In a previous Wallace interview with Beers from S&P, my synopsis was his statements about future costs associated with entitlements as one of the most important factors to their downgrade. Anyone else pick up on this?
Okay, I'm answering my own question....Yes, he did say this. FR thread,
S&P Chief Looks at Entitlement Reform to Resolve Debt Downgrade
................"David Beers, global head of sovereign and international public finance ratings at S&P, told "Fox News Sunday" that governments and Congresses come and go, but spending on entitlements persistently drags U.S. debt further into the red.
"The key thing is,
yes, entitlement reform is important because entitlements are the biggest component of spending, and the part of spending where the cost pressures are greatest," Beers said. "............
...............""It appears that for now, new revenues have dropped down on the menu of policy options.
In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements, the containment of which we and most other independent observers regard as key to long-term fiscal sustainability," the announcement reads."...............
S&P translation,
change the age on SS and stop bringing in illegals to destroy the welfare system.
Rush will bring the levels down tomorrow so even the dumbest of the leftists can understand.