Saturday, August 06, 2011

USA Credit Rating Downgrade - It's Here

For me it wasn't a surprise. I was hoping that it wouldn't come but it was already a given when the credit rating groups (S&P) stated that just raising the debt ceiling was NOT ENOUGH.

That was ignored.

I'm already hearing the arguments for who is to blame, the Right the Left, the Tea Party, the Treasury, the President.

Tomorrow or Sunday we'll hear another President Obama speech with who he blames; a previous President, the Republicans, but there's no ignoring the 15 Trillion dollar of debt which the majority happened under his watch including the 2.4 trillion additional debt with this last deal.

The only way now is to immediately come up with a plan to make some drastic cuts in an attempt to regain the triple 'A' rating.

Will we cut what needs to be cut or will the government use this as an excuse to make cuts that will hurt the workforce even more.

I'm thinking the cuts won't come from Obama Care. No, it will be about cutting the Defense budget.
That would lead to more layoffs. Thousands more out of work.

Are you then going to raise taxes too Mr. President?

Yikes, I know I will be dedicating this Sunday's Mass to our nation.

God save America. I'm praying that we can now come together to right the ship before we take on anymore water.

S&P downgrades U.S. credit rating for first time 

Standard & Poor’s announced Friday night that it has downgraded the U.S. credit rating for the first time, dealing a symbolic blow to the world’s economic superpower in what was a sharply worded critique of the American political system.
Lowering the nation’s rating to one notch below AAA, the credit rating company said “political brinkmanship” in the debate over the debt had made the U.S. government’s ability to manage its finances “less stable, less effective and less predictable.” It said the bipartisan agreement reached this week to find at least $2.1 trillion in budget savings “fell short” of what was necessary to tame the nation’s debt over time and predicted that leaders would not be likely to achieve more savings in the future.


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