It took the current administration less than a year to provoke a rating agency to warn that unless our government mends its profligate ways, it will lose the triple-A credit rating it has had since U.S. government debt was first assessed in 1917.

Moody’s had a busy week. Greece was down-rated, and Spain and Ireland put on negative credit watch. All are running deficits equal to 12 percent of their gross domestic products.

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