WE'RE IN THE MONEY – NOT – AT 2:10 P.M. ET: Standard & Poor's has some concern about the future of the United States. Are you shocked?
NEW YORK (CNNMoney) -- Standard & Poor's lowered its outlook for the nation's long-term debt Monday, even as it reaffirmed the agency's top-tier rating for the U.S. economy.
S&P maintained its 'AAA/A-1+' credit rating on U.S. sovereign debt, saying the nation's "highly diversified" economy and "effective monetary policies" have helped support growth.
But the ratings agency lowered its outlook for America's long-term credit rating to "negative" from "stable," based on the uncertain political debate around the nation's fiscal problems.
The outlook means that there is a one-in-three likelihood that it could lower the long-term rating on the United States within two years, S&P said.
COMMENT: I suspect we'll see other stories like this as the gathering train wreck continues. I like to compare this to the endless refrain of the educational establishment, in justifying out-of-control education spending, that we're doing it "for the children."
Look at the debts we're leaving to these same children. I'm sure they'll thank us.
April 18, 2011 |