Monday, August 08, 2011

Uncle Sam, are you feeling Standard and Poorer?

Uncle Sam is going through the same thing many of the rest of us have already experienced. His credit score has been downgraded and financial experts are saying he may be at higher risk of not paying off his credit card bills.

Oh, sure, he was still paying his debt. He hadn't missed a payment. Shouldn't Standard and Poor's cut him some slack? Yea, I said the same thing to Chase and the other credit card issuers who jacked up my interest rates and dropped my credit limit. It didn't go me any good. It's some small consolation that Uncle Sam didn't get much better treatment either.

Now, we will see if he learns the same lesson some of rest of us have had to learn. Will he figure out that some of the things he thought were necessities are really luxuries?

I don't know about you, but I'm not holding my breath.

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