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What A Downgrade (of US Debt) Means For You
- duncan_bayne 15y agoThis attitude is why "borrow and spend" is still a popular political tool. From the linked article: "To preserve the credit rating, it's going to take $3 trillion to $4 trillion in cuts—and that's going to be a big drag on economic growth," says Mr. Smith, who manages more than $900 million in client assets. "It's not the end of the world to lose our triple-A rating. The bigger issue is: What's going to pump the economy up?" Hint: economic 'growth' funded by taxpayer dollars spent by Government is not real growth, it's simply (inefficient) wealth redistribution. I worry that no political solution to the credit issue is possible so long as the majority of people think like the chap quoted above.