Standard & Poor scores the Østupid Administration
Last Monday the credit ratings agency scored the USA economy with a ratings downgrading. Despite the best efforts of that whiz kid Tim Geithner, you know the one who helped to destroy the Japanese economy over a long period of time, Standard and Poor decided that the economic outlook for the USA is uncertain.
You can read more on what this means for the USA over at Hot Air. Ed Morrissey has a good round-up on the subject.
You can read an economist’s viewpoint at the Charles Rowley blog which can be found here. Professor Rowley has a good summary of the situation and explains in simple language the economics of the current deficit crisis. Needless to say I agree with Professor Rowley’s viewpoint on the matter.
From what I am understanding about this warning given to the USA, Standard and Poor are not convinced that enough is being done to reduce the budget deficit. This is not the time to raise the debt ceiling, but it is a time to consider those welfare programs and make deep slashes where necessary. It is also the time to shelve Abominablecare because the impact of the package will be to continue to put pressure on the budget deficit.