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In a world where intertwined economies and world markets are affect by a single movie, this is important. The PIGS Countries (Portugal Ireland Italy Greece Spain) are drowning in debt from overspending - due to socialist entitlement programs, excessive building, etc., In Greece, it's an epidemic.
Portugal’s Debt Rating Lowered by Fitch on Finances (Update3)
March 24 (Bloomberg) -- Portugal’s credit grade was cut by Fitch Ratings for the first time, underscoring growing concern that Europe’s weakest economies will struggle to meet their debt commitments as finances deteriorate.
The rating was lowered one step to AA- with a “negative” outlook, Fitch said in a statement today, adding that further economic or fiscal underperformance this year or in 2011 may lead to another downgrade. The euro extended its decline, dropping against all but one of the 16 most-traded currencies. Portuguese stocks and bonds fell.
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By Dana Blanton
- FOXNews.com
The latest Fox News poll finds that 79 percent of voters think it’s possible the economy could collapse, including large majorities of Democrats (72 percent), Republicans (84 percent) and independents (80 percent).
Most American voters believe it’s possible the nation’s economy could collapse, and majorities don’t think elected officials in Washington have ideas for fixing it.
The latest Fox News poll finds that 79 percent of voters think it’s possible the economy could collapse, including large majorities of Democrats (72 percent), Republicans (84 percent) and independents (80 percent).
Just 18 percent think the economy is "so big and strong it could never collapse."
Moreover, 78 percent of voters believe the federal government is "larger and more costly" than it has ever been before, and by nearly three-to-one more voters think the national debt (65 percent) is a greater potential threat to the country’s future than terrorism (23 percent).
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I met Victor at a Wednesday Morning Club and bought his book, "A War Like No Other" about the Peloponessian War. He is a farmer in central Calfornia, a scholar on Ancient Greece and the classics, a teacher, writer, etc., Very informative.
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The Rhetoric vs. the Reality in the Video
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President Obama's proposed budget would add more than $9.7 trillion to the national debt over the next decade, congressional budget analysts said Friday. Proposed tax cuts for the middle class account for nearly a third of that shortfall.
The 10-year outlook released by the nonpartisan Congressional Budget Office is somewhat gloomier than White House projections, which found that Obama's budget request would produce deficits that would add about $8.5 trillion to the national debt by 2020.
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