France has lost its top AAA credit rating from Standard & Poor's and eight other eurozone governments have also been downgraded by the ratings agency.
Italy, Spain, Cyprus and Portugal were cut two notches, with the latter two given "junk" ratings.
Germany kept its AAA rating, and with a stable outlook.THE SOVEREIGN DEBT OF EACH OF THESE 9 NATIONS IS TOO BIG COMPARED TO THE SIZE OF THEIR ECONOMY.
NONE OF THESE 9 NATIONS GOT INTO THEIR DEBT PROBLEMS BECAUSE OF BLOATED DEFENSE BUDGETS, "UNFUNDED WARS", OR "TAX CUTS FOR THE RICH".
THEY GOT INTO DEBT TROUBLE BECAUSE OF THEIR SOCIALISTIC SPENDING PROGRAMS.
THERE'S BEEN A DOUBLE WHAMMY AT PLAY HERE:
1- NOT ONLY ARE THESE SOCIALISTIC SPENDING PROGRAMS BANKRUPTING THEM, THEY FAILED TO DELIVER THE GOODS.
2 - AND FOR DECADES THEY'VE BEEN PAYING FOR THEM WITH HIGHER TAXES ON THE RICH - WHICH PUNISHED THE PRODUCTIVE PEOPLE AND PUT A DRAG ON THEIR ECONOMIES WHICH SLOWED THEIR GROWTH RATES AND SHRANK THEIR ECONOMIES.
THERE'S ONE WAY TO FIX THIS PROBLEM:
CUT THE SIZE OF GOVERNMENT AND CUT SPENDING AND CUT TAXES.