October 25th, 2012, 9:00 pm
Standard & Poors already did it in August 2011, down one notch on their grade system to AA-plus.Presumably you are wondering about a second S&P downgrade or a downgrade by another rating agency.Why not? Despite having a remarkably flexible private sector, a capitalist's dream (low unionization rates, low or non-existent benefits & pensions, an outsized reserve army of the unemployed) it seems clear that their political system is incapable of having adult conversations about government spending and taxes.