Is It Time to Downgrade the Rating Agencies?

For many Washington policymakers, the official denouement of the debt ceiling debate came not only when President Obama signed an increase into law yesterday, but when two credit rating agencies, Moody’s and Fitch, affirmed the country’s triple-A rating.

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George Zornick
George grew up in Buffalo, NY and holds a B.A. in English from the State University of New York at Buffalo. Prior to…

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The deal savages programs for the lower and middle classes, while hedge fund managers and oil companies probably won’t sacrifice a cent. 

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Tea Party groups have wielded enormous power in the debt ceiling debate, despite a long history of crackpot theories and dirty politics. 

Throughout the rancorous debate, just about every player managed to agree that the United States’ AAA rating should not be threatened, even if they disagreed about how to save it. In his weekly radio address last Saturday, Obama warned that “if we don’t [reach a deal], for the first time ever, we could lose our country’s Triple A credit rating.” House Speaker John Boehner called in to Rush Limbaugh’s radio program during the negotiations last month and said, “I believe that we’ve got to act to prevent a default and to prevent a downgrade of our nation’s credit rating.”

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fluidideas@gmail.com

fluidideas@gmail.com

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