Hillsborough County is under review for a possible downgrade of its credit rating. According to Jeff Harrington, St.Petersburg Times, Moody’s Investment Service had made a decision on July 13, 2011 to downgrade the United States AAA government bond rating due to the possibility of default if the debt ceiling is not raised by Aug. 2.
Hillsborough County and only two other Florida counties, Broward and Palm Beach, are on the downgrade list as well, because of their vulnerability from high economic dependency on federal activity.
Before the review, there had been a proposal from Hillsborough County Administrator, Mike Merrill, to transfer at least one program of Hillsborough County to Tampa, which is the housing assistance program for low-income families. The Section 8 voucher program if transferred to Tampa Housing Authority would save the county $250,000.The logic behind the transfer plan is to eliminate duplication since both Tampa Housing Authority and the county, essentially offer the same voucher program but under two separate jurisdictions.
In recent years, Hillsborough County has probed countless methods for offsetting its debt.
There are several public entities, 177 to be exact, that together accumulate $69 billion of outstanding debt. As many as 162 governments in 31 states, 14 housing finance programs and one university, University of Washington, are being reviewed. The debt ceiling debate, if not resolved, becomes a crisis within these local and public systems and contributes to their credit rating downgrade.
After having months to prepare for a federal budget from Congress, Speaker Boehner claims there isn’t enough time to pass legislature in one installment, it’ll have to come in two parts.
For those who actually believe this debt ceiling debate is in your best interest you should know that powerful special interest and advocacy groups are sending in tons of money to these politicians not for you, but for them. Each politician has a particular group that persuades them with cash donations for campaigning.
There are some politicians who are advocates for the health insurance industry and their goal is to present a bill to undercut the health care plan, so their proposal is a spending cut of $900 billion, then others are to undermine Social Security, their plan is a $2.2 trillion cut, then you have politicians who are aligned with tax reform groups so their job is to keep tax increase proposals off the table and on and on.
This is the reason President Obama termed it a three ring circus, bunch of clowns, he shouldn’t have even given the matter legitimacy by engaging in negotiations after the group proved they were unable to compromise with Vice President Joe Biden. But since the president decided to engage himself, he should limit talks between, Senator Reid, Senator McConnell, Speaker Boehner (if Boehner can make peace with Tea Party enthusiasts) and himself.
The freshmen have to realize their current taste of clout will be short lived and when the dust clears, senior leadership will admonish them.
The president had presumed he would be speaking with a level headed group, well nothing is level when politicians are being paid huge sums of cash by outside interests (legal bribes). Notice there is absolutely nothing being said about cutting spending from the Department of Defense, nothing being said about creating robust employment or the housing dilemma from these politicians, and not one word about increasing revenue, incredible.
Why aren’t there talks about the return of high wage jobs that have all, but disappeared. Even medium range paying jobs are few and far between, what’s with this debt ceiling situation that has never been a factor before?
If the special interest money coming in to these politicians, hadn’t come at this time or dried up before this year, you can bet, the debt ceiling talks would have never been a major issue.
Creating an illusion as if the president walked into office, waved a wand and debt appeared, ‘we don’t have the budget’. They had the gall to create such a huge economy over the past ten years and now don’t want to cover the cost of it, where does this insanity show fiscal responsibility?
These politicians have been accumulating trillions of dollars in debt and interest on top of that debt and 2 money shredding wars for 10 years. Never had any problem borrowing money for these actions, they had the budget then, now all of the sudden they have a case of responsible spending. All they have ever done and will continue to do is spend money, everybody’s money, tax payers, foreign states, investors and special interest groups. It’s just a matter of which way the funds flow.
It is amazing how some citizens will fight tooth and nail behind politicians on not raising taxes, but wind up losing their money anyway to interest rate hikes, fees, price gouging, and as many money implementations as possible to separate their money from them, but at least taxes didn’t increase. The political game has been around a long time and these politicians on all levels of government, city, county, state and federal, know the ins and outs for getting everybody’s money, it’s their job.
Both Democrat and GOP have been receiving campaign funds during the negotiations, but the GOP had an underhanded notion involved and that was to bring President Barack Obama down. Their only problem was they couldn’t agree on exactly how to do it. Boehner and Cantor would have succeeded except one thing occurred, President Obama invited the American people to respond and did they. Thousands of Americans that responded were and are behind the president and many called or emailed Congress until some sites crashed.
It appears the only interest of the GOP and Tea Party going forward is in their special interest groups and it has nothing to do with being fiscally responsible, well maybe in their pockets it does.
In light of being observed by the nation and world, the responsible direction is to govern as lawmakers of wisdom for all Americans and not politicians of selfishness.
In the meantime, governments like Hillsborough County await as many others, on the preeminent decision from Washington.