By now I am sure that most rational individuals have heard the bad news about the US losing its “AAA” rating……we have been degraded to “AA+”….But how and what caused this…I mean after all we did have a debt ceiling increase….so why the pee pee spanking by S&P?

If you really want to know then read their statement…..read it for yourselves!

The political brinksmanship of recent months highlights what we see as America’s governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy. Despite this year’s wide-ranging debate, in our view, the differences between political parties have proven to be extraordinarily difficult to bridge, and, as we see it, the resulting agreement fell well short of the comprehensive fiscal consolidation program that some proponents had envisaged until quite recently. Republicans and Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating to the Select Committee decisions on more comprehensive measures. It appears that for now, new revenues have dropped down on the menu of policy options. In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements, the containment of which we and most other independent observers regard as key to long-term fiscal sustainability.

There is more……..

United States of America Long-Term Rating Lowered To ‘AA+’ Due To Political Risks, Rising Debt Burden; Outlook Negative* We have lowered our long-term sovereign credit rating on the United States of America to ‘AA+’ from ‘AAA’ and affirmed the ‘A-1+’ short-term rating.
* We have also removed both the short- and long-term ratings from CreditWatch negative.
* The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics.
* More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.
* Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government’s debt dynamics any time soon.
* The outlook on the long-term rating is negative. We could lower the long-term rating to ‘AA’ within the next two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case.

Please read it again……..it is worth understanding completely before I continue….(pause here for reflection)………

Now that you understand the thinking behind the degradation……let me explain the title of this post…..the “Rat Pack” I am referring to is not the one that we all enjoyed with Frank, Dino, Sammy, et al…..NO I am talking about the bizarre collection of GOP candidates and what they think about the downgrade…..would you like to hear their thoughts?  (I do not see them as thoughts but rather ass rumblings)…..

• Newt Gingrich: “The Obama disaster continues. Highest food stamp level and lowest credit rating in history in the same 24 hours.”
• Jon Huntsman: “Out-of-control spending and a lack of leadership in Washington have resulted in President Obama presiding over the first downgrade of the United States credit rating in our history. We need new leadership in Washington committed to fiscal responsibility, a balanced budget, and job-friendly policies to get America working again.”
• Mitt Romney: “America’s creditworthiness just became the latest casualty in President Obama’s failed record of leadership on the economy. Today, President Obama promised that ‘things will get better.’ But it has become increasingly clear that the only way things will get better is with new leadership in the White House.”
• Rick Santorum: “Folks, an AA rating should be so far in our rear-view mirror that no mathematical error should affect it. Tonight, I’m saddened for the millions out of work, but I’m hopeful that I will replace Barack Obama as president and get this country and its economy moving again.”

These are the people that want to run this country….and between all of them I have heard NO substantive economic plan…..only that everything is Obama’s fault…….and people will vote for this pack of morons and cowards….well NOT ME!

NO one will take responsibility for this but yet they want the rest of us to man up and take responsibility for our actions….these cowards are killing this country….I am talking about both parties and those ‘baggers that think they speak for us real people…….and yet fingers are pointing as I write……

Now my question is….will YOU, the voter, remember what this pack of cowards have done to the country you love?  I am hoping you will but I will NOT hold my breath…….There is a new slogan….”It’s The Country, Stupid”!