Uncle Sam Wants His AAA Rating
By GRAHAM BOWLEY
NYT
Is Wall Street listening to the Tea Party?
Two major credit ratings agencies warned Thursday that the United States might tarnish its triple-A credit rating if its national debt kept growing.
It was not the first time the agencies, Standard & Poor’s and Moody’s Investors Service, warned that the nation’s gilt-edged rating might fall into jeopardy.
But the two statements, made within hours of each other, were seized on by deficit hawks as further evidence that the government must reduce spending and debt to avert disaster. That is just what many Tea Party supporters insist.
But many economists say the reckoning, if it comes, is still years or even decades away.
(More here.)
NYT
Is Wall Street listening to the Tea Party?
Two major credit ratings agencies warned Thursday that the United States might tarnish its triple-A credit rating if its national debt kept growing.
It was not the first time the agencies, Standard & Poor’s and Moody’s Investors Service, warned that the nation’s gilt-edged rating might fall into jeopardy.
But the two statements, made within hours of each other, were seized on by deficit hawks as further evidence that the government must reduce spending and debt to avert disaster. That is just what many Tea Party supporters insist.
But many economists say the reckoning, if it comes, is still years or even decades away.
(More here.)
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1 Comments:
It is time to get real and face up to the problem folks. Some rough number on our Federal debt, not including state and muni debt)
$2 trillion in 1986, $6 trillion in 2003, $14 trillion in 2011 - fast forward and what does it look like?
Debt is taxation!
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