Downgrade

Those of us in the Center have worried that our federal deficit spending would ultimately lead to financial ruin and have argued that we need to reduce spending dramatically and work hard to bring down our debt. For those who think our concerns are unfounded, government debt has historically been between 2 and 5 percent of GDP. Today, it has risen to 11 percent of GDP—more than double the historic maximum.

Yesterday, for the first time in the history of our country, Standard & Poor's downgraded the U.S Credit rating from “stable” to “negative.”

Is this the end of the world? No, it is not, but it is a frightening indicator of just how serious our situation is.

In order to change course, we desperately need leadership and political courage in Washington over the next two years.

In Europe, a region that seems to be a role model for many in this Administration, countries like the U.K., Spain, Greece, and Portugal have drastically cut government spending to avert a financial crisis. The cuts were politically unpopular, but they were made because they has to be made.

We need to do the same thing. But given the current state of affairs in the Congress and the administration, it’s doubtful that real solutions will be implements. The can we continue to be kicked down the road. Very, very disheartening.