Not Shocking

An article from Bloomberg quoting Thomas Simons, an economist from Jefferies:

“The fiscal picture has a very long way to go before it is on a sustainable path...the effect of the S&P ratings outlook revision takes some of the heat off Congress in the near term to address the deficit.”

That attitude tells you a lot. No one is actually serious about reform. If they can avoid it, they will. And they won’t do something about it until the crisis is already here.