Geithner Should Resign as Treasury Secretary
The biggest headline in the news so far this week has been SP’s decision to downgrade their U.S. credit outlook to negative. After SP made their announcement, almost everybody in the mainstream media proclaimed it to be a “wake up call” for the U.S. government, saying that if they don’t make a real effort to cut the budget deficit, a fiscal disaster awaits. Despite lowering the U.S. credit outlook to negative, SP left the U.S. credit rating at AAA.
The real story in the media this week should be, how is it possible that the U.S. credit rating remains AAA? After all, AAA is the highest rating possible. Shouldn’t a AAA credit rating be reserved for countries with budget surpluses, low levels of debt, and low levels of price inflation? Treasury Secretary Timothy Geithner was quick to say after SP’s announcement that there is “no risk” of the U.S. losing its AAA rating. NIA respectfully asks Mr. Geithner to resign from office for making those comments. How could there be “no risk” of the world’s largest debtor nation losing its AAA rating?
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