Houston, we have a problem! Chicago, New York and L.A., you have the same problem I'm afraid, as does our entire nation actually.
And that big problem is the right-wing legislators who signed Grover Nordquist's "no new taxes" pledge despite the fact we have historically low tax rates that also rank among the lowest of all industrialized nations!
Standard and Poor's downgrade of America's AAA credit rating was based almost entirely upon the failure of this Congress to pass legislation that asked for shared sacrifice from the wealthiest Americans and our biggest corporations. And as we watch billions of dollars, yen, francs and Euros vanish into thin air as the world's stock markets continue to drop day after day, it is all too obvious that they know what the problem is too.
It's not "too much" debt, but rather the method this Congress chose to deal with the debt, so they could make Obama look bad before next fall's elections.
The financial markets know too well what cutting spending does to quell any economic recovery. It kills it!
All you need to do is look back a few years in history to see how Roosevelt, Truman and Eisenhower spent America out of debt by putting America back to work. And lets not forget about the 22 million jobs that were added to America's growing economy after Clinton raised the top tax rate back up to 39.6 percent.
Bush proved tax cuts don't create jobs. An increase in demand from millions more working Americans does however!
Rod Livdahl, Mesa