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Originally posted by SLAYER69
It's more like they are worried and they just want to save their own KEESTERS!
"Short-term, the way to bring down the deficit is to get this economy moving again," Gibbs said. "Medium-to long-term, we have to get our fiscal house back in order, and that's why the president was pleased that Congress passed a budget that cuts the deficit in half in four years."
Credit ratings determine how much it costs for governments or corporations to borrow money. A triple-A rating is the highest rating available; conversely, junk status is the lowest.
A downgrade on U.S. credit would make it more costly for the government to borrow money, leading to bigger returns for investors and higher interest rates in the private sector for businesses and individuals. That could also lead to a decline in investment spending and drag the economy's growth down, leading to fewer profits and incomes for the government to tax.
Originally posted by platosallegory
Obama says the debt can't be sustained yet he plans to spend 9.3 trillion over the next 10 years.
He has buried us in 1.84 trillion in debt in 100 days in office.
National debt is 82% of GDP!!
1. The capitalist system has entered the most serious crisis since the Great Depression of the 1930s. In response to this crisis, workers must advance a socialist solution. Moreover, the crisis is international, affecting working people in every country of the world. There is no national solution to the breakdown of globally integrated capitalism. The World Socialist Web Site, the Socialist Equality Party, and the International Students for Social Equality put forward the following program as the basis for a new social and political movement of the working class.
The world economy will shrink by much more than previously thought, according to the World Bank.
The world economy will contract by 3% this year, far more than the 1.75% drop it predicted earlier this year.
"Most developing country economies will contract this year and face increasingly bleak prospects," World Bank president Robert Zoellick said.
The gloomier forecast comes despite recent signs that the worst of the recession is over.
This year is likely to be the first global recession since World War II.