Downgrading Democracy

The decision of Standard & Poor’s to remove the United States from its list of risk-free borrowers—by shifting the country’s rating from AAA to AA-plus—was a predictable enough play out of the absurd debt-ceiling debate. The job-killing agreement reached by the Obama administration and Republican Congressional leaders reads as if was written with the goal of stalling out whatever fragile recovery might have been taking place, and that has effectively been recognized by both the markets and the S&P report, which explicitly refused to endorse the GOP strategy of addressing debt and deficit challenges merely with cuts.

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