s&p downgrade
so if i understand what happened right... our two political parties had a big showdown over the deficit, with the two sides essentially demanding that money be magically created (i.e. we can't borrow more or raise taxes) to continue funding their policy preferences... with the result that instead, money was magically destroyed (the downgrade means our debt will now cost us more to service, and at the same time the stock market tanked, removing a lot of paper value from the economy... and soon, from tax revenues). i guess we can't say congress never accomplishes anything!
in principle i feel like i can't complain too much about the showdown over the debt ceiling, since that is the point of having a debt ceiling. it's difficult for congress to make meaningful promises about the future because it (demonstrably) can always vote to renege; at least making a stink about that vote is some progress. but i'd prefer for that showdown to be the occasion for serious and sober conversation about fiscal policy. congress doesn't seem to be ready to have that conversation. when you have a friend who's screwing up their own life in some way but isn't yet ready to face reality about it, you can give them space to work through their issues and make it clear that you're available for emotional support when they need it while taking steps to make sure their acting-out doesn't directly hurt you. what do you do when it's people who control your country's economy?
in principle i feel like i can't complain too much about the showdown over the debt ceiling, since that is the point of having a debt ceiling. it's difficult for congress to make meaningful promises about the future because it (demonstrably) can always vote to renege; at least making a stink about that vote is some progress. but i'd prefer for that showdown to be the occasion for serious and sober conversation about fiscal policy. congress doesn't seem to be ready to have that conversation. when you have a friend who's screwing up their own life in some way but isn't yet ready to face reality about it, you can give them space to work through their issues and make it clear that you're available for emotional support when they need it while taking steps to make sure their acting-out doesn't directly hurt you. what do you do when it's people who control your country's economy?