The US credit rating could suffer a second calamitous downgrade — putting our nation on par with countries that are far tinier and have a reputation as tax shelters.
There’s a “1 in 3” chance that America’s rating will get knocked down another peg during the next two years because of political bickering, New York Standard & Poor’s Director John Chambers ominously warned yesterday. Chambers -- the same bean counter who, The Post revealed, holds a degree in English literature, not economics -- was at the helm when the credit-rating agency scrapped the government's coveted AAA designation just three days ago.
"If the fiscal position of the United States deteriorates further or if the political gridlock becomes more entrenched, then that could lead to a downgrade," Chambers yesterday said on ABC's "This Week."
If a further downgrade does occur -- from AA+ to AA -- the United States would join the ranks of:
* Bermuda, which is known as a tax haven for big companies.
* Slovenia, which has a population of 2 million.
* Qatar, a Persian Gulf monarchy.
Even if politicians come together enough to satisfy the ratings agency, it could take "from nine years to 18 years" to regain the triple-A rating, Chambers said.
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