Former Federal Reserve Chairman Ben Bernanke astutely observed, “Everybody who reads the newspaper knows that the United States has a very serious long-term fiscal problem.” His comments, uttered after the first downgrade of U.S. credit in 2011, are appropriate today. About two weeks ago, credit rating agency Fitch downgraded U.S. debt one notch from AAA, the highest possible rating, to AA+. Fitch, Moody’s, and Standard & Poor’s are the three nationally recognized credit rating agencies. Fitch noted that the downgrade reflects “erosion of governance” in the United States. The new rating is a reprimand for our lawmakers constant delays over...

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