By now you are surely aware of the historical event which is the downgrading of US credit rating by S&P. This isn’t historic in the fact that the US has been called an unreliable debtor but the fact that it was done by the very agency that rated toxic sub-prime mortgages as AAA just a couple years ago now gets to judge the country it so nearly destroyed. The reasoning behind the credit downgrade, S&P says, is due to the uncertainty that the US is showing towards its capability to pay back its debt in future and the fact that congress did not pass a bill that would cut atleast 4 trillion in the next 10 years. I think, S&P’s action is laughable considering the fact most credible economists including Pual Krugman – Nobel prize winner for economics- have said that the ratings agency is completely wrong in its decision. Krugman actually said “S&P is making stuff up”. Every other rating agency has maintained its AAA rating of the country, so, seems like, there is no reason to take S&P’s announcement seriously.
That said, I found this great info-graphic about the working habits of US employees. Not surprisingly Americans are one of the most over-worked citizens of the industrialized world. What is more disheartening is the fact that the recession has made it tougher for employees to demand better work environment and better salaries. An astounding 89% of the executives say that the company expects its employees to work for more hours and 59% of the employees themselves feel like they are expected to put in more effort. Another sad statistic: Americans are the only workers of the industrialized world to not have mandatory annual holidays. Companies are actually using the recession as an excuse to extract more work out of their employees without having to pay them for the extra work. Click here to super-enlarge the image.
Turns out American employees are already putting in more than their fair share of effort. They are literally supporting the economy with their strained, overworked backs and S&P says its uncertain if a sustained economic growth can be achieved?
Fuck You S&P.
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I am on a blog-a-day-for-a-year crusade. Keep me motivated with your comments. Or explain to me what AA+ means.