I have some thoughts this evening that seem awfully important to mention. The debt ceiling is the full faith and credit of the US. It is our word. It is the one thing that we have told the world financial markets is “risk free.” Everything else is questionable, but not the word of the US. What we have told the world is that no matter what, under any set of circumstances, we will meet our word, and we will pay our debts, always.
Except if you are a minority of the Republican party that has no idea what the full faith and credit of the US is in the first place. In this case, the entire world’s economy can be placed on a table top for discussion to see if we “feel like” honoring monies we have already spent. Oops. Not a good idea. That’s the same minority that didn’t vote for this past “fiscal cliff” bipartisan agreement.
Without any knowledge of the fact that government spending and budgets and revenues and balancing budgets are all separate discussions, this minority of people from largely rural areas of America mistakenly believe that our word of honor on past debts and the amount of money we may choose to spend in the future are somehow related. There is an ignorant belief that if we refuse to pay what we have promised has no risk at all, that somehow that will improve our standing in the international community. Clearly that is not the case.
That is why our word of honor in paying our debts under a risk free scenario as promised can NEVER be questioned. It is a part of defending our nation to keep our word. This will never succeed as a ploy to fool the public into believing that destabilization of world markets is somehow a responsible thing to do. Last time it was even attempted, our “risk free” rating was downgraded. You can’t add a risk rating to a risk free instrument. That would be the equivalent of saying that we are operating in a fantasy world, and that the world is a joke. The world is not laughing, and they are not a joke. Oh, and they have investors….. holding our “risk free” debt. ‘nuf said.
Secondly, the changing demographics favor us as far as the economy goes unless you are of the school of thought that slavery is desirable in America and a moral and profitable part of capitalism.
The growing Mexican and other immigrant population is the field from which our future leaders will emerge, even sooner than is generally thought. It isn’t the field from which the next group of “takers” will emerge. The entrepreneurs that we are looking for are precisely those who because of their understanding of the American spirit of an ability to access what class systems have denied them in their own countries, are actually to be found in this otherwise maligned group.
Mexicans and those of that great southern heritage are the largest growing voting block in the entire country. As Californians, surely we are ready to embrace this now.
The great western civilizations all offer a minimum level of dignity which includes access to food, education and health and fair treatment in housing so that a strong middle class can emerge if they are truly capitalist.
If one sees the lower classes as merely a working class that is to be squeezed of its value in unskilled labor to create an upper class, well, that isn’t the capitalism we are taught in school. This America works against those thoughts. I, for one, have benefited enormously from access to a fine education both inside and outside of the US, and am honored and privileged to write for this paper on a voluntary basis.
I always like to remind my readers. You can create a middle class by shrinking the lower classes with access, or you can create wealthier people at the top by increasing the size of an unskilled and impoverished lower class that is denied access to the capitalism promised in America.
Yes, our changing demographics have a lot to say about the positive future of our growing economy and our better economic future, unless you can’t embrace the intrinsic value of immigrants and diversity. A strong middle class is exactly what we have taught the world as Americans is both possible and desirable and best for all involved as it leads to a higher quality of life for the largest number of people and rewards those who have a work ethic in a free society. That is in fact our richest legacy as a nation. To watch the middle class disappear is equivalent to watching America disappear. I believe we are within grasp of moving in a positive way that will still surprise the world because of our innovative ways and undying belief in the spirit of this great nation.
I will leave the government’s role and the role of public and private joint ventures in creating wealth for another blog another day.
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