Is the U.S. Ready for Another Credit Rating Downgrade?
From Profit Confidential
January 30, 2013 - 10:40am
Mark my words: the U.S. budget deficit will continue to increase and it won’t be too long before the national debt soars to $20.0 trillion.
And if the federal government’s deficit isn’t a big enough problem unto itself, my concerns grow when I hear stories about cities and sates struggling with their deficits.
Take the City of Detroit for example. Detroit has run out of money, as the city continues to post an annual deficit, because spending outweighs revenue. The city council has been working to make spending cuts so that the city’s finances won’t be taken over by the state.
During a public hearing, the Detroit City Council President, Gary Brown said, “We’re in a crisis, and if we do nothing to save $90 million, the state’s going to come in and do it and it’s going to be a lot worse with respect to our employees.” (Source: Reuters, “Detroit council approves cost cu...Continue reading this article »