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Another credit agency downgrades the U.S.A.

April 18, 2012
Pine Island Eagle

To the editor:

Just in case you missed this news, I am here to tell you that our country has received another credit downgrade due to the policies of our president and his inability to come up with real solutions to our national debt problems. The exact words used were, "Without some structural changes soon, restoring credit quality will become increasingly difficult..." That is from Egan Jones, one of the most important ratings firms in the world. They lowered our credit from AA+ down to AA this week of April 9, 2012. Prior to Obama, the U.S.A. was a AAA+ credit score nation for many many decades. Our country's debt grew 23.6 percent in the first two years of the Obama presidency. Still growing today. When the debt is more then 100 percent of the GDP, treasury notes fall, which is a problem because they are used for transactions between financial institutions. This in turn would raise rates on mortgages and other loans, which would discourage growth in the economy, as well as state and local governments feeling the pinch, which would eliminate more services. Egan Jones cited the fact the U.S.'s total debt, which now equals its total GDP, is rising and soon will collapse the GDP; the company sees the debt rising to 112 percent of the GDP by 2014. ... Expect to see another downgrade by then unless we get a new leader with some real solutions.

Meanwhile back at the Oval Office, Obama continues to vilify the only other plan out there to address this debt crisis because it is from Paul Ryan, a GOP U.S. Congressman. Our president said Ryan's plan was, "a trojan horse, disguised as a deficit-reduction plan, thinly veiled social Darwinism." An ironic choice of words, wouldn't you say? Ryan's plan offers debt reduction which would bring in additional revenue accrued from economic growth through the likes of jobs and businesses. Our president thinks that jobs and business growth are social Darwinism. I wonder what he thinks is going on right now? Only the strong are surviving, isn't that the definition of social Darwinism? Something to keep in mind on Nov. 6, 2012.

Dawn Shevlin

St. James City

 
 

 

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