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May 22, 2009

Investment Big: US Will "Eventually" Lose Its AAA Credit Rating

Is this the change we voted for?

Although Bill Clinton earned a reputation as a deficit fighter, it's important to remember that, to a fair extent, his relatively fiscally responsible policies were forced upon him (IIRC; can't find link) by investment bankers, informing him through Bob Rubin that he needed to balance the books or face difficulties selling debt.

Clinton buckled to the pressure -- and the result was, well, generally copacetic.

Whether Obama will so buckle is a big question. My money's on an emphatic "No." "Transforming" America is his very highest priority, far higher than nits like keeping the nation fiscally solvent.

Besides, there's an easy solution to enormous deficits and borrowing -- enormous tax hikes on everyone except the poorest, which has been Obama's plan all along.


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posted by Ace at 03:20 PM

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