Saturday, August 6, 2011
Blame the Teaparty for credit rating downgrade
Listening to Anderson Cooper's CNN interveiw of the Standard and Poor's representative, we can pin the blame directly on the Teaparty. The S&P official said the reason they downgraded the credit rating on 1) debating even whether the ceiling should be raised; 2) failure to heed Bowles-Simpson recommendations on a long term plan. My observation: Simpson-Bowles recommended raising some taxes and reforming entitlements...neither of which the compromise did. ...and which were the key components of the Teaparty's opposition and obstinate votes in the House. The liberal wing of the Democratic party also deserves a paddling for failure to approve entitlement reform, but they at least tied their position to increasing taxes on the very rich which left the door open for some tradeoffs...if you parsed their litany.