US Credit Rating Downgraded To AA+

[12thMan]

Gus, if you read my post and several others in threads elsewhere we probably agree on more than we disagree. Actually, I think that's the case more often than not around here on Warpath but that's another story.

Secondly a rating agency, such as S&P, has no business whatsoever issuing a rating on our nation's credit worthiness based on the politics of the moment. They shouldn't do it today, they shouldn't do it tomorrow, they shouldn't do it ever. Besides we're talking about S&P, the same company that just three years ago handed out AAA ratings to failed banks and mortgage lenders like they were going out of style. So I find their recent track record a little suspect at best. As far as I'm concerned this downgrade is symbolic more than anything else and the good old U.S. of A. will keep on trucking.

In terms of who's the blame? There's plenty of that to go around and without getting into which party was right or wrong, all I know is since 1962 the debt ceiling has been raised 74 times, about once every eight months. Often times with little or no fanfare. But this year, for some reason, it became the laser focus of some members of Congress to the extent it brought us to the brink of default. Just to be clear the debt ceiling has nothing to due with future spending levels. We raise the debt ceiling to cover spending appropriated in the previous Congress. In other words, many of the politicians that were calling for drastic spending cuts and austerity measures are on record voting for the very bills that they now oppose in principle. Take from that whatever you will.