I disagree with Hightower.

What you will find here is: a centrist's view of current events;
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Sunday, August 7, 2011

US credit rating downgraded!!!

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Standard and Poor downgrades America's credit rating.

YA has been among those saying for some time that the fiscal situation is more serious than our leaders indicate. (Click on the fiscal policy label at the bottom of this post.)

In particular those who believe that China "needs us as much as we need them" are invited to read China blasts US over credit rating downgrade

To those who say that we can't cut spending or raise taxes in a recession I will say, "OK. Suppose that that is true." It is not rocket science to reconcile that with a long term solution. Make the serious changes take effect in 2013 or have them take effect gradually.

In particular Obama needs to find the courage of Paul Ryan and advocate something.

Breakdown of when we spent it and who we owe.

added Aug. 8 Niall Ferguson's view can be found here.
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Posted by Unknown at 6:00 AM
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2 comments:

  1. TomAugust 7, 2011 at 7:19 AM

    What a difference a week makes. 1 week ago those members of Congress who conflated the need to reduce the debt and deficit during the “panic” to raise the debt ceiling were labeled hostage takers. Will the S&P be labeled kooks as well?

    ReplyDelete
  2. UnknownAugust 7, 2011 at 10:51 PM

    I believe the answer to your question is: yes.

    ReplyDelete

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