America Loses its AAA Rating – This is a Victory?

Immediate Release

(St. Louis) – August 5, 2011 – Friday night Standard and Poor’s reduced America’s credit rating from AAA to AA+ with a negative outlook.

From the S&P report:

The outlook on the long-term rating is negative. We could lower the long-term rating to ‘AA’ within the next two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case.

While I expect our opponents in President Obama’s party to derive all the wrong lessons from this embarrassment, the brutal reality is that the much ballyhooed “victory” of the debt deal did not convince this bond ratings agency that we had begun to master our spending problem.

Washington spends too much money regulating and manipulating the lives of Americans.  It spends too much money rewarding friends and sending the bill to the rest of us.  It spends all it can get its hands on and then puts the rest on a charge card.  The reckoning is on its way, and congress did nothing more than what it always does – spend money today, promise cuts tomorrow.  For decades this has been the case, and the President’s party’s intractable desire for more spending destroyed an opportunity to take appropriate action.

Now, millions of beleaguered Americans will see their earnings further eroded as financial institutions are forced to raise interest rates for loans tied to rates paid by the Federal Government, among other consequences.  As President Obama celebrates his birthday with Hollywood millionaires, we are all watching our great nation fall gravely ill, hollowed out financially by an administration and congress that cares more about paying off its political allies than good stewardship of the people’s purse.

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