A Standard & Poor’s director said for the first time Thursday that one reason the United States lost its triple-A credit rating was that several lawmakers expressed skepticism about the serious consequences of a credit default — a position put forth by some Republicans.
Without specifically mentioning Republicans, S&P senior director Joydeep Mukherji said the stability and effectiveness of American political institutions were undermined by the fact that “people in the political arena were even talking about a potential default,” Mukherji said.
“That a country even has such voices, albeit a minority, is something notable,” he added. “This kind of rhetoric is not common amongst AAA sovereigns.”
The statement seems likely to bolster one Democratic line of attack, that it was tea party intransigence — not a shortcoming of leadership by President Barack Obama — that is to blame for the U.S. downgrade, from AAA to AA+. Obama himself called on Republicans to “put country ahead of party” Thursday — a dig at conservatives in Congress who are blocking his agenda.In black and white and from the horse's mouth.
For the first time in its history, the pristine AAA credit rating of the
In short, while extreme political ideology by the Right may be driving their stubbornness, and a cult-like belief in Free Market Fundamentalism demands tax cuts for the rich and austerity for the poor as the only solution to The Great Recession, the election of the country's first black president is a license to abandon all hold on the world of facts and reason.