By Andrew P. Napolitano
The president's men trash the Constitution to pursue antagonists
Moody's Investors Service on Tuesday warned that it will downgrade the U.S. government's AAA credit rating if Congress and the newly installed president next year fail to produce a major budget agreement that stabilizes and reduces the U.S. debt.
Reading the economy these days is like taking a Rorschach test: Optimists see signs of progress in each economic report, while pessimists see the end of the expansion and many others host middling views.
"The U.S. electorate is being offered two different fiscal visions for the future," Mr. Carson said. "In fact, we think that there probably has not been such a wide gap between the federal budget platforms of a sitting president and a candidate since the 1980 elections, when Republican presidential nominee Ronald Reagan committed to a major, long-term defense buildup, in contrast with Jimmy Carter's policies of staying with the status quo."
Joseph G. Carson, economist at AllianceBernstein, agreed that much is riding on the outcome of the elections, in which Mr. Romney has called for far-reaching entitlement reforms like those proposed by Mr. Ryan, coupled with increases in defense spending and further tax cuts.
