So who's at fault for the credit rating drop?

According to the S&P, who as you might recall are responsible for it, Republicans are to blame.

We have changed our assumption on this 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 act.

But don’t expect to hear much of that on the TV box.

EDIT: the above is in specific relation to the Bush Cuts expiring, but the overarching point from the report (which you can read here), is that the spending cuts won’t make a dent on the debt without revenue increases, and although they aren’t endorsing anything per se, cuts alone aren’t solving the problem.

Let it never be said that old Hanlon won’t check his work.


3 responses to “So who's at fault for the credit rating drop?

  1. I never could get how people could think pure spending CUTS would add extra revenue and enough to start working on the debt.

    To think that is just… pure stupidity, IMO

  2. @Keth Nearest I can figure, the logic is that if we cut spending enough it’ll eventually be lower than what we bring in at current tax rates, taking into account how much we already have to pay off on the debt.

    For the life of me, though, I can’t imagine how much we’d need to dismantle for that to actually work.

  3. @Hanlon I would think you’d have to dismantle the entire system and rebuild it for it to actually work.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s