Goolsbee: S&P Made $2 Trillion Math Error

Sunday, 07 Aug 2011 01:19 PM

By Amy Woods

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
The White House’s  departing economic adviser accused S&P of acting like amateurs in downgrading the U.S. credit rating, Politico reports.
 
Austan Goolsbee said Sunday on NBC’s “Meet the Press” the agency used “questionable mathematics” when it lowered the rating last week to AA+, from AAA. The Treasury Department urged Standard & Poor’s not to downgrade after it found an accounting error.

“They made a $2 trillion math error, and they didn’t check their work,” Goolsbee said.

Policymakers should concentrate on boosting job creation and lowering the unemployment rate, now at 9.1 percent, he said. In addition, extending the payroll tax cut and taking action on free-trade agreements with Colombia, Panama and South Korea are sound economic initiatives that could garner support from both parties.

“There is a danger that if we just keep saying it’s all about the short-run deficit, we are losing sight of the fact that we’ve got to reignite the engine of job growth,” Goolsbee said.

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Send me more news as it happens.
 
 
Get me on The Wire
Send me more news as it happens.
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Atheist Group's Billboard Battles: Signage Slams Christmas, Christians

Thursday, 18 Dec 2014 14:41 PM

The American Atheists have launched an anti-Christmas billboard campaign to help "in-the-closet atheists who are pressur . . .

Trump's Christmas Card 'Fires' Obama, Invites Fans to Share Resolutions

Thursday, 18 Dec 2014 14:22 PM

Donald Trump issued his 2014 Christmas card via social media this year, firing lame duck President Barack Obama with his . . .

Stevie Wonder's Baby Girl - His Ninth Child - Is Born

Thursday, 18 Dec 2014 14:04 PM

Stevie Wonder welcomed a baby girl, Nia, into the world this week. The birth marked the 64-year-old Motown legend's seco . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved