The S&P downgraded the US sovereign credit rating late Friday and the US lost its perfect AAA status. Though the US came up with a deal to raise the debt ceiling so as not to hurt the US credit rating...well it happened anyway. This downgrade struck fear in the hearts of Chinese officials who have been purchasing most of the US's debt. China fears that the US is still in deep water and may possibly default on their debts. Chinese has also said that it may be reluctant to give more credit in the future.
The long needed federal budget cuts may come a little too late for the government to save the free-falling economy, and the majority of the general public has no idea, or they just don't care because the consumer spending on credit cards is unchanged. The feds may be forced to cut back things such as health-care, welfare and other federal entities. An example of a glaring government failure is the USPS, losing billions of dollars each year...with no changes in the pipeline. I'm so glad my tax dollars are being spent wisely. LOL. Also, the stock market had its 8th worst day in its history. Hey, Washington...stop padding your pockets with my tax dollars!
The long needed federal budget cuts may come a little too late for the government to save the free-falling economy, and the majority of the general public has no idea, or they just don't care because the consumer spending on credit cards is unchanged. The feds may be forced to cut back things such as health-care, welfare and other federal entities. An example of a glaring government failure is the USPS, losing billions of dollars each year...with no changes in the pipeline. I'm so glad my tax dollars are being spent wisely. LOL. Also, the stock market had its 8th worst day in its history. Hey, Washington...stop padding your pockets with my tax dollars!
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