Real solution depends on 2012 election

Delusion defines the blame game over recent debt ceiling legislation The consequences of the recent debt ceiling legislation, and the havoc it is causing those whose wealth and retirement funds are based upon the well-being of the financial markets is understandably of concern to many. President Obama spoke on Aug. 8 for the first time since Standard & Poor’s lowered this nation’s credit rating from AAA to AA+, but instead of calming the market, the stock market plunged 635 points by the end of the trading day, a drop of 5.6 percent.

In essence, Obama’s remarks to the nation amounted to peddling lame bromides that have never worked in the past, such as more stimulus spending and the printing of money. Nevertheless, President Obama and his administration are averse to accepting any responsibility for their two and a half-year spending spree.

This nation’s current $14 trillion plus debt is not sustainable, nor is shifting the burden of paying bills forward onto future generations of Americans. Because conservative legislators in the House resisted increasing taxes, the left is blaming tea party patriots for the downgrade and resulting financial chaos. If not for tea party patriots, the magnitude of this nation’s financial mess would not have been brought to the public attention.

Considering the drop in the stock market over the past week, and the acute apprehension felt by the American people over how their financial well-beings are being affected, Congress and the president should not be on a five-week break until after Labor Day. Predictions are difficult to make. Even so, this nation and the American people may need to wait until after the 2012 election for leadership capable of enacting polices that at least will start us on a road back to financial responsibility and solvency.

Nancy J. Thorner

Lake Bluff