

What A Downgrade (of US Debt) Means For You - jkuria
http://online.wsj.com/article/SB10001424053111903635604576474681237433582.html

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duncan_bayne
This attitude is why "borrow and spend" is still a popular political tool.
From the linked article:

    
    
      "To preserve the credit rating, it's going to take $3 
      trillion to $4 trillion in cuts—and that's going to be a 
      big drag on economic growth," says Mr. Smith, who manages 
      more than $900 million in client assets. "It's not the end 
      of the world to lose our triple-A rating. The bigger issue 
      is: What's going to pump the economy up?"
    

Hint: economic 'growth' funded by taxpayer dollars spent by Government is not
_real_ growth, it's simply (inefficient) wealth redistribution.

I worry that no political solution to the credit issue is possible so long as
the majority of people think like the chap quoted above.

