"With all the talk of Standard & Poor’s downgrade, no one mentioned that the ratings agency’s business model is, essentially, lying for money.
Instead, many politicians insist that the S&P downgrade is the reason for the market turmoil — not the banking freeze-ups in the Eurozone or political paralysis here. The credibility accorded to S&P by U.S. political elites shows that the rot is indeed deep — and worrisome.
Let’s note, at the start, that this downgrade was absurd. The credit rating of the United States is not in jeopardy. The U.S. government prints dollars — it can no more run out of dollars than a bowling alley can run out of strikes.
What’s really happening is an attempt by both parties to justify slashing Social Security and Medicare. Republicans have long wanted to roll back the New Deal. What is relatively new is that a Democratic president is now dead set on cutting these programs as well.[....]
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