Standard & Poor's warning last week of a possible downgrading of America's credit rating sent tremors through markets worldwide -- and underscored the nation's short- and long-term deficit and debt woes. The warning came just days after the speech in which President Obama basically dismissed the House GOP's comprehensive long-term budget outline -- which addresses the need to restrain growth in discretionary spending and entitlements. Instead, the president just focused on raising income -- and possibly payroll -- taxes on the wealthiest Americans. On cue, administration supporters pushed the usual talking point: The wealthy aren't paying "their fair share" since...