06
Aug
11

Credit Downgrade

Thank you, Tea Party! Thank you, Republicans! You’ve given America it’s first credit downgrade and I’m sure you’re proud.

In their explanation as to why the U.S. went from AAA to AA+, Standard and Poors  cites as factors in making their determination  the turmoil surrounding the debt ceiling debate (caused by the hostage-taking strategy of the Republicans) and the GOP refusal to consider revenue options in decreasing the debt and deficits. The Republicans, goaded by the Tea Party, were willing to risk a credit downgrade to pursue their political agenda and the result will be higher interest rates paid by the government to bond holders (China, Saudi Arabia, etc), which will ironically increase the deficit as well as increase the interest rates individuals pay on their home loans and credit cards.

Thank you, Tea Party! Thank you, Republicans! I hope the voters remember you in November 2012!  I hope those who lose their jobs over the next year because of the worsened economic downturn caused by higher interest rates remember you. I hope people who open their credit card bills and discover their interest rates went up remember you. Thank you.

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