It was bound to happen. You can only run the credit cards up so far before your score takes a hit. Today, Standard & Poor’s lowered the long-term sovereign debt rating of the Untied States to AA+ from AAA. They also left the option on the table to lower it again if they don’t see positive change, and soon. Their reasoning was political risk, rising debt burden and a negative outlook.
This ain’t good. This is going to make everything more expensive. The dollar is likely to take a bath and inflation will rear it’s ugly head and bite the American consumer right on the ass. Don’t fool yourself, inflation has been going on already. Take a look at your electric bill or your grocery bill.
Here’s a link to the announcement y S&P. Credit Portal.