Tag Archive | "Standard & Poors downgrade of US debt"

America’s Credit Score

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When it comes to borrowing money, financial institutions rely upon the credit ratings of their prospective clientele (borrowers).  The credit rating system is based upon a person’s history in paying his/her bills; i.e., how much above the minimum payment was paid per month, if any, and how timely the payments were (i.e., on time, 30 days late, 60 days late or more).   Through the use of this system, financial institutions are confident … or not … in lending money to individuals or businesses.  In other words, the better the credit rating, the more favorable the potential borrower is viewed as a candidate for a loan.  In addition to helping to determine eligibility of borrowers, a person’s or a business’s credit rating also impacts the rate of interest that he, she, or it will incur for the loan.

Credit ratings are not used simply for private consumers or businesses; they are also used, worldwide, to signify the creditworthiness of nations.  In the wake of our recent travesty in attempting to rectify our National Debt, the United States of America has emerged smelling like a … skunk!  Our national credit score has now decreased from an AAA to an AA+, thus sending shock waves throughout the world.  As Reverend Wright would say, “It looks like the chickens are coming home to roost.”

Our so-called friends around the world are casting caustic eyes upon us, as global markets strongly depend upon the U.S. to maintain their economies. Gee, it almost sounds like Socialism!

Our fearless leaders in Washington are shocked by this latest development in our credit rating, declaring a “foul.”  While it appears that former President George W. Bush is in for another metaphorical beating, in reality, our declining credit rating comes as a warning to our fearless leaders.  The warning is this: “You’ll have to stop spending taxpayers’ money like drunken sailors on shore leave!”

Naturally, so-called entitlements will be scrutinized by our fearless leaders and thus blamed as leading to the demise of the American dollar.  These same leaders who paid out those entitlements now want to snatch them back!  Lest we forget, the American workers had and continue to have monies garnished from their wages for programs such as Social Security and Medicare.  With the devaluation of the U.S. dollar, costs may rise and the American worker may once again will be the loser.

Until now, our fearless leaders have been shouting, “America is broke!” — but only to the American people.  I think it is time to announce to the world the same rhetoric they have been spewing while ceasing to dole out the billions of dollars in foreign aid that we’ve been famous for giving away.

In attempting to correct this AA+ situation, we should also consider American businesses that outsource jobs to make up the shortfall of revenues that would have came from American workers for entitlements.

While we are on the subject of entitlements for the masses, let’s look at the self-endowed entitlements of our fearless leaders.  Let’s ask why these were not put on the table as cuts to balance the budget!  There is an old saying about shit:  “The more you stir it, the more it stinks.”  That about says it all!

To the average American, the name Standard & Poors must have sounded, at first, like an organization that provided care for the underprivileged, the disenfranchised.   Who would have thought that an entity with so humble a name could wield the power to short-circuit our government?

There is another old saying that maintains, “The hand that rocks the cradle rules the world.”   As per the lyrics of an old chestnut, “It ain’t necessarily so.”  In the real world, you see, the hand that holds the money rules the world.

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