Slashdot Mirror
United States Loses S&P AAA Credit Rating
oxide7 writes with this excerpt from the International Business Times: "The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday in an unprecedented reversal of fortune for the world's largest economy. S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about the government's budget deficits and rising debt burden. The move is likely to raise borrowing costs eventually for the American government, companies and consumers."
And how exactly do you figure that one out? S&P told the gov to cut 4+ trillion to avoid a downgrade. Republicans tried to cut, democrats tried to raise taxes both of which are strategies to an end game here, but raising taxes on people in a depression (I'll spare you the details but yes we're in a depression) would have dire consequences. Both sides failed us by signing a half assed cut, and now the "chickens are coming home to roost." as Obama's favorite minister liked to say. Personally I take the downgrade as a confirmation of Obama's lack of economic understanding, but having said that I'll admit I'm a libertarian and my fiscal policies would make the republicans prior effort in the house look liberal by comparison to mine.