On Monday, for the first time since the attack on Pearl Harbor, Standard and Poor's downgraded its long-term outlook on American debt from ""stable"" to ""negative."" The downgrade served as a warning to U.S. policy makers that something needs to be done to address the country's growing debt crisis.
In an attempt to prevent the city of Madison from falling deeper in debt, recently sworn in Mayor Paul Soglin stalled construction on a public library project.
Every day, the national debt rises by $4 billion. This is an astounding number by any account, and one that is unsustainable for a healthy economy. In response to this spiraling plunge, a number of our nation's most prominent politicians have put forth plans to single-handily eliminate the deficit and get America back on the ""Path to Prosperity."" Like a peanut gallery playing a game of hot potato, the Democrats and Republicans continue to disagree about the right combination of cuts and tax increases, offering wildly different proposals with little chance of reconciliation.
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