Only about six months late to the party – from Bloomberg:
Standard & Poor’s put the U.S. government on notice that it risks losing its AAA credit rating unless policy makers agree on a plan by 2013 to reduce budget deficits and the national debt.
“If an agreement is not reached and meaningful implementation does not begin by then, this would in our view render the U.S. fiscal profile meaningfully weaker than that of peer ‘AAA’ sovereigns,” New York-based S&P said today in a report that maintained its top rating on U.S. long-term debt while lowering the outlook to “negative” for the first time…
Yeah, no kidding. Who would have guessed it? Oh, I know – all the dimwits who have been pushing stock prices higher because, you see?, the Federal Reserve has promised an endless supply of free money which won’t have any adverse effects on the economy (please pay no attention to skyrocketing food, oil and gold prices). I can only figure that, now, the richest players out there have gotten all their money in to safe harbors and now its ok to start telling the truth about the economy.
We’re in one heck of a bad position here, good people. We’ve got out of control debt, a declining dollar, massively rising prices, the productive part of our economy (hint, it ain’t the government) has been hollowed out. People are out of work, losing their homes and even those who have jobs have pay which is, at best, flat when adjusted for inflation (which the Fed says doesn’t exist). Our government is led by a man who never worked a day in his life, and he’s surrounded by people with a vested interest in keeping things just as they are.
So, brace yourselves for it – it will get worse before it gets better.
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