As legions of conservative pundits and economists warned when Congress and Obama approved the laughable 'debt deal' this week, Standard and Poor proceeded to downgrade America's credit rating last evening. Nothing in the debt deal would prevent such a downgrade--the first in U.S. history--nor adequately address the source of U.S. economic woes, which is unbridled, runaway government spending.
Barack Obama and the Democrats have increased America's debt by 35% in just 3 years. And the very day after Congress approved the debt bill, the government proceeded to spend 60% of the amount of increase in the debt ceiling. The ceiling was raised by over 2 trillion dollars on Tuesday. On Wednesday the government blew multi-billions of dollars. By Thursday stocks tumbled to the lowest consecutive sessional loss since the Jimmy Carter Administration. And by Friday evening Standard and Poor lowered our credit rating.
But what, exactly, does this mean for the average citizen?
It means plenty, and it's not good.
America could well be headed for a dreaded 'black Monday' on August 8...