US Public debt is roughly 75% of GDP, not 50% as the former minister states. (Bit of a difference.)
And credit ratings aren't awarded soley on a single statistic of debt to gdp.
Plenty of economists think AAA might be too high, but the main credit agencies (Moodys, S&P etc) say that the debt level as a percentage of gdp and interest payments as a percentage of tax revenue are well within the range found in the other 17 nations that still have AAA ratings. Most of them are in Western Europe, which some argue has a worse banking and credit crisis than the U.S.
US Public debt is roughly 75% of GDP, not 50% as the former minister states. (Bit of a difference.)
And credit ratings aren't awarded soley on a single statistic of debt to gdp.
Plenty of economists think AAA might be too high, but the main credit agencies (Moodys, S&P etc) say that the debt level as a percentage of gdp and interest payments as a percentage of tax revenue are well within the range found in the other 17 nations that still have AAA ratings. Most of them are in Western Europe, which some argue has a worse banking and credit crisis than the U.S.