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Moody’s in a mood

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Former Secretary of Labor during the Clinton Administration Robert B. Reich argues that the U.S. deficit really isn’t that big a deal, despite all the hubbub in Washington, D.C. about how to prevent the country from going off the “Fiscal Cliff.” Rating agencies like Standard & Poor’s and Moody’s have it all wrong, he says: Cutting the deficit too steeply and quickly could tilt the country into a recession. What matters more is that the U.S. is still able to borrow cheaply. That money could be used to build infrastructure and put people to work.