Moral Outrage
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Posts Tagged ‘S&P

And we wonder why US credit was downgraded

September 27, 2011

The numbers leading S&P to downgrade U.S. Credit: • U.S. Tax revenue:___$2,170,000,000,000 • Federal budget:_____$3,820,000,000,000 • New debt:_________$1,650,000,000,000 • National debt:_____$14,271,000,000,000 • Recent budget cut:____$38,500,000,000 Let’s remove 8 zeros and pretend this is a household budget: • Annual family income:____________________$21,700 • Money the family spent:___________________$38,200 • New debt on the credit card:_______________$16,500 • Outstanding balance […]

More financial woes in stock markets and federal debt

August 8, 2011

U.S. stocks plunged, European markets closed sharply down, and Asia exchanges lost ground across the board Monday, as investors responded to the unprecedented downgrade of U.S. debt on Friday, and concerns around the ongoing eurozone crisis. John Chambers, managing director of Standard & Poor’s, says of S&P’s decision to lower the nation’s credit rating for […]

Standard & Poor’s to downgrade United States?

July 25, 2011

Federal Reserve Chairman Ben Bernanke said the fallout from a failure to raise the US debt ceiling could be “catastrophic” and “self defeating.” On an annualized basis, it’s the rough equivalent of cutting spending by $1.6 trillion — which is nearly all of so-called discretionary spending, including defense. The United States doesn’t bring in enough […]