DislikedPrecisely! So look at California. How much bigger is it than your above list of country's economies? And they write IOUs for social security payments? AAA? Go through state by state and see how many of them are on the brink of bankruptcy. Go lower and look at municipalities...even worse. Some have already tried to file for bankruptcy but have been told they can't! AAA? Me arse.Ignored
What the data will show is that S&P’s review of the United State sovereign debt includes state and local debt. This is commonplace around the world because in many countries local debt is centralized through the national government. But government sources say this is not the case in the US because state and local municipalities have their own political and taxing authority to raise debt. No deal in Washington can change the amount of state and local debt issued or retired.