Saturday, July 30, 2011

Some Facts about the Debt Crisis

As of now it looks like America’s credit rating is going to be downgraded. No deficit reduction plan that can pass both houses of Congress and be signed by the president will be adequate to save America’s AAA credit rating.

This means that what is going on in Washington is political posturing. President Obama and Senate Democrats know the outcome; they have neither the intention nor the ability to forestall it. Their game plan is geared toward shifting the blame.

For the rest of us, facts matter. On this subject I am happy to link an excellent article by scholar Veronique de Rugy. In it she addresses the issues surrounding spending, taxes, and the debt.

Her article is entitled: “The Facts about Spending Cuts, Taxes, and the GDP.”  It is well worth a read. Link here.

For further information, here's a report about the latest from credit rating agency Moody's: Link here.


Malcolm said...

Andrew McCarthy also has some interesting things to say about the Debt.

Stuart Schneiderman said...

Thanks, Malcolm. McCarthy makes some excellent points.

Malcolm said...

I think his opinion is stripped of any politics. Do you need to play politics to win an election.?

Stuart Schneiderman said...

I agree that his view goes beyond politics. I would like to think that you can win elections by not playing politics, but when the other side is playing it for all it's worth, what choice do you have.

The only problem today is that politics, and especially the Democratic will to avoid taking responsibility for the coming calamity, is making it impossible to do the right thing.

Malcolm said...

You probably have seen this video if not Marco Rubio is great.