Paul Ryan lies right to Scott Pelly’s face right after he reads from the same S&P statement explaining the reason for America’s credit downgrade that Ryan lied about in his RNC speech.
Actually Paul Ryan told the truth.
Scott Pelly lies right to America’s face by not reading in full context what S&P said:
The emphasized section below is what Scott Pelley read… out of context:
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.
Catch that? S&P was talking about changing their assumptions on their base case scenario. In other words, what Scott Pelley read had nothing to do with the reason S&P downgraded America’s credit rating.
Let’s actually see what S&P said about the downgrade of America’s credit rating (emphasis mine):
- The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics.
- More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.
- Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government’s debt dynamics any time soon.
We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process. We also believe that the fiscal consolidation plan that Congress and the Administration agreed to this week falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade.
If memory serves me correctly Paul Ryan has repeatedly pointed out that unless we address and reform entitlements we are pissing in the wind. Meanwhile Barack Obama & the Democrats won’t touch entitlements with a 10 foot pole.
Here’s the full and complete text of S&P’s official statement on the downgrading of America’s credit rating: United States of America Long-Term Rating Lowered To ‘AA+’ Due To Political Risks, Rising Debt Burden; Outlook Negative
Anthony De Rosa aka SoupSoup - Will you issue a complete correction or have you given up any and all journalistic integrity like Scott Pelley and CBS News have?
I won’t be holding my breath waiting for Pelley or any of the other Democrat apologists to correct their lies and misstatements. Reality is not their strong suit.