[lbo-talk] S&P downgrades U.S. debt

Eric Beck ersatzdog at gmail.com
Sat Aug 6 15:40:13 PDT 2011

On Fri, Aug 5, 2011 at 9:33 PM, Dissenting Wren <dissentingwren at yahoo.com> wrote:

> So there you go - S&P has painted a big target on the back of
> Medicare and Social Security (euphemistically referred to here as “other entitlements”).

That may be its agenda ultimately, but the statement the S&P issued didn't really do that. If anything it was more critical of the Repugs, especially the TPs, than of anybody else. It did mention the fiscal weight of entitlements, but beyond pleas for getting along, its policy suggestions seemed to argue for more taxes and singled out the austerity hawks for being so insanely averse to raising revenue. Indeed, the idea that the government should be doing more is an implicit criticism of TP ideology. So I wouldn't be so sure the S&P is advocating only cuts. At least there's not much in the text explicitly in favor of austerity.

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