The fact is the US has always "deficit-spent."
The difference now? The Fed is de-valuing the dollar on-purpose to delay/forestay deflation.
With a falling dollar, foreign investors will not invest in US treasuries; therefore, the US cannot borrow effectively and will face the inevitable burden of debt with a relatively worthless currency.
So the credit worthiness is in fact negative at the present time. S&P is fully correct.
Now with continued adversity to the Fed plan, the US stock market could fall without the previous protection of threatened Fed ultra-drops in the dollar valuation.
