After loosing it's AAA credit status, the U.S. is not considered the safest financial risks in the world.
That could all change if the U.S. took a serious look at it's entitlement spending, according to David Beers, at Standard and Poors.
He blames Congress for it's constant spending on entitlements for pushing the Country into red ink.
That could all change if the U.S. took a serious look at it's entitlement spending, according to David Beers, at Standard and Poors.
He blames Congress for it's constant spending on entitlements for pushing the Country into red ink.
FOX NEWS noted that the S&P lowered the U.S. outlook on Friday evening, saying that political gridlock has prevented the U.S. from reaching a plausible solution to getting its financial house in order. It remarked that the agreement last week to reduce the nation's debt by at least $2.1 trillion over the next 10 years "fell well short" of comprehensive reforms that some had advocated.
It's time the elected officals in Congress and the White House start taking spending seriously.The S&P'S actions on friday indicate the U.S. must change it's spending habits.
Rep.Paul Ryan said he wasn't suprised by the S&P"S decision. He noted, even with the select committee's recommendations, the debt will continue to climb.
Rep Ryan was quoted as saying "The president just created two brand new health care entitlements, expanded Medicaid, a third, and then put this new rationing board in charge of Medicare," Ryan told "Fox News Sunday." "So they're unwilling to open up and restructure these entitlements, which according to S&P are the primary drivers of this debt."
It seems Congress is the only group that can reverse the downgrade, by reducing entitlement spending.
YOURS IN LIBERTY ! ! !
Bob Yeager
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