"In their famous 1981 commercial, Fram sold their ubiquitous oil filter with a simple, but true catch phrase. The ad featured two auto mechanics who advised drivers to buy the Fram oil filter from them — or face the massive cost of an engine rebuild somewhere down the line. “The choice is yours,” said one attendant. “You can pay me now, or pay me later.”
Paying later is always more expensive and more painful.
The same is true of America’s economy. We’ve stretched our economic engine to the breaking point by piling on mountains of new government spending and debt. During the debate over the nation’s debt ceiling, most ratings agencies have noted that they may downgrade our country’s AAA bond rating — not necessarily if the debt ceiling isn’t raised, but because the debt itself is too large and our ability to pay is too small.
In short, the ratings agencies want what we want: responsible behavior, which includes spending cuts now, enforceable spending caps, and a Balanced Budget Amendment to the Constitution. We’ve called it “Cut, Cap, and Balance.” It’s the only plan offered that solves America’s fiscal mess."
[Politico]
Paying later is always more expensive and more painful.
The same is true of America’s economy. We’ve stretched our economic engine to the breaking point by piling on mountains of new government spending and debt. During the debate over the nation’s debt ceiling, most ratings agencies have noted that they may downgrade our country’s AAA bond rating — not necessarily if the debt ceiling isn’t raised, but because the debt itself is too large and our ability to pay is too small.
In short, the ratings agencies want what we want: responsible behavior, which includes spending cuts now, enforceable spending caps, and a Balanced Budget Amendment to the Constitution. We’ve called it “Cut, Cap, and Balance.” It’s the only plan offered that solves America’s fiscal mess."
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