AA+

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AA+

Post by Geezaldinho on Fri Aug 05, 2011 7:11 pm

Not sure how I feel about our country having a worse credit rating than Canada, Morocco, Chile, and Greenland.

Maybe we pass Italy and Portugal tomorrow.


I do think it cost every man, woman , and child in the USA a collective 50 trillion or so over their lifetime.

thanks congress.

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Re: AA+

Post by Guest on Fri Aug 05, 2011 8:10 pm

The founding fathers warned against partisan politics. But, I think those tea party freshman were in for a real eye opening when they realized that they weren't going to get exactly what they wanted.

America really shot itself in the foot... Best. Nation. Ever.

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Re: AA+

Post by up7587 on Fri Aug 05, 2011 8:29 pm

From Standard and Poor's press release (emphasis mine):
– The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics.

– More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.

– Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government’s debt dynamics any time soon.
– The outlook on the long-term rating is negative. We could lower the long-term rating to ‘AA’ within the next two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case.
This is all about our debt and about the spending. The spending has got to be slashed.
LINK

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Re: AA+

Post by Geezaldinho on Fri Aug 05, 2011 9:22 pm

Yeah, a free trillion to the banks on the taxpayer dime, oil companies getting oil depletion allowances they didn't pay for, and Bill gates paying less taxes than I do is just a sideshow.

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