“You can either be captain of the boat, or you can be the anchor”
NEW YORK (CNNMoney) — Credit rating agency Standard & Poor’s served the Obama administration with notice Friday afternoon that it planned to downgrade the U.S. government’s AAA credit rating, an administration official told CNN.
But S&P has yet to make its ruling public, and the source told CNN that the agency is reconsidering after the administration challenged S&P’s analysis of the government’s finances.
The source, a senior official involved in the discussions, said the agency was off by “trillions” in its economic model and was now working to revise its analysis.
Huh, so the Obama administration, whose purported head can’t successfully count past 49*, is accusing someone else of being bad a maths?
*Actually, he gets a bit flustered when the numbers are >11, too.
Obama has done what no President has done before – due to his lack of leadership and incompetence, a major ratings agency has downgraded US debt from AAA to AA+. Now it is even more important to cut the deficit; the interest the United States will need to pay creditors like China will be higher which will increase the rate of growth of the deficit unless the deficit is reduced in absolute, not relative terms.
The Republicans would not stop him. But reality will. Is reality thus a racist?
The borrowing must be stopped. So a well deserved downgrade will be levied.