As if yesterday’s stock market drop of 500+ points attributing to the worse week on Wall Street since 2008 was not enough bad news — there’s more bad news . . . Reuters news service is reporting that the United States has lost its AAA credit rating from S&P. For the first time in our nation’s history, S&P has downgraded the US credit rating to AA+.
In a statement from S&P, “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.” S&P goes on to say that there may be another credit downgrade in 15-18 months.
Is this the outcome the Washington politicians were looking for in their childish debit-ceiling gridlock last week? How can our elected officials possibly think that the bitter political battles were worth this price to the American people! I don’t know how they look themselves in the mirror!
I’m sad for all of us and thoroughly disgusted by many of our nation’s leaders.