As promised, S&P downgrades United States AAA credit rating

That sure was fast, Standard and Poor’s has already cut the American long-term credit rating from AAA to AA-plus just days after the debt ceiling was raised.

This downgrade will increase borrowing costs for the Treasury, meaning it will be even harder for our weak economy to work off the black hole of debt that just continues to grow thanks to the incompetent clowns in Washington.

On top of the huge nose-dive in stocks yesterday, this downgrade is going to compound the American economy’s considerable issues and impediments significantly.

The once reliable United States Treasury bonds have officially lost their status as they are now rated lower than bonds issued by the governments of Canada, Britain, France and Germany.