|Click for linky|
The United States' credit rating was cut for the first time when Standard and Poor's lowered it from triple-A to AA+, citing the country's looming deficit burden and weak policy-making process.And my comment is this: holy shit! Okay, it's not unexpected but it is unprecedented in modern times. Is this the end of the idea that governments can just spend money they don't have on crap we don't need more or less indefinitely by taxing us more now and running up debts for which they'll need to tax us in the future? We can but hope so.
Standard and Poor's on Friday revised the nation's rating downwards to a AA+ with a negative outlook, despite a push back from the White House, which said the rating agency's analysis of the US economy was deeply flawed.