U.S. Rating Cut by S&P on Deficit Reduction Pact
Bloomberg, 5 August 2011
The U.S. had its AAA credit rating downgraded for the first time by Standard & Poor’s on concern spending cuts agreed on by lawmakers to raise the nation’s borrowing limit won’t be enough to reduce record deficits.
Koko do math: Cut 1.5 trillion over 10 years; continue to borrow $1 trillion a year, net debt INCREASE $8.5 trillion over ten years. Congress and the White House have known the Republic is insolvent since then Comptroller General David Walker briefed them to that effect in 2007.
Koko signs: “Reality bats last.”
Restoring Truthiness: Full Summary Focusing on Irresponsible Governance