Monday, August 1, 2011

House vote on the debt ceiling legislation - August 1, 2011

I watched the members of the U.S. House of Representatives vote on the debt ceiling legislation this evening and am reflecting now on the meaning of it. The scholarly explanation is that as a complex adaptive system our political system is presently stuck in a dysfunctional attractor. Assuming the U.S. Senate votes for the same language tomorrow and the President signs, I think they will have essentially kicked the can down the road a piece. I think our nation will soon lose its AAA credit rating and that all Americans will experience the equivalent of a substantial tax increase - not just the few who were saved from a return to their obligations during President Clinton's presidency. In my opinion, this bill will have more adverse financial consequences for "corporate jet owners" than a more responsible bill would have had. A more responsible bill would have prevented a probable loss in the nation's credit ratings that I think will hit every American -- not just those who are best able to buy their access to political power. I doubt that the stock markets of the world will be pleased by this legislation. My only moment of celebration this evening was the return of Representative Gabrielle Giffords. To me, she is more than a member of Congress. She is a living symbol of a great nation and of courage and survival.

Regarding the specific subject of this blog, a CNN announcer this evening made reference to future cuts affecting healthcare providers but not patients. Whatever affects providers is going to affect patients directly or indirectly.

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