S&P Downgrades US Credit Ratings

It is not a surprise the credit rating agency Standard and Poor’s decided to downgrade US credit ratings; whether Congress reached a compromise or not does not affect the fact that consumer confidence in the US economy is damaged beyond immediate repair. Those who think the agency’s decision is “way off” should put aside their criticism. The fact is that US fiscal plan has fallen short. The political war in Congress prior to a final compromise, is an indication of a government, unable to take care of its economy at a crucial time in history, when the world economy depend heavily on the US economy and the dollar. Our leaders have allowed party politics to trump citizens interest. The downgrade is not undeserved in an economy with high unemployment rate estimated at 9.1%, an economy where college graduates are without jobs but rather getting deeper in college loan debt. There will be further downgrades as long as this economy continues to fail on its expectations.
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