Dick Polman parses the Standard and Poor’s report on the downgraded credit rating of the United States.
Whatever you think of S&P, which has a demonstrated record of incompetence (AAA-rated securitized mortgages anyone?), Mr. Polman’s analyis is quite worthwhile. A nugget:
S&P believes that the Republicans will protect their rich friends by blocking the expiration. The money quote: “We have changed our (fiscal projections) because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the (deal).”
Hence, a credit downgrade. Such is the tragic damage wrought by ideologues – at a time when most Americans deplore the ideologues.
One more time: Truman was correct.