The United States’ credit rating score has been improved by credit rating agency Standard & Poors (S&P), according to Reuters.
The agency had previously downgraded the U.S. ranking from AAA to AA with an outlook that was negative. The new score changes that outlook from negative to “stable” but S&P voiced concerns over the government’s ability to deal with the need to issue increased amounts of debt, commonly referred to as the debt ceiling, in the future.
Party divide over the past several years has produced, as we have stated before, a climate of no-compromise from the Republican and far right. Despite this, the economy is making gains and employment is returning. The new rating also reflects the improving debt-to-GDP ratio which is forecasted to stabilize at approximately 84 percent, says Reuters.
While forecasts are for continued economic improvement, domestic issues are still subject to the same partisan divide that has produced so many stalemates and dead legislation that could have been helping repair and improve this economy. Just last week, much needed legislation to improve the conditions for graduates on their student loans was shot down on party lines and the debate over the implementation of the Affordable Care Act continues to be a point of contention.
Continuing to fight down party lines rather than compromise is only going to hurt us; it’s not fiscal responsibility and the numbers show it.
Joshua is a writer and researcher with Ring of Fire.