Tuesday, August 09, 2011

In the Crapper

The real reason the Obama Administration is trying to say that Standard and Poor's is somehow wrong is because S&P essentially says we are in the crapper:

In other words, Standard and Poor's essentially believes that the situation in this country is (for lack of any better words to describe it) in the crapper, and that barring a miracle, our debt situation-which is already untenable-is likely to go from the crapper to the sewer line in very short order. Once we move into the economic and fiscal sewer there is no turning back, and without drastic reform of our entitlements system in this country-something S&P says in their report that they doubt we have the political will to accomplish-we have a one-way ticket to an economic version of the world of Mad Max. S&P essentially tells its investors in the that the United States either must drastically cut entitlements, including Social Security and Medicare, or we must very drastically raise taxes, and that the latter would be no cure-all if it induced anymore spending at all.

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