This article appears in the March 28, 2016 issue of National Review.
Writing in this space five years ago, I made the controversial prediction that the rating of U.S. government debt would soon be downgraded. In August of that year, Standard & Poor’s duly obliged. I revisited the topic in November 2011 and argued that the U.S. would probably not regain its stain-free AAA rating anytime soon: The history of downgrades is that they endure. At this writing, the U.S. has yet to regain that rating…
