What took so long?
Because I’m not shocked a credit ratings agency has kicked us down.
I'm shocked it didn't happen years ago.
Because we didn't just suddenly become a financial basket case overnight.
We've been weaving the basket for years.
Spending money we didn't have, on programs we couldn't justify, with promises we couldn't keep.
Stimulus that didn't stimulate.
Rescues that did not rescue.
And bailouts that themselves needed bailing out.
The last president.
The last congress.
And now, this reality.
The world is finally onto us.
...onto our budgetary games.
And fiscal gimmicks.
Onto how we promise big debt deals over ten years...
But don't even get around to cutting spending until the later years.
What's remarkable about our debt rating is how long it held high as we continued sinking low.
And now the predictable pot shots at a rating agency that finally sunk to this.
This too I knew would happen.
Accuse the accuser.
Say S&P’s a fine one to judge, given its questionable past.
Never mentioning that it had plenty of company in Washington missing lots of things in the past.
No, S&P is not the problem.
It's time to wake up and realize ...we are.
After all this spending...we are just spent.
They say it was a shock to the emperor when someone told him, “Hey dude! You have no clothes.”
The bigger shock is that he never looked in the mirror himself to see he had no clue.
Because the naked truth is this.
We were triple-A frauds. Cheating on exams and fudging numbers and selling ourselves as some fine fiscal stewards when we weren't.
And now feigning shock when the world comes to realize we aren't.
Because it's not the lower credit rating that hurts.
It's the truth...and that’s the reality.