POSTED: Tuesday, August 9, 2011 - 1:53pm
UPDATED: Monday, August 15, 2011 - 12:44pm
GONZALES, LA (NBC33) — With the nation's credit rating down, there's growing concern about everything from new credit loans to retirement savings.
“We're in uncharted waters and nobody really knows what all this means,” State Treasurer John Kennedy said to NBC33 News.
Kennedy says the lower credit come with more risks to the country and to families.
“A lower credit rating means your debt is riskier. In order to entice people to loan you money, you have to pay them a higher interest rate.”
Though it hasn't impacted Louisiana families, at least not yet, it's happening at the national level and he says it needs to change.
“We have a spending problem,” Kennedy said. “We're taking in $170 billion. We're spending $300 billion. They have got to cut back.
Kennedy says this latest financial crisis started with lawmakers in Washington debating the debt ceiling for weeks. He says the games in Washington are shaking the nation's markets and the nation's credit.
“They're acting like Beavis and Butthead,” Kennedy bluntly said.
And he says before families really start to feel the pinch, “get your act together. Stop spending more money than you're taking in.”
Something he says he's hoping to see sooner rather than later.