Treasury Secretary Timothy Geithner said Standard & Poor showed “terrible judgment” in lowering the U.S. government’s credit rating.
“They’ve handled themselves very poorly. And they’ve shown a stunning lack of knowledge about the basic U.S. fiscal budget math,” Geithner said in his first public comments about the credit rating decision.
“Terrible judgement?” This from a guy who earned the nickname ‘tax cheat Geithner’ for not paying his income taxes. Just like he blamed ‘TurboTax’ for his tax cheating problems, Geithner is blaming Standard & Poor’s poor judgement for lowering the United States’ credit rating for the first time ever to AA+, down from AAA where it has been for nearly a hundred years.
According to Geithner, it’s just because the credit rating company does not understand “U.S. fiscal budget math.” No doubt they don’t understand the concept of spending your way to prosperity and borrowing your way out of debt. They don’t understand that increasing the national debt by 7 trillion dollars in ten years is a decrease. What they do see is U.S. doing nothing to attack the public debt or the willingness to stop the deficit spending in the budgets that they have failed to produce. That is what Geithner means by U.S. fiscal budget math.
Some people are calling for Geithner to step down for his mangling of the economy. Even if he did, it would not solve the problem. His boss believes in the same fuzzy math and points fingers at everyone but himself too!