Archive for August 7th, 2011

Putting the U.S. Debt Problems in Perspective

I can’t believe the gall of people who are complaining how S&P downgraded America’s credit rating from AAA to AA+.  What does everyone expect? 

As I read somewhere recently, America is like a family that earns $58,000/year, spends $72,000/year, and has $350,000 in credit card debt.  Do you think a family in that situation has good credit?  Obviously not.  So why should the U.S. be any different?  Because it has the ability to print more money endlessly … like that’s a solution?

I can’t blame S&P for recent statements that more downgrades are coming.  For the people complaining?  Maybe they should spend more time fixing the problem than blaming the independent companies who compile the rankings.

Mark Stopa

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