S&P warn of looming double-dip recession

Democrat plans to raise taxes could push the United States into another recession, Standard & Poors warn.

“The US ratings firm raised the chance of the US falling into recession to 25 percent, up from a 20 percent chance estimated in February, as the world’s largest economy struggles to recover from a severe 2008-2009 slump,” AFP reports.

“Economic activity has downshifted sharply from earlier this year,” says an Aug. 20 S&P.

As for claims by Obama the economy is improving under his European-style program of bigger spending and wealth redistribution S&P finds, “We do not believe the US and European economies will improve substantially in the next year.”

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