Ron Paul on the S&P credit rating

From an S&P Research Update:

compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act. Key macroeconomic assumptions in the base case scenario include trend real GDP growth of 3% and consumer price inflation near 2% annually over the decade.

The S&P statement makes it clear that "Republicans in Congress continue to resist any measure that would raise revenues." 


We can blame the GOP on this, but Obama could have reformed the income tax tables, the Social Security and medicare FICA tax and the Estate tax during the Pelosi congress, but the Dems didn't to it. 


Obama started an economic stimulus without increasing government revenues. This is equivalent to GW Bush starting the Iraq war without raising taxes. 


What were the Democrats thinking? The insurance reforms that went on for more than a year gained the Democrats few friends in the 2010 elections. 

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