America has recently been the subject of a devastating credit rating downgrade from Standard & Poor’s. For the first time in history, the credit agency downgraded the U.S.’s AAA credit rating while slamming the nation’s political process and criticizing lawmakers for not moving sooner to cut spending. The US has been unable to raise revenue enough to reduce record budget deficits, and S&P’s outlook remained a bit dismal following the downgrade. But just how well are other countries doing in what has blossomed into a full blown global economic crisis? Could America take a lesson from some of the other wealthy countries in the world? How can the US repair bad credit that has caused it lose hard won, lower interest rates?

While it’s hard to so what the answer to this disaster might be, especially with the Obama administration floundering for solutions to the jobs crisis in the United States in an obvious  eleventh hour bid to win support that could help Obama win re-election in 2012, there are some viable options.  One that has been suggested by sensible economists and business professionals in the GOP is the implementation of a Fair Tax system for the people of the United States.  More specifically, GOP Florida straw poll winner Herman Cain has what he calls his 9-9-9 Plan to throw out the entire existing tax code and establish a flat tax system that he says could turn our deficit into a profit.

Here is an infographic showing what some other wealthy countries do as far as taxing their citizens.  What do you think?  Any solutions?  Feel free to leave us a comment.