AAA Individuals, CCC- Leadership

8 08 2011

In this afternoon’s address, Obama attempted to reassure a jittery public that the nation’s Top Men were hard at work on our out-of-control debt problem. Though his speechifying did little to calm the markets (indeed, today’s massive selloff seemed to accelerate once Obama hit the teleprompter), it brilliantly revealed the self-importance of our Ruling Class and exposed their fundamental misunderstanding of what makes a country like America great.

Hint: it's not the bureaucrats

Ever the pedant, Obama criticized the partisan bickering (otherwise known as healthy debate) surrounding the debt ceiling while advancing the case for more useless interventionist spending. The blockbuster line, however, was his seemingly arrogant declaration that “we’ve always been, and always will be, a AAA country.” One wonders who Obama was trying to fool. Perhaps Moody’s and Fitch, who haven’t yet seen the fiscal handwriting on the wall and followed S&P’s lead in downgrading American debt. Perhaps he was desperately trying to convince himself.

I agree with Obama’s words, if not his message. As a people we, have great fundamentals. Despite towering mountains of destructive regulations, a tax burden that puts our businesses at global disadvantage, and an administration that seems hellbent on perpetuating investment-killing regime uncertainty, American entrepreneurs have soldiered on. Generations of welfare statism have not managed to extinguish the spark of innovation that spawned unprecedented technological and economic progress. A senseless push for redistribution has not yet destroyed the immense wealth that even our least fortunate are able to enjoy.

If it were possible to factor out the influence of the dead hand of government, I’d join Warren Buffett in awarding America a hypothetical AAAA rating. But our Ruling Class – and that includes politicians and bureaucrats of all political leanings – cannot conceive of a world that functions without their permission. America is a nation of AAA individuals suffering under CCC- leadership. If we are unable to shed our economic and regulatory shackles, and do it soon, our new AA+ rating will seem positively sunny.

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