I am no economist and so my remarks for this morning should not be construed as such. I have read economic theory in the past but that was 30 years ago.
However given all the hub-bub over the downgrade of our credit rating by S&P last week and the fact many people, including our own elected leaders, have said we did not fully solve the problem, I have to ask, “Could S&P be right?”
I think they could be.
We have talked and argued and complained about our growing debt for years. Warnings about the dire economic (and even social) results of not addressing it have been made again and again.
S&P, in my opinion, finally called us, and I mean all of us in the US of A, on it with their actions last week.
So the finger point and the political posturing has to stop.
We have a problem that we must face.
And in my opinion, we now have the opportunity, to do so.
Out of all the talk I have heard and ideas I have read, only a guest yesterday on Tom Keene’s wonderful noon show on Bloomberg TV, Robert Albertson, has made sense to me, a guy in a small town. Click on the link to see the interview
Which says to me that the best economic recovery tool…
… is a job.
These are my Thursday Thoughts