SHOCKER: US Credit Rating Cut by Egan-Jones … Again
Ratings firm Egan-Jones cut its credit rating on the U.S. government to “AA-” from “AA,” citing its opinion that quantitative easing from the Federal Reserve would hurt the U.S. economy and the country’s credit quality.
The Fed on Thursday said it would pump $40 billion into the U.S. economy each month until it saw a sustained upturn in the weak jobs market. (Read more: Fed’s ‘QE Infinity’ — Four Things That Could Go Wrong)
In its downgrade, the firm said that issuing more currency and depressing interest rates through purchasing mortgage-backed securities does little to raise the U.S.’s real gross domestic product, but reduces the value of the dollar.
In April, Egan-Jones cuts the U.S. credit rating to “AA” from “AA+” with a negative watch, citing a lack of progress in cutting the mounting federal debt
TRUE FACTS – Before Dems took Congress on 1/3/2007
- The unemployment rate was 4.4%, and
- Federal debt was $8.7T
- Under Dem control, unemployment went over 10%. The smallest percentage of Americans have jobs since 1981.
- Debt will be over $20T by 2016 based on what Dems spent and borrowed.
- America cannot survive more failed Dem policies and corrupt Dem politicians (like the ones who gave billions to their contributors via the Stimulus Act of 2009).
Latest posts by Wayne Dupree (see all)
- Twin 9-Year-Old Boys left home alone for MONTHS eating ramen noodles - January 24, 2015
- Watch this pickpocket skillfully snatch iPhone 6 From young girl! - January 24, 2015
- PODCAST – Rev CL Bryant joins Wayne Dupree Show to speak on race relations under Obama! - January 22, 2015