Sunday, August 28, 2011

As Usual, Reuters Gets It Wrong

Reuters is a sometimes-reliable news source.  Here's one example why:

...In the United States, lawmakers and President Barack Obama fought a contentious budget battle earlier this summer that resulted in the loss of the nation's coveted "AAA" debt rating from Standard & Poor's.

Wrong, turkey.

S&P downgraded US debt because US spending pushed US debt into the yellow zone.  The 'debt-ceiling' battle did not substantially reduce spending; but S&P was headed towards their re-rating regardless.

7 comments:

jimspice said...

Did you READ the S&P rationale?

Dad29 said...

If you're really asking me whether S&P mentioned, unfavorably, the brouhaha over the ceiling, then go ahead and ask.

Yes, they were displeased. No, that was NOT the principal reason for the downgrade.

J. Strupp said...

Who cares either way?

TerryN said...

At least the Reuters hack was smart enough not to call it a Tea Party downgrade.

Dad29 said...

Stay off the personal attacks, Anony. Irrelevant and immaterial.

Jim said...

Wrong, turkey.

If you read the S&P report overview and rationale, you will read that the inability for the policy makers to reach a consensus is a SUBSTANTIAL factor in the downgrade, as important as any other.

J. Strupp said...

You're both right. But who cares what S&P says anyway? It's irrelevant.