As we see the dow plunge thousands of points in the past few weeks we wonder if this will lead to a double dip recession. But what's more important is what braught us here. The answer is simple really, after standard and poor downgraded the country's credit rating to AA+ from AAA+ we saw a rapid decrease in markets both inside and outside the U.S.
S&P has held nothing back about why they downgraded the country's credit score Detailed statements from S&P explain how the stalemate on raising the debt ceiling were to blame. According to S&P a country which deserves a AAA+ rating would not have even the slightest of it's lawmakers allow a default to happen.
Current Republican frontrunner Michele Bachmann wanted a default unless more spending cuts were to take place. Even to this day Bachmann stands by her decision that she would not negotiate even if it meant a default. What happened next? After the credit downgrade the Dow dropped and double dip may seem inevitable.
What was so important to Bachmann that she would consider a default? Well heres the thing folks, she and other republicans wanted to cut medicare medicaid and social security for our seniors and disabled. Meanwhile the Republicans refused to budge on han ding out trillions of dollars in tax cuts for the wealthiest 1% of Americans. The wealthiest 1% of Americans own more wealth than 90% of Americans combined.
What does it say about our country that is supposed to be value flourished when we cut 159$ from a disabled person's monthly social security. These are Americans who need our help the most and receive 692$ monthly and you want to cut 159$ while giving away billions to billionaires?
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