- Jun 6, 2007
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The public debate on the Republican Tax Reform bill needs a recognition that in regards to the national debt problem America is currently on cruise control heading straight for the edge of the cliff and will be there at the latest within ten years probably much sooner! This cliff means the point where the magnitude of the national debt will significantly increase interest rates throughout the economy and/or the interest on the national debt will be so high in regards to the tax revenue the federal government takes in that there will be a major unstoppable political movement amongst the American people for the government to default on the debt. Moreover, the American people from the east to the west and from the northern to the southern border need to be aware that if the Republicans pass into law anything like the tax reform bill that has passed each Congressional chamber the Republicans will have for at least the nest ten years destroyed any hope for getting this national debt problem under control because to get it under control necessitates both parties agreeing to major structural reforms in regards to federal government expenditures and revenue raising and in the Democrats eyes Republicans will have lost all credibility on the issue with this tax reform bill which will increase the national debt by at least a trillion dollars over ten years. Ordinary Americans en masse need to become alarmed and make their voices heard in Washington that the Republicans need to stop this madness of passing this catastrophic tax reform bill and make this effort before it is too late and this bad bill becomes law!
It sure seems that there are extremely powerful sinister forces behind this Republican tax reform effort which will significantly increase the net worth of America's wealthy at the expense of America ever being able to solve its budget deficit and national debt problem barring a default or America deflating its currency. By this I mean where the hell are the Credit Rating Agencies; Moody's Investor Service, Fitch Ratings and S&P Global Ratings, back in the time of the George W. Bush and the Barack Obama administrations they publicly communicated loudly and clearly that the U.S. government needs to change the course of its growth of its national debts or it will lose its AAA credit rating. These organizations stark warning was a major force behind national politicians substantial efforts at a grand bargain (major cut in entitlement spending for a major revenue raising effort) and ultimately their agreement to the less difficult deal of sequestration which capped the growth of non-military and military spending thereby slowing the growth of the national debt!
Why are these credit rating agencies being muzzled? Why aren't they doing their job in warning a country, in this instance the U.S., when it is doing something that puts it in danger of a major credit rating downgrade. Something doesn't smell right here, what gives? Major investigative journalism TV outlets like Sixty Minutes, 48 Hours, a CNN Team, a CNBC team, a Bloomberg News team, etc. need to find out why aren't these organization doing their job here and report it to the national audience in America. It's not like there is a real doubt amongst reasonable responsible experts on whether this Republican Tax Reform bill will increase the national debt! The Joint Committee on Taxation and The Tax Foundation have both indicated it will cause a significant increase in the national debt even accounting for economic growth! Are America's wealthy and big business so powerful that they can manipulate these major rating agencies not to do their job? They very well may be so powerful but I will tell you that they are not so powerful that they can protect this industry from being put out of existence by people throughout the world. By this I mean these credit rating agencies failed to do their job prior to 2009 when they gave good credit ratings to numerous sub-prime securities which eventually dramatically dropped in value as subprime mortgagees defaulted on their mortgages in large numbers which caused the Great Recession and put the world in real danger of a world-wide recession, if these rating agencies think they are going to fail to do their duty "again" on large scale by not flagging this Republican Tax Reform bill and it ultimately causing America a major sovereign debt problem they are sadly mistaken, if these events transpire the American public vis-à-vis their elected officials will have their heads they will put this industry out-of-business!
It sure seems that there are extremely powerful sinister forces behind this Republican tax reform effort which will significantly increase the net worth of America's wealthy at the expense of America ever being able to solve its budget deficit and national debt problem barring a default or America deflating its currency. By this I mean where the hell are the Credit Rating Agencies; Moody's Investor Service, Fitch Ratings and S&P Global Ratings, back in the time of the George W. Bush and the Barack Obama administrations they publicly communicated loudly and clearly that the U.S. government needs to change the course of its growth of its national debts or it will lose its AAA credit rating. These organizations stark warning was a major force behind national politicians substantial efforts at a grand bargain (major cut in entitlement spending for a major revenue raising effort) and ultimately their agreement to the less difficult deal of sequestration which capped the growth of non-military and military spending thereby slowing the growth of the national debt!
Why are these credit rating agencies being muzzled? Why aren't they doing their job in warning a country, in this instance the U.S., when it is doing something that puts it in danger of a major credit rating downgrade. Something doesn't smell right here, what gives? Major investigative journalism TV outlets like Sixty Minutes, 48 Hours, a CNN Team, a CNBC team, a Bloomberg News team, etc. need to find out why aren't these organization doing their job here and report it to the national audience in America. It's not like there is a real doubt amongst reasonable responsible experts on whether this Republican Tax Reform bill will increase the national debt! The Joint Committee on Taxation and The Tax Foundation have both indicated it will cause a significant increase in the national debt even accounting for economic growth! Are America's wealthy and big business so powerful that they can manipulate these major rating agencies not to do their job? They very well may be so powerful but I will tell you that they are not so powerful that they can protect this industry from being put out of existence by people throughout the world. By this I mean these credit rating agencies failed to do their job prior to 2009 when they gave good credit ratings to numerous sub-prime securities which eventually dramatically dropped in value as subprime mortgagees defaulted on their mortgages in large numbers which caused the Great Recession and put the world in real danger of a world-wide recession, if these rating agencies think they are going to fail to do their duty "again" on large scale by not flagging this Republican Tax Reform bill and it ultimately causing America a major sovereign debt problem they are sadly mistaken, if these events transpire the American public vis-à-vis their elected officials will have their heads they will put this industry out-of-business!
