Coop’s In a Bad Moody

Posted by Mary Mancini on January 11, 2008 under Uncategorized |

The Moody Credit Rating company issued a warning this week that the U.S. is “at risk of losing its top-notch triple-A credit rating within a decade unless it takes radical action to curb soaring healthcare and social security spending.” U.S. Congressman Jim Cooper (D-TN, The Fightin’ 5th!) is all, “Tell me something I don’t know, sister.” *snap, snap, snap*

“The private sector is finally discovering the red ink stains on America’s long-term balance sheet,” said Cooper, a member of the House Budget Committee. “The world’s most prestigious credit rating agencies, first Standard and Poor’s and now Moody’s, have issued public warnings that the global economy’s benchmark bond is becoming a risky investment. We can’t afford to ignore these warnings any longer.

“If America’s debt goes subprime, it will be felt around the world. Even today, some analysts have suggested that Moody’s forecast is precipitating the dollar’s decline. The U.S. must get its fiscal house in order today, or our children and grandchildren will inherit a broken economy.

“Rep. Frank Wolf (R-VA) and I, along with 69 cosponsors, have proposed a long-term fiscal reform commission to address this crisis before it cripples the U.S. Already we have drawn support from both Democratic and Republican leaders. The House and Senate must pass the SAFE Commission Act (HR 3654) immediately and work across party lines with the White House to reform government spending.

“Presidential candidates of both parties should make their positions clear on this urgent topic. Now is a time for leadership in the nation’s interest.”

Anyone? Anyone?