Ateneo Professor on Entrepreneurship
From Money news
The US debt downgrade is inevitable, a foregone conclusion, according to David Stockman, a fmr White House budget director under Pres. Ronald Reagan.
It is mainly because of the lack of political will to resolve by legislation on automatic tax cuts passed under Pres. Bush. They will expire by the end of the year.
Moody's all ready downgraded US debt last Aug 2011 (the dilly dallying of US lawmakers on the debt limit law may have something to do with this?)
Stockman tells that tax cuts mean that American live beyond their means. One view is that the end of tax cuts will put the country into severe recession but will be stronger (This concerns the question is belt tightening or QE good for the country?)
US debt downgrade inevitable.
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