U.S. DEBT RATING PLUNGES INTO TOILET

SPECIAL POST

Standard & Poors, (S&P) has downgraded the U.S. debt risk from "Standard" to "Negative"  and the stock markets have taken an instant dive:

• The economy of the U.S. is flexible and highly diversified, the country's effective monetary policies have supported output growth while containing inflationary pressures, and a consistent global preference for the U.S. dollar over all other currencies gives the country unique external liquidity.
• Because the U.S. has, relative to its 'AAA' peers, what we consider to be very large budget deficits and rising government indebtedness and the path to addressing these is not clear to us, we have revised our outlook on the long-term rating to negative from stable.
• We believe there is a material risk that U.S. policymakers might not reach an agreement on how to address medium- and long-term budgetary challenges by 2013; if an agreement is not reached and meaningful implementation does not begin by then, this would in our view render the U.S. fiscal profile meaningfully weaker than that of peer 'AAA' sovereigns.

Read more: http://www.businessinsider.com/sp-revises-us-debt-outlook-to-negative-2011-4#ixzz1JstHiXW6

This action affirms Americans' fears that our Congress has not taken the bull by the horns in addressing our national financial condition.  We're in trouble.  We need to take action.  This is serious stuff, and the damned politics need to get tossed out the window or we need to toss the politicians out of the Capitol. 

We cannot wait or dawdle any longer.  

That's MY AMERICAN OPINION, respectfully submitted.