Standard and Poors made a $2 Trillion error when they downgraded the United States from AAA to AA+. It was caught by Treasury and acknowledged by S&P. But, it didn't change the downgrade.
It is not S&P's job to decide how America should shed it's debt or to reflect, and change credit worthiness, on their opinion that Congress (Republican Right Tea Party) has made Congress ineffective. Nor is it their business to be critical of a President who tried to affect debt change at the $4 Trillion dollar level suggested by S&P and failed.
Their downgrade is their opinion on American politics. Yes, I agree, the Tea Party has thrown some wrenches into the system. Yes, I agree. However, it is not S&P's job to grade our political system. It's their job to grade our credit worthiness.
Let S&P know your opinion (200 character max) https://www.standardpoorscustom.com
Remember, S&P was responsible for the Wall Street fall in 2008. Robert Reich wrote: S&P's intrusion into American politics is also ironic because, as I pointed out recently, much of our current debt is directly or indirectly due to S&P's failures (along with the failures of the two other major credit-rating agencies - Fitch and Moody's) to do their jobs before the financial meltdown. Until the eve of the collapse S&P gave triple-A ratings to some of the Street's riskiest packages of mortgage-backed securities and collateralized debt obligations.
Had S&P done its job and warned investors how much risk Wall Street was taking on, the housing and debt bubbles wouldn't have become so large and their bursts wouldn't have brought down much of the economy. You and I and other taxpayers wouldn't have had to bail out Wall Street; millions of Americans would now be working now instead of collecting unemployment insurance; the government wouldn't have had to inject the economy with a massive stimulus to save millions of other jobs; and far more tax revenue would now be pouring into the Treasury from individuals and businesses doing better than they are now.
In other words, had Standard & Poor's done its job over the last decade, today's budget deficit would be far smaller and the nation's future debt wouldn't look so menacing. http://readersupportednews.org/...