Joydeep Mukherji

Tea and Unsympathy

[Guest post by John Judis] When Standard & Poor’s issued its statement downgrading America’s long-term credit rating from AAA to AA+, it said it based its decision on two factors: first, “the difficulties in bridging the gaps between the political parties over fiscal policy,” and second, because the “fiscal consolidation plan that Congress and the Administration agreed to … falls short of the amount … necessary to stabilize general government debt burden by the middle of the decade.”  In the longer exposition of the decision, S&P singled out the “political brinkmanship of recent month

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