Saturday, August 6, 2011
Here's what Standard and Poor's thinks of our 'great compromise' in the debt ceiling debate. Problem is, we failed to make the cuts necessary to secure ourselves the AAA rating from S&P. Sure, we're still AA+ (reminds me of today's self-esteem-based grading systems) but until we get a hard and fast $4T in debt reductions, they just aren't ready to put their own good, albeit odd, name on the line to say we made enough of a course change to head ourselves away from the deficit spending shoals. And they have little confidence that Washington has the je ne c'est quoi to do the necessary follow on work they left hanging out until after the election. If Bush had made pushing corrective action until after the election a single deal breaker on any legislation, our health care system would have buckled under the epidemic of apoplexy from the left. Yet it received nary a sniffle of attention. Hey, but we got that compromise. Woohooo!!!