August 5, 2011 at 7:21 pm in INFORUM
WASHINGTON The United States has lost its sterling credit rating.
Credit rating agency Standard & Poor’s on Friday lowered the nation’s AAA rating for the first time since granting it in 1917. Continue Reading
Tags: economy, Government, money 2 Comments »
Wow, what a surprise. Weren’t we told that if we raise our debt ceiling that this wouldn’t happen? The S and P realizes, like everybody else with a brain, that we cannot manage our debt by trying to spend our way out of it. Large spending cuts are the only way out of this.
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Viking, I partially agree with you on this. Yes, we need cuts but if we closed all the tax loop holes we’d begin to recover fairly quickly. I doubt we’d have to cut quite as much or raise taxes. I have nothing against cutting off subsidies as long as they are all cut and that includes all foreign aid.
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