Thanks Bush, Obama and the House and Senate. You can proudly say you all contributed to the downgrade of USA debt from AAA for the first time since 1917.
The bloody details.
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1 comment:
I think to do the subject justice we have to realize that the U.S. has been on a long downhill slide from a creditor nation to a debtor nation since the 1970s. One excellent documentary that covers the topic of the U.S. binge on public and private debt is "Maxed Out" which was released in 2006. You can watch the documentary for free at this site http://www.documentarywire.com/maxed-out
I think every administration since the 1970s has piled on more debt and put another nail in the coffin of the U.S. economy.
This downgrade could have the positive effect of being a wake up call for the U.S. government. Now politicians have no more excuses for not putting the nation's financial house in order.
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