No, actually, I don't hate it at all.
Monday, April 18, 2011
Oops, another correction to "Why all this deficit stuff matters"
In that post, I said, "And "tomorrow" no longer means some far-flung future; city and state munis are being de-rated by bond companies right now, and we're hearing the first hints that it could start to happen to federal bonds, too. Within just a few years, we could be paying junk bond interest rates for T-bills, which would make everything I've outlined above far, far worse." Well, I was wrong- it's not "Within just a few years", it's right now Standard and Poor issued the threat today: "NEW YORK (Reuters) – Standard & Poor's threatened Monday to downgrade the United States' prized AAA credit rating unless the Obama administration and Congress find a way to slash the yawning federal budget deficit within two years." I hate to say I told you so, but...
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Interesting look at what it would take by tax increases alone to cover spending:
http://www.foxnews.com/politics/2011/04/18/taxes-pay-debt-unless-rates-150-percent/
Taxes to Balance the Budget? Not Unless Rates Go Up 150 Percent, Study Says
Published April 18, 2011
| FoxNews.com
At least now, though rather late, the conversation includes actual cuts in spending (I hope).
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