S&P warned the U.S. a few days back that they will downgrade the U.S.’ credit rating by 2013, if the mounting debt isn’t addressed. Even the mere statement hurts the economy – and here’s some more follow-up if you would like to understand what the statement means.
Unsurprisingly, Obama’s administration tried to stop the statement. It kind of destroys the Liberal story about everything being better if we just spend more and more, doesn’t it?
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[...] you honestly think all of the debt accumulating legislating ourselves piles of cash is without any consequences, how much do you think those same piles of cash will be worth? Currency is not wealth, and [...]