All Commentary
Monday, August 8, 2011

With Credit-Rating Slip, Supercommittee Has New Mission

“The downgrade of the United States government’s credit rating by Standard & Poor’s is almost sure to increase pressure on a new Congressional ‘supercommittee’ to mute ideological disagreements and recommend a package of deficit-reduction measures far exceeding its original goal of at least $1.5 trillion, lawmakers said Sunday. Even before the panel is appointed, its mission is expanding. Its role is not just to cut the annual budget deficit and slow the explosive growth of federal debt but also to appease the markets and help restore the United States’ top credit rating of AAA. Otherwise, taxpayers may eventually have to pay more in interest for every dollar borrowed by the Treasury.” (New York Times)

Beware the push for higher taxes.

FEE Timely Classic
“Higher Income Taxes Are Benign? It Just Ain’t So!” by Jeb Bleckly and Joshua C. Hall