Bruce_Bitenfils wrotecry of the banshee wroteCú Chulainn wroteMetalStorm wroteSo now S&P lowered our credit rating from AAA to AA+ what a shock.What pisses me off is S&P were the ones that were passing out AAA ratings to toxic CDO's like candy and guess what happened next after that.
Oh, boo fucking hoo, you've finally been downgraded, just like every other country with economic troubles. Long overdue, if you ask me.
But unlike every other country, our economy effects the rest of the world's.
+1. This is very troublesome news, for everyone. Sorry but I can't help thinking (too) many congressmen played with fire and got burned. But we discussed this already...
It was predictable, The S&P had clearly stated that they would need to see about $4 trillion in cuts or savings. Raising taxes (which is not "revenue", regardless of what the pseudo-socialists would like to believe; class warfare is a European phenomenom, and it isn't supposed to be part of America's philosophy, although our politicians try to use it to their advantage) will not solve this, it will only hurt us more.
Hard cold truth is, we spend waaay too much. On top of our politicians treating SS like a Ponzi scheme, the so-called entitlements running in the red, ridiculous military expenditures and government bureaucracy overlap / duplication, borrowing, taxing and spending like gangbusters... no surprise it has come to this.
An interesting fact: the only sector to have shwn both an increase in both wages and multitude is the public (government kjobs) sector; meanwhile, the private sector has steadily and alarmingly decreased in both areas.
Coincidence?