It seems that news sources have been inundating us with the opinions of economists that have stated if the Bush tax cuts are not maintained that we will all be in trouble. These economists all claim to be “experts” at determining where the economy is going. These are the very same experts that did not predict the 2008 financial crisis and did not foresee the current mess we are in. But now these experts are telling us to listen to them or else. I have to confess that I have studied economics and I haven’t found it very useful for prophesying, and I don’t believe economists are very good at predicting anything with the exception of the past.

An ominous side effect of the tax deal being approved is the lost of the United States’ triple A bond rating. In a Reuters headline, Moody’s warns of possibly reducing U.S.’s Aaa rating because of Tax Deal, the rating agency said it may lower the U.S.’s Aaa rating if the compromise on the Bush tax cuts and the extension of unemployment benefits becomes law. The agency’s concern is the increase debt levels, which would make a rating reduction more likely in the next 12 to 18 months. Then again, Moody’s, along with others, was giving sub-prime mortgage-back securities triple-A ratings that clearly did not deserve such a high grade. Just another alleged “expert’s” opinion.