Courtesy Ed Morrissey:
If you had to rate a potential investment that had an income of, say, $22,000 a year but had costs of $37,000 per year, a standing debt of $143,000, and contracted future debt that exceeded $1 million, would you give that investment a gold-plated AAA rating and buy their bonds at the lowest interest rate possible, or at all? Of course not, but that’s exactly the fiscal situation of the US, at a 100,000,000:1 scale.
At least it didn’t happen while the markets were open, right?
Related question: if the markets tank Monday, will the media avoid the use of the term “Black Monday, 2011” out of liberal angsty fear of being labeled racist? What new term can they cook up?
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Filed under: budget |