Obamanomics Takes America Down a Notch ... UPDATE: Full Report from S&P

Read this and weep for your beloved republic:

United States loses AAA credit rating from S&P

This is what happens when you put an ignorant, silver-tonged Marxist in charge of the world's largest economy.

This reminds me of one of my earliest posts, which included the picture above (October 29, 2008):

The Obama Equation

Solve this problem:

Democratic President + Democratic Senate + Democratic House of Representatives + Democratic Media = ?

Now we know the answer.

Another flashback:

"It's not that I want to punish your success...I think that when we spread the wealth around, it's good for everybody."

How's that spreadin' working out for you and your family?

Hat tip: Proof Positive

REACTION from the Conservosphere:

Real world Consequences: I was just telling Mr. LC we should re-finance our mortgage to a 15 year mortgage at the lower rates. Now it’s probably too late. Thanks, Obama. ~ The Lonely Conservative

UPDATE:

Full Report: United States of America Long-Term Rating Lowered To 'AA+' On Political Risks And Rising Debt Burden; Outlook Negative

Overview

• We have lowered our long-term sovereign credit rating on the United

States of America to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term

rating.

• We have also removed both the short- and long-term ratings from

CreditWatch negative.

• The downgrade reflects our opinion that the fiscal consolidation plan

that Congress and the Administration recently agreed to falls short of

what, in our view, would be necessary to stabilize the government's

medium-term debt dynamics.

• More broadly, the downgrade reflects our view that the effectiveness,

stability, and predictability of American policymaking and political

institutions have weakened at a time of ongoing fiscal and economic

challenges to a degree more than we envisioned when we assigned a

negative outlook to the rating on April 18, 2011.

• Since then, we have changed our view of the difficulties in bridging the

gulf between the political parties over fiscal policy, which makes us

pessimistic about the capacity of Congress and the Administration to be

able to leverage their agreement this week into a broader fiscal

consolidation plan that stabilizes the government's debt dynamics any

time soon.

• The outlook on the long-term rating is negative. We could lower the

long-term rating to 'AA' within the next two years if we see that less

reduction in spending than agreed to, higher interest rates, or new

fiscal pressures during the period result in a higher general government

debt trajectory than we currently assume in our base case