Reid Lied, Our Rating Died

The leader of the Democrat-controlled Senate is a handsome and charismatic man named Harry Reid.

Reid is a true patriot, who fights tooth-and-nail for higher taxes, to confiscate ever more wealth from the private sector, to exfiltrate more money from the wallets of Americans who can't or won't use the money as effectively as the enormous and critically important federal bureaucracies can.

Further, Reid asserts -- using his typical eloquence and spell-binding, off-the-cuff speaking style (no pre-approved talking points for Harry, mind you) -- that S&P downgraded the United States because Democrats' calls for higher taxes were ignored.

"The action by S&P reaffirms the need for a balanced approach to deficit reduction that combines spending cuts with revenue-raising measures like closing taxpayer-funded giveaways to billionaires, oil companies and corporate jet owners. This makes the work of the joint committee all the more important, and shows why leaders should appoint members who will approach the committee’s work with an open mind – instead of hardliners who have already ruled out the balanced approach that the markets and rating agencies like S&P are demanding."

Uhm, not really, Har. Standard & Poor's has been very clear that it favors huge spending cuts over any tax hikes. Reason being that tax hikes further strangle the private sector and helps to keep unemployment high.

The decision by Standard & Poor’s to downgrade the U.S. credit rating to “AA+” at once laments the possibility that cuts to entitlement programs will not materialize and the decreasing likelihood of new tax revenues. But it appears to give more weight to the need for more spending cuts, as it warns that a further credit rating downgrade is in the cards if the U.S. does not trim spending.

Pity that our beloved Democrat leadership never studied basic economic theory, mathematics, logic, or American history.