And Down We Go
Well, someday has come:
Standard & Poor’s announced Friday night that it has downgraded the United States credit rating for the first time, dealing a huge symbolic blow to the world’s economic superpower in what was a sharply worded critique of the American political system.
Lowering the nation’s rating one-notch below AAA, the credit rating company said “political brinkmanship” in the debate over the debt the debate over the debt had made the U.S. government’s ability to manage its finances “less stable, less effective and less predictable.” It said the bi-partisan agreement reached this week to find $2.1 trillion in budget savings “fell short” of what was necessary to tame the nation’s debt over time and predicted that leaders would have no luck achieving more savings later on.
A Treasury spokesperson took the tack of belittling S&P, which is fine, as far as it goes, but won’t do much to correct the nation’s course.