Why did we lose our AAA credit rating?
Speaking strictly, if all one uses is the metric of ability to meet obligations then the USA should not have had it’s credit rating downgraded. But if one uses the more subjective metric of direction, then we did deserve it.
What is meant by direction? Well, just as though we were a company drowning in debt, the creditors of that company would want to know what the company executives were doing about the debt. Did they have a plan to pay it off, or were they just borrowing more? What direction were they headed?
Anyone can see that we are headed in the wrong direction.
So now come the spin from the party in power and the administration, it is not a shock to see that they blame everyone but themselves. Most notably the villains of the day are the teaparty.
Sure, let’s blame the only people who have been trying to do something about this massive debt, lets not blame the people who added a trillion and a half of purely EXTRA spending in the last two years!
I don’t think a lot of people will fall for that.