There is quite a bit of confusion about whether or not Standard & Poor is going to lower the country’s credit rating because the White House claims that S&P made some kind of mathematical error in their calculations. It could be that nothing happens at all. But, if we do lose our rock-solid triple-A credit rating, it’s clear that the Republicans are to blame.
Two government officials tell ABC News that the federal government is expecting and preparing for bond rating agency Standard & Poor’s to downgrade the rating of US debt from its current AAA value.
Official reasons given, one official says, will be the political confusion surrounding the process of raising the debt ceiling, and lack of confidence that the political system will be able to agree to more deficit reduction. A source says Republicans saying that they refuse to accept any tax increases as part of a larger deal will be part of the reason cited. The official was unsure if the bond rating would be AA+ or AA.
It should be clear to people that when the country’s credit rating goes down, all of our costs go up. It’s as if we’re the deadbeats. And the Democrats are quite clear that they’re ready to pass a deal with shared sacrifice, which is exactly what the credit ratings agencies want to see. Since they’re not seeing any reciprocation from the Republicans, they assume that we’ll eventually be so overburdened with debt that we’ll default at some point in the near future.
It should also be clear that we’re paying less in personal income taxes as a percentage of GDP than at any time since Harry Truman was president. Obama has cut all our taxes. Any effort to say that he’s a socialist is laughable.
Through their utter recklessness, the GOP has put us on the brink of becoming a second-rate place to invest. They’re turning us into deadbeats, and when we want to borrow money for a house, a car, or to pay for college, we’re all going to be treated like deadbeats.
Make sure to thank your local GOP politician for screwing you so hard just to prevent millionaires from seeing their taxes go up.