This is what happens when you spend and borrow more than you take in.
Standard & Poor’s has downgraded its long-term ratings outlook on U.S. sovereign debt, citing worries about the country’s mounting budget deficits.
While S&P acknowledges that the U.S. has been effective in its monetary policies, the consistent global preference for dollar over other currencies and the flexibility and diversification of the domestic economy, it proceeds with the downgrade to negative from stable because of the country’s “very large” budget deficits relative to AAA peers and uncertainty over how they will be resolved.
The rating agency says there’s a lack of clarity on how the U.S. government plans to address the budget deficits.
“We believe there is a material risk that U.S. policymakers might not reach an agreement on how to address medium and long-term budgetary challenges by 2013,” S&P warned.
The last time we lost our high credit rating was just after Pearl Harbor. Obama has created his own Pearl Harbor with a kamakazi-style attack on our Democratic Republic. His visceral hatred for successful entrepreneurs and support for union thugs—not the working people who struggle through life under the strain of increasing government intrusion—is reflected in every one of his domestic policies.
Timothy (tax cheat) Geithner says “move long, nothing to see here”:
A $14 trillion dollar debt, uncontrolled borrowing and spending, higher taxes on the horizon, the economy in a nosedive, high unemployment, a lengthy history of government mismanagement, and a Marxist regime that refuses to stop gouging people for their class war. What the fuck could go wrong?
- Stocks Sell Off After U.S. Outlook Downgrade (benzinga.com)