Black Public Scholars

August 9, 2011

Dr. Julianne Malveaux: S&P Downgrade is Beginning of the End

Filed under: Uncategorized — Staff @ 1:13 am

by Dr. Julianne Malveaux

When S&P downgraded the US bond rating from AAA to AA+, they formalized the financial buzz of months, if not years. The US is going to hell in a hand basket, replicating the denouement of England in the mid-twentieth century. Our tax structure, which rewards the rich and punishes the middle class, looks like something from a developing country, and our economic distribution is going to look like that soon, as well. While many are disappointed and outraged that the flawed S&P felt they could involve themselves in the internal meat grinder of US politics by demanding a certain level of spending cuts, the bottom line is that our politicians were willing to take us to the brink on the debt ceiling, and this brinkmanship does not bode well for fiscal stability.

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