the downgrade by S&P is not the biggest factor to be concerned about right now. Far more important is the outlook for the economy, and getting people back to work ought to be our main priority. This brings me to what I think might be the biggest negative of all from the downgrade. The unilateral move by S&P is dominating discussions in the media and among policymakers, and that is it distracting us from discussing and moving forward on the most important problem we face, putting people back to work.
The response to the unemployment problem from Congress and the Administration, or should I say lack of response, has been more than disappointing.