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41 minutes ago
Monday, August 8, 2011
weblog2011webnet: Is the U.S. Credit Rating a Victim of GOP Sabotage...
weblog2011webnet: Is the U.S. Credit Rating a Victim of GOP Sabotage...: "Is the U.S. Credit Rating a Victim of GOP Sabotage? | Daniel Gross - Yahoo! Finance"
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The irony, of course, is that the very attribute that pushed S&P to downgrade -- the inability of the U.S. political system to agree on large topics -- may help improve the fiscal situation. At the end of 2012, the Bush tax cuts are slated to expire. If the two parties fail to agree on some very controversial issues in the midst of an election year, taxes will rise across the board, on income and on investments, producing trillions of dollars in revenues over the coming decade.
ReplyDeleteDaniel Gross is economics editor at Yahoo! Finance.