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August 08, 2011


Would you describe the financial status of the United States of America as AAA?

Randy, it's not much different from the United Kingdom and France, which do have AAA ratings. But they do have much lower health care and military costs, which is a big reason our deficit is so large. Plus, those other countries have higher taxes, which is in the cards for the US also.

My gripe is that S&P based its downgrade mostly on political factors, not fiscal factors. Evidence of this is that it didn't matter when the $2 trillion error was pointed out to them on Friday. They blithely went ahead with the downgrade, which seems funny to me.

What's irksome (to me) about the credit downgrade is that there are people who actually think it has some significance. But it is comforting to know that those to whom it is significant are in no position to do anything more than talk about it.

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