Why?  Because of unsustainable entitlement spending.

The US is at risk of losing its top-notch triple-A credit rating within a decade unless it takes radical action to curb soaring healthcare and social security spending, Moody’s, the credit rating agency, said on Thursday.

The warning over the future of the triple-A rating – granted to US government debt since it was first assessed in 1917 – reflects growing concerns over the country’s ability to retain its financial and economic supremacy.

It could also put further pressure on candidates from both the Republican and Democratic parties to sharpen their focus on healthcare and pensions in the run-up to November’s presidential elections.

Most analysts expect future governments to deal with the costs of healthcare and social security and there is no reflection of any long-term concern about the US financial health in the value of its debt.

But Moody’s warning comes at a time when US confidence in its economic prowess has been challenged by the rising threat of a recession, a weak dollar and the credit crunch.

The spin from the liberals will have to do with our country’s “weak” economy, and while the economic picture isn’t perfect (when is it ever?), historically speaking we’re in economic boom times.  The only real danger we face is if our political leaders keep spending this country into a hole.

By current estimates, our “big three” entitlement programs (Social Security, Medicare and Medicaid) are costing the country something like $3 billion a day, and that spending is growing at about a 7 - 8% annual clip.  Projections from the Congressional Budget Office have the spending on these three entitlement programs alone representing about 15% of our gross domestic product within the next thirty years.

Clearly, this is an untenable situation and the only solution is simply less spending.  What that means is we citizens need to stop asking the government to provide us with things like health care and retirement entitlements (which we clearly can’t afford to provide) and start being more self reliant.  Unfortunately for us, most of the Presidential candidates campaigning this year (all of the Democrats and a few of the Republicans) are promising new and expanded entitlement programs.  Universal health care.  More unemployment insurance.  More entitlements.

If we keep going like that, we’re headed for disaster.