“The fact is, we didn’t need a rating agency to tell us that we need a balanced, long-term approach to deficit reduction.”
So said President Obama the other day.
Unfortunately, on that matter, the President is dead wrong: the fact is, we did need a rating agency to remind us that 40% of what our Federal Government spends is borrowed; that this is unsustainable; and we better do something about it before it’s too late.
Otherwise, nobody in Washington would have paid attention to that fact until it was too late.
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