From The CATO Institute:
Economic Growth
Four Reasons S&P Got it Right
by Richard A. Epstein
Hoover Institution
August 09, 2011
The major headlines on Saturday, August 6, 2011, contained no surprises in announcing that Standard & Poor’s had downgraded the United States credit rating from AAA to AA+. That decision, of course, had this rich irony: the same credit agency that was lambasted for giving rosy ratings to toxic mortgage-backed securities is now being skewered by liberals for selling the United States short. The markets, however, did not react with the same skepticism toward the S&P as the committed liberals did. For the economy to rebound it is imperative that the US address high marginal tax rates, fealty to unions, the Obama distractions idea of International free trade, and entitlement programs like Medicare and Medicaid.
Economic Growth
Four Reasons S&P Got it Right
by Richard A. Epstein
Hoover Institution
August 09, 2011
The major headlines on Saturday, August 6, 2011, contained no surprises in announcing that Standard & Poor’s had downgraded the United States credit rating from AAA to AA+. That decision, of course, had this rich irony: the same credit agency that was lambasted for giving rosy ratings to toxic mortgage-backed securities is now being skewered by liberals for selling the United States short. The markets, however, did not react with the same skepticism toward the S&P as the committed liberals did. For the economy to rebound it is imperative that the US address high marginal tax rates, fealty to unions, the Obama distractions idea of International free trade, and entitlement programs like Medicare and Medicaid.
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