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Oscar Wilde, who penned the adage, “It’s not whether you win or lose, it’s how you place the blame,” would have fully enjoyed the clever response of US Government officials to a (then) pending Standard & Poor’s downgrade of US Treasury debt. Recognizing S&P’s growing reputation for busts in financial modeling, Treasury Department flacks said they “noticed a $2 trillion error in S&P’s math.” What with August being a sacred holiday for federal employees and the abject failure by elected officials to reign in deficit spending, who can blame the few Treasury minions still in town for laying the mess back on S&P’s doorstep.

S&P’s embarrassing error is a red herring. The crux of the issue is that our economy cannot bear the burden of national debt as rosily projected by the Congressional Budget Office. Debt obligations in the U.S. are projected by various organizations to increase to unsustainable levels.

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