S&P Update 8-6: S&P Downgrades US Debt - US Credit Rating Devestated - Gold will continue surge

http://www.joshuagamen.com - Joshua Gamen discusses last nights credit downgrade of US debt from AAA status to AA+ status with negative outlook. Says it should have came a long time ago and now should be much lower. US treasuries are a terrible investment. Dow Jones drops 500 points this week.

• Category

  News & Politics

[ade52286]

... I'm surprised it took this long too, honestly. I **KNEW** it was coming!! What a shame!!

[J. E. Sandoval]

Amen. Raising the debt ceiling has nothing to do with the downgrade. Its a spending problem. We spend more on entitlements alone (social security, medicare, medicaid, welfare, and debt interest) than we take in. And the baby boomers are about to retire. Raising taxes won't raise revenue. The US never takes in more than 20% of GDP, no matter if the top rate is 91% under FDR or 28% under Reagan. The answer it to lower corporate taxes and watch the economy take off, then implement Ryan's plan.