On August 5th, Standard and Poor’s downgraded the United State’s sterling AAA rating to AA+. But what does this letter grade really mean for consumers and citizens? We have compiled a guide to help steer you through the ups and downs of sovereign credit ratings.
Like this infographic? You should give it a
There are some serious factual errors in there.
1. The recession began in Dec. 2007 and it was declared “over” in June 2009.
http://www.nber.org/cycles.html
2. Democrats took control of the House in 2007.
Why is there an (incorrect) mention that Republicans took the house in 2007, but not a mention that Republicans took the house in 2010? That event has much more to do with with the downgrade because S&P mentioned how revenue increases were not being considered as a key reason to the downgrade.
Thanks for the heads up Mike, we just noticed our timeline descriptions are backwards on the second line and are going to fix those.
“That event has much more to do with with the downgrade because S&P mentioned how revenue increases were not being considered as a key reason to the downgrade.”
And S & P didn’t mention the astronomical amount of debt rung up by our country, a massive chunk being from President Downgrade himself? If “revenue increases” (tax hikes) were so important why didn’t the Democrat supermajorities and Democrat president hike taxes when they had veto-proof majorities in both houses of congress from 2008 to 2010? ABO (Anyone But Obama) 2012!