on the tv, there is a story about the tailspin the American economy finds itself in. While this has been front-page news for the better part of four years, it seems that until recently this precursor to the apocalypse has largely been downplayed or ignored. Somehow the 15% unemployment rate, little to no market growth, and inflated currency that is the American economy, has not sunk in as relevant to most Americans—until now. Americans are fed up with Congress and policy makers agree. So what is Congress’ solution to the problem? A “super committee” to deal with America’s problems; probably behind closed doors and without the public’s input. Really Washington, is this the best strategy our “leaders” can come up with?
So why are policy makers, the media, and the American public finally feigning an interest? Recently Standard and Poor’s (awesome name guys), a credit rating/financial institution, has downgraded the U.S. from the coveted AAA credit rating (think U.K., Germany, France) to a rating of AA+ (New Zealand and Belgium). Seriously—Belgium and New Zealand? Literally, the only things that Belgium gives the world are waffles and beer, while New Zealand contributes sheep and the Flight of the Conchords. Should an arbitrary credit rating downgrade from a third party have this affect on the American psyche? Keep in mind that Standard and Poor is partially responsible for the economic turmoil we find ourselves in. They’re the geniuses that miscalculated the federal budget deficit by $2 trillion. So will the news of the downgrade really shake Americans out of the funk we’re in? The safe money is on no.
Read More at Huffington Post