4. This debate was utterly necessary. The American people are now JUST beginning to come to their senses about the fiscal disaster being perpetrated by the federal government. Unfortunately, they’re not yet quite where they need to be. When Americans are asked where to reduce expenditures, they’re still strongly against cutting Medicare, Medicaid, Social Security, pension benefits for retired government workers, and farm subsidies. We need to better educate the public on the long-term viability of these programs, if only to overcome the outright lies by demagogues like Nancy Pelosi and Harry Reid. Our nation’s ongoing financial crisis needs to stay in the public focus until every American realizes that even the most popular federal programs need wide-ranging reform in order to remain solvent.
5. The Republicans must continue to strive for a Balanced Budget Amendment. They need to make Democrats explain why they are against it, have it voted on in both chambers of Congress, and then take it to the people in November, 2012.
6. The potential downgrading of America’s creditworthiness has little to do with the debt ceiling and everything to do with the gargantuan spending plans proposed by the Obama Administration. Forgetting the irony that until recently these companies (such as Moody’s) were awarding AAA ratings to bond portfolios backed by subprime loans, the fact that the federal government is borrowing 40% of every dollar spent meant this had to happen. People want assurance that they are going to be repaid even when the bond is backed by the largest economy in the world.
7. President Obama was abysmal throughout this entire process. When he wasn’t being a whiner, he was fear mongering. Even Jim Cramer, whose reputation is someone who endlessly yells and screams, stated on Meet the Press that Obama panicked the markets and “created tremendous fear.” Cramer’s summary was short and to the point: “[Obama] caused the panic, not the media.”
No President has ever acted so irresponsibly. Presidents are supposed to calm the people, not send markets into a frenzy. His fear tactics if not directly responsible for the sinking stock market was a major impetus for the fall. It’s no wonder that Peggy Noonan called him a loser. But take this to the bank – not only will he lose re-election, he will lose in a landslide. He is fried. The American people are done with him and wish the election was next week because they understand that as long as he is office, this economy will not recover. He doesn’t have a clue what to do, and everything he will try will be counterproductive unless Republicans can stuff some pro-private-sector policies down his throat. Our single most important objective for the next 15 months should be to replace this President – in order to save the Republic.
My friend Dennis Prager says that he (Prager) seeks clarity over agreement. Well, Dennis (along with the rest of us) got a hefty dose of clarity this week. Now we just need to concentrate on defeating Obama and the more irresponsible members of Congress. When that happens, our economy will once again explode with growth. After all, my friends, this is still America!