Saturday, August 6, 2011
S&P Downgrade shows the need to deal with our Long-Term Fiscal Problems
This was the predictable result from to much debt in relation to our income. Now that our credit rating downgrade has become reality it is time to actually reduce the debt not just slow down the growth as was recently done by our government. There is only one viable option and that means real cuts to spending including entitlements. We can not raise taxes significantly as that will not result in increased revenue.