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| Pearce (right) at Pearce Sponsored Job Fair |
Las Cruces, NM (August 6, 2011) Today, Congressman Steve Pearce issued the following statement on Standard & Poor’s lowering of the nation’s long-term credit rating from AAA to AA+. “Americans understand the downgrade is serious and are concerned of the impact this will have on their lives,” said Pearce. “The consequences are clear. As the federal government is spending $3.5 trillion for every 2.2 trillion taken in and printing money to cover this out-of-control spending, inflation is driven higher, jobs are placed in danger, and the economy is weakened. This approach is placing us on a dangerous course.”
“With unemployment above 8 percent for the 30th straight month, the Administration's attempts to stimulate the economy by spending money we don't have are clearly not working, as further evidenced by the downgrade,” Pearce continued. “Americans have said they want a new approach; last week, they wanted us not to make a deal but find a solution. It is time to listen to the people and get to work on the real, common sense solutions, providing the accountability they deserve. Once Washington provides a plan that will work, reestablishing the credit rating of the country will require hard work on the part of the American people, but I am confident that each one of us will do our part to restore economic security to our nation and to our families.”
Pearce Comments on Debt Downgrade
From KOB-TV.com - (AP) NEW YORK - Fear has taken over on Wall Street. The Dow Jones industrial average fell 634.76 points Monday, the first trading day since Standard & Poor’s downgraded American debt. It was the sixth-worst point decline for the Dow in the last 112 years and the worst drop since December 2008. Every stock in the S&P 500 index declined. But the S&P downgrade wasn’t the only catalyst Monday. Investors worried about the slowing U.S. economy, escalating debt problems threatening Europe and the prospect that fear in the markets would reinforce itself, as it did during the financial crisis in the fall of 2008. Read more
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