S&P downgrades US debt

“If the US Government was a family, they would be making $58,000 a year, they spend $75,000 a year, & are $327,000 in credit card debt. They are currently proposing BIG spending cuts to reduce their spending to $72,000 a year. These are the actual proportions of the federal budget & debt, reduced to a level that we can understand.”

- Dave Ramsey

3 months ago S&P downgraded the economic outlook on US debt from “stable” to “negative.”

Last week Moody’s downgraded the economic outlook on US debt from “stable” to “negative.”

Last night S&P downgraded the US debt from it’s sterling “AAA” rating to” AA+ with a negative outlook.”

Just like S&P and Moody’s didn’t downgrade subprime CDOs until the mortgage-backed bonds they held were practically worthless, S&P waited for U.S. debt obligations to reach five times GDP and for the U.S. dollar to lose 84% of its purchasing power over the course of a single decade.