By Bob L.
I have said all along that we are on the brink of another DEPRESSION if the American don’t stop their wanting which is causing this Country to be going broke.
The people here in America today think money grows on trees and that it is endless, well you are now getting to live the life of the not so fortunate, the people who live on Minimum wage and now you can see the problem in this Country, to many YUPPIES wanting every thing NOW and not caring about the cost and where it is coming from, now you are getting just what you asked for.
Check back and read the posts that I have posted, you can talk about Government spending, but how about Americans spending, they have done no better, look around this Country and you can see where all the money has gone, Fancy Homes, Boats, Cars, Motorcycles, Water toys, and now the Americans are broke, now lets look at Government, Fancy streets with trees down the center and curbing that looks like a ghost town, and nothing repaired, Death circles at intersections that slow down Emergency Vehicles and Trucks that can barely get around them to make delivers, bigger and bigger highway for what YUPPIES farther away from where the work, there is a lot that can be said, but all in all this all takes money that this Country does not have, for one reason, people are not working to pay taxes, and a lot of money goes out of this country as foreign aid when we can’t even take care of our own.
S&P downgrades US credit rating from AAA
S&P issues unprecedented downgrade of US credit rating, saying debt package falls short
Martin Crutsinger, AP Economics Writer
Friday August 5, 2011
WASHINGTON (AP) — Credit rating agency Standard & Poor’s on Friday downgraded the United States’ credit rating for the first time in the history of the ratings.
The credit rating agency said that it is cutting the country’s top AAA rating by one notch to AA-plus. The credit agency said that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country’s debt situation.
A source familiar with the discussions said that the Obama administration feels the S&P’s analysis contained “deep and fundamental flaws.”
S&P said that in addition to the downgrade, it is issuing a negative outlook, meaning that there was a chance it will lower the rating further within the next two years. It said such a downgrade to AA would occur if the agency sees less reductions in spending than Congress and the administration have agreed to make, higher interest rates or new fiscal pressures during this period.
S&P first put the government on notice in April that a downgrade was possible unless Congress and the administration came up with a credible long-term deficit reduction plan and avoided a default on the country’s debt.
After months of wrangling and negotiations with the administration, Congress passed this week a debt reduction package at the 11th-hour that averted a possible default.
In its statement, S&P said that it had changed its view “of the difficulties of bridging the gulf between the political parties” over a credible deficit reduction plan.
S&P said it was now “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 anytime soon.”