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Tipsheet

Real Talk: "No Doubt" U.S. Credit Rating Will Be Downgraded Again, Says Sen. Coburn

I hate that I feel compelled to say it, but the gentleman most definitely has a point. Some words of wisdom from Sen. Tom Coburn (R-Okla.):

"S&P's downgrade on us was right, matter of fact we're going to get another downgrade. I can tell you right now, you can have a great legal case for suing the rating agencies for not downgrading us again because we have not demonstrated the political will to solve the problems," said Coburn on CBS's midweek show "Face to Face," posted online Wednesday. ...

"We should see another downgrade, because we have not done the structural things that will fix our country," he added. ...

When asked if he agreed with Boehner's decision to push forward the tumultuous debt-ceiling debate, Coburn said, "I think that's exactly what our founders had in mind." ...

"Those are all things people don't want to hear, but it's going to happen, because if we don't do it, the people who are loaning us the money are going to make us do it," he said.

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Coburn is essentially saying that last summer's downgrade, which took our credit rating from AAA down to AA+ for the first time ever, was pretty much our just desert. We've had the ability to foresee the consequences of our metastisizing federal government's spending binge for ages, and we have failed to summon the political will it's going to take to effect real change in Washington. The United States creditworthiness is still a better bet relative to lots of other countries, but we're going the way of Greece -- and fast.

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