"Because the U.S. has, relative to its 'AAA' peers, what we consider to be very large budget deficits and rising government indebtedness and the path to addressing these is not clear to us, we have revised our outlook on the long-term rating to negative from stable," the agency said in a statement.
Of course the left will say "tax the rich", but if you took EVERYTHING from EVERYONE who was worth over a million dollars, it would run the government for 3 months...
and paying for them with Chinese money. Cutting taxes for the wealthy, letting Wall Street goons run wild by gutting regulations and refusing to enforce the ones in place.
I mean what did you expect? If you are surprized here is some news you should keep close. It is going to get much worse with the present regime in power, who either wants us to deteriorate on purpuse or because they are ignorant and dont understand how economic principles work.
Economic principles are really pretty simple and no new viable theries have emerged in decades so my guess is its' the secound option.
Oh, there is one more which is that they dont really care much one way or the other what happens to us but do see a way to stay in control by getting out in front of each new catastrophy by blaming the opposition for everything. This seems to be working well with a large part of the population and of course the press which continues to not do their job by investigating and reporting on conflicting facts and regime statements.
The second shoe of the economic crises will be falling sooner than most think.
Posted By: Officer Cartman
"Because the U.S. has, relative to its 'AAA' peers, what we consider to be very large budget deficits and rising government indebtedness and the path to addressing these is not clear to us, we have revised our outlook on the long-term rating to negative from stable," the agency said in a statement.
the 2008 financial crisis. S&P's credibility has been hit hard over the past few years. They are taking a much more conservative stance. which is to be expected. I wonder why the other rating agencies, i.e. Moody's and Fitch have no plans on changing their outlook. Also, no one fled the U.S. dollar today, and bonds held up pretty well.
Hopefully the S&P downgrade will eventually act as a cattle prod to both parties to get their act together and reach a compromise, but I really don't expect anything before the next election.
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