US's triple-A credit rating 'under threat'

[RamboLiberal]

Source: Financial Times

The US is at risk of losing its top-notch triple-A credit rating within a decade unless it takes radical action to curb soaring healthcare and social security spending, Moody's, the credit rating agency, said yesterday.

The warning over the future of the triple-A rating - granted to US government debt since it was first assessed in 1917 - reflects growing concerns over the country's ability to retain its financial and economic supremacy.

It could also put further pressure on candidates from both the Republican and Democratic parties to sharpen their focus on healthcare and pensions in the run-up to November's presidential election.

Most analysts expect future administrations to deal with the costs of healthcare and social security and there is no reflection of any long-term concern about the US's financial health in the value of its debt.

But Moody's warning comes at a time when US confidence in its economic prowess has been challenged by the rising threat of a recession, a weak dollar and the credit crunch.



Read more: http://www.ft.com/cms/s/0/fcc631cc-bfe6-11dc-8052-0000779fd2ac.html?nclick_check=1

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How about we cut our military budgets and quit going to war and putting it on the credit card!

[Avalux]

1. The US will be a third world country in 20 years. Get used to it.

That's where we're headed (in probably less than 20 years).

[debatepro]

2. Or

we could stop buying crap that just blows up and kills people?

The US is at risk of losing its top-notch triple-A credit rating within a decade unless it takes radical action to curb soaring healthcare and social security spending, Moody's, the credit rating agency, said yesterday.

We could stop burning all our money on the rich and in Iraq... what a joke... who writes this stuff... people who are clearly against progressive policies.

[DJ13]

3. .........Moody's, the credit rating agency, said yesterday

The same idiots that were rating the subprime laden bonds as triple A.

[flashl]

4. The same ...

[Sadie5]

5. Wait a minute

Why is it always healthy care and SS that have to be reformed.Why not Tell Bush to stop his Iraq spending, or better yet, put him in prison where he belongs and elect a Democratic prez that will keep a strong economy.

[AX10]

6. These bond agencies had no problem giving such a high rating..

to subprime loans. Strange how all these threats of insolvency come about ONLY when it comes to general welfare programs, but never when it comes to tax cuts and subsidies for the rich.

[RC]

9. DING!DING!DING!

We have a Winna! :woohoo:

[redqueen]

18. Thank you!

It's nice to know that although these lying jackasses fool many in the investor class... they're not fooling everyone. Not by a LONG shot.

[papau]

7. Amazing - a rating agency tells us to cut Health/Soc Security -rather than Defense - or raise taxes

The corporations must sense something coming down the road - like a Democratic victory by any of three in Nov - and must be very scared.

[ladywnch]

8. yeah, this couldn't have ANYTHING to do with jr having mortgaged

our future to fund getting his rocks off as a 'war president' for his killing spree, no, it's social security and healthcare that's causing it. uh huh :eyes: :puke:

[Andy Canuck]

10. What a joke,

it happens to be the social programs that have to get put into balance and revamped and not the wars and the graft. Me thinks there is a deeper agenda afoot.

[Tab]

11. Moody's is right

Bush insisted on a tax cut before telling us the proposed costs of the war. Indeed, he insisted on a tax cut while we were GOING to war. That's like taking a cut in income at the same time you're going to load on debt. We've basically been running on (and maxing out) the national credit card. No leader in their right mind would cut income at the time that they expect increased expenses.

Don't shoot the messenger. Lay this at the feet of the White House.

[caraher]

12. Certainly it's Bush's fault. But that's not the point

The point is that Moody's is only pointing out the portion of the runaway budget that does not impinge on military spending. Which is far larger and in many ways more discretionary (Iraq="war of choice") than the domestic spending the bean counters selectively blame.

Yes, Bush is to blame, but the "messenger" goes beyond the facts by making blatantly politically-motivated suggestions for reducing the budget.

[Wednesdays]

16. Well, geez...you want the terrorists to win, don't you.

Gotta keep up the Good Fight against terra.

:sarcasm:

[cornermouse]

13. Spending beyond our means on Iraq and other wars

current and future, of course, is perfectly acceptable. :sarcasm:

[madrchsod]

14. we will be thinning the herd real soon

in the immortal words of hungry chuck biscuits----"ya don`t work-ya don`t eat"

[sarcasmo]

15. Very worried my wife's city pension won't be around in a decade.

Kick and Nom.

[brentspeak]

17. Oh, so it's Medicare and Social Security's fault?

It couldn't possibly be the hundred of billions of dollars thrown down the toilet for the Iraq War??? Or Bush's insane tax cuts for the rich, which accomplished absolutely no economic benefits for the country as a whole? Or Bush and the GOP's looting of our national treasury?

[nebula]

19. Disgusting hit piece

Budget surplus wiped out, reckless spending and borrowing coupled with baffling tax-cuts ever since Bush came into office. and they want to put the blame of this fiscal national disaster on Social Security and Medicare? WTF do they have to do with it?

Moody's and its Wall Street pals are the biggest beneficiaries of reckless spending and borrowing and endless wars, not to mention record gas prices, so of course they're going to lie through their teeth about it.