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Saturday, August 6, 2011
· We have lowered our long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term rating.
· We have also removed both the short- and long-term ratings from CreditWatch negative.
· 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…”
Question: How many times can the United States of America find itself in a state embarrassment in one week?
Less than five days after weeks of humiliating exhibitions by Progressive politicians, the inept one and the lame stream media that belittled the United States in the eyes of the world, that which the ratings companies have been warning us about for months has finally transpired, i.e., the USA’s credit rating has finally been relegated from AAA status to AA.
“…The move came less than a week after a gridlocked Congress finally agreed to spending cuts that would reduce the debt by more than $2 trillion -- a tumultuous process that contributed to convulsions in financial markets. The promised cuts were not enough to satisfy S&P.
The drop in the rating by one notch to AA-plus was telegraphed as a possibility back in April. The three main credit agencies, which also include Moody's Investor Service and Fitch, had warned during the budget fight that if Congress did not cut spending far enough, the country faced a downgrade. Moody's said it was keeping its AAA rating on the nation's debt, but that it might still lower it…”
In spite of the fact that Progressives who lost the House in November but continues to hold the Senate and Executive Office are primarily responsible, they will blame the incompetency and failure on Republicans, the Tea Party and Bush43 (again).
According to John Boehner, this latest snag is "the latest consequence of overspending by Washington." Boehner is dead-on.
Of course, we can expect endless finger-pointing and nasty assaults by the Marxists self-aggrandizing thugs who have strived from day one to eradicate capitalism thereby collapsing the U.S. economy. They are no doubt celebrating this downgrade as they blame others for that which they themselves are guilty.
A$$hat Harry Reid spouts that the downgrade by S&P shows “the need for a ‘balanced approach to deficit reduction that combines spending cuts with revenue-raising measures."
Reid is just one of many who should be in prison.
One congressional representative suggested the following, to which I agree:
“GOP Rep. Jack Kingston has called on Congress to reconvene to fix the debt crisis, saying the downgrade ‘confirms my belief that the debt ceiling increase signed into law this week does not go far enough to change the nation's fiscal trajectory."
This week’s decision and backroom dealings on the debt ceiling, which left no one pleased, is a catastrophe and disservice to the nation. The creation of a super-congress is nothing short of unconstitutional. The wrongs must be undone.
Those pushing their socialist agenda are blind to the truth that socialism is a failure as repeatedly proven by history.
In furtherance, all that has transpired this summer by corrupt politicians/bureaucrats and cohorts did not transpire by happenstance.
The foretold downgrade occurred on Barack Obama’s watch; therefore, the inept one owns it.
All posts cross-posted on PUMABydesign001's Blog