For the first time in the nation’s history, the US lost its AAA credit rating which was awarded back in 1941. Yet further sign of the problems the GOP manufactured crisis on the debt ceiling has caused. Their willingness to commit literal economic suicide for the entire country demonstrated just how little confidence even investors now have in our country. Ironic, considering most of what the GOP does is to benefit Wall Street. As if often the case, too much greed has resulted in far reaching consequences. Sadly, this will be yet another way for the GOP to spin things in their favor as most people don't have the brains or understanding to recognize how easy all of this could have been avoided. Instead they have proven beyond doubt just how far gone the GOP but with a significant amount of power to back the crazy up with due to complete lack of leadership from Obama who doesn't see a position he isn't willing to cave too. The GOP spin will be the high debt caused the downgrade and thus their approach is the only way is directly contradicted by S&P's own statements on the cause.
S&P also changed its assumption that the 2001 and 2003 tax cuts would expire by the end of 2012 “because the majority of Republicans in Congress continue to resist any measure that would raise revenues. More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating,” S&P said.Note that "revenue increases" is another way of saying increase taxes by closing loops holes or ending existing tax cuts which the GOP refuses to do under any circumstances. In short, the GOP refusal to compromise and deal with the debt in an adult manner underlined our current leadership's dysfunction in a way that could no longer be ignored. No fake crisis, no awareness of just how bad things are.








