...is nothing to what it will look like next year. By 2012 people will be feeling the pain of the downgrade. Want to build a new house? Forget it. Want to sell your house? Nope!
Quoting Professor Jacobson:
Democrats own the downgrade. They fought Republicans and Tea Party supporters every step of they way, and forced a deal which was insufficient. They played class warfare and race politics against arguments that we needed to drastically change our spending habits.
Bride of Rove predicted this a long time ago:
It always takes people by surprise – like earthquakes. A slow multitude of small movements build pressure and people expect that to just continue with, perhaps, some variable accleration easily managed with minor adjustments. Nature doesn’t work that way and financial matters seldom work that way for long. Once a ball starts rolling, once pressure reaches the breaking point, there’s nothing you can do but enjoy the ride and see where it takes you. Be careful what you wish for – especially if it’s the demise of the US dollar. I think, more than anything else, this will be the final bell that wakes Americans up in time to watch prosperity and – with it – freedom flowing off our shores and into the Pacific.
I guess Obama will give the obligatory speech soon; he seldom misses a chance to get behind the microphone these days. Unless he's too busy packing for Martha's Vineyard.
Added: Mark Steyn:
We don’t have till 2021. As I say in my column tomorrow, we have till mid-decade to turn this thing around, or it’s over.