One of These Is Not Like the Other

Canada Free PressTim Dunkin

Well, it finally happened. One of the major financial houses, Standards and Poor, reached the point where the fiscal irresponsibility of the United States federal government could no longer be ignored, and downgraded America’s credit rating to AA+. For those in our nation who can still feel shame, this ought to be something that creates some embarrassment for our national prestige and place in the world. For the first time since 1917 – in other words, since the United States of America became a truly world power, rather than merely a large regional one – America has not held an AAA rating, that rating being an indicator of both financial soundness and economic prosperity. The negligent and reckless way in which our government has conducted its affairs for the past decades is finally catching up to us, brought to a head by the vast acceleration in government spending and debt accrual that characterized both the Bush and the Obama administrations, but which became especially egregious over the past three years.

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