Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.