By now you have no doubt heard the "unprecedented" news that Standard & Poor's downgraded the long-term sovereign credit rating on the United States of America From AAA to AA+.
President-elect Obama warned us when he predicted "trillion-dollar deficits for years to come."
- Raise the interest rates the government pays to finance the still growing national debt.
- Raise the interest rates we pay for mortgages, student loans, credit cards etc.
- Increase costs for businesses and consumers.
- Slow economic activity.
- Increase the risks of a double dip recession.
- Result in less tax revenue.
- Result in fewer jobs.
It is president Obama and his Obamacrats that have earned the credit here, with their never ending and all to successful efforts to spend, tax and borrow too much.
Remember the federal deficit was about $455 billion for the fiscal year that ended on Sept. 30, 2008.