Pat Buchanan’s new book is raising eyebrows and a lot of controversy over his assertion that “white America” is losing it’s dominance. It’s the right-wings death rattle of the demographic changes in America. Within the next generation, the term minority will become an oxymoron.
America is becoming more brown and black and that some very concerned. It’s as if no one of color is competent enough to lead America back to better days. Let’s face it, American Exceptionalism is on the decline. China is an emerging power that could pose a financial threat to the United States.
The simple truth is, those who expouse a white supremacy ethos are not happy! As people of color all over the globe assert their independence, it challenges the status-quo. The days of “Leave it to Beaver” and “Father knows best” are over.
This past week when Congress finally agreed to raise the debt ceiling, we thought our problems were over. But in a surprise move yesterday, Standard & Poor’s downgraded the United States credit rating from AAA to AA plus. Many of us are wondering how foreboding this will be for the future of the US economy.
The downgrade in the US credit rating is the financial equivalent of the short, fat, bald, masked guy in those free score.com commercials. In announcing the downgrade, Standard & Poor’s cited the difficulties of bridging the gulf between the political parties over reducing the deficit, it indicated they wanted even more spending cuts from Congress — join the misguided consensus that completely misses the fact that economic growth is the most powerful weapon against the deficit. The White House challenged Standard & Poor’s analysis, claiming it was off by Chileans of dollars. Maybe the ratings agency was using the same math ahead would help create the fiscal crisis we are still struggling to get out of by awarding AAA ratings to trillions of dollars in subprime mortgages repackaged as securities.
Debt Ceiling – The Debt Ceiling is on every ones mind these days. This is the fiscal limit set by congress going back to 1917 to control government spending. Much is at stake if the debt ceiling crisis isn’t handled properly. The United States stands to lose it’s credit rating in the world economy. We jeopardize having our Stock and Bond markets crash. Treasury Secretary, Timothy Geithner has his job cut out for him.
The overriding factor that will determine what happens with the debt ceiling is politics. In this game of fiscal chicken, the Republicans are steadfast and resolute that they will not be the ones to blink. No one wants to be the first one on the GOP side to support raising the debt ceiling. To do so, would brand that person a fiscal spendthrift.
American Exceptionalism is quickly losing it’s hold on the world. America is not the place it used to be. The days of hogging all the worlds resources to ourselves is coming to a close. Those resources have to be shared with the likes of China, India and other emerging economies. We can’t continue to do as we please in a global economy. Reality check; wake up America!