The Obama Administration is saying Standard and Poors used flawed data in lowering the Nation's credit rating from AAA to AA+.
That's the problem....The Administration is in denial...Its not flawed data...its too much debt...It happens to you too...If you have too much debt your credit score goes down....
The recent debt deal was not enough for the ratings agency and the result will be higher interest rates and surely a stock market hit on Monday...Its no coincidence the news came down on a Friday evening. The other two major ratings agencies have retained the AAA rating...That means the S&P action may have little immediate impact.
The political establishment is frozen like a deer in the headlights....Just get used to the new reality.....Besides we are still a country where a guy can walk out of prison and sign with an NFL team for $3million. As long as that keeps happening, I know everything is OK.
S&P downgrades U.S. credit rating for first time - The Washington Post
18 comments:
I suppose about the only good thing about this whole mess is that nobody is buying the politicians "We did the best we could and it could have been a lot worse" BS this time around. The light must be dawning on even the most ignorant of congress-critters that they have shucked and jived us one time too many and NO ONE is buying it this time around. The big question is, will the knotheads in Washington finally get the message that they have to REALLY stop spending, and do it NOW? The S&P is certainly behind the 8-ball waiting until this late date to downgrade the goverment's credit. The government's credit rating should have been severely downgraded the day that Lyndon Johnson and his congress started out on their "Great Society" crusade. Our credit rating should again have been severely downgraded the moment Obamacare was signed into law and again with the implementation of all of those stupid stimulus and bailout packages. If S&P had been quicker in doing their job, maybe it would have forced the DC Dingbat crowd to address the problem in a meaningful manner before we got to this crisis stage. Then again maybe not. The current crop of Congress-critters and such are without a doubt the most worthless waste of good oxygen to ever set foot in DC.
The rating agencies and their quants have long been in the pockets of the big banks and their democrat cronies Right now the big banks need to earn more money by lending their bailout money back to the USA and the best way to get more money is to raise that interest rate in response to a downgrade.
This is really a shame. I know what we should do. We should continue to spend and borrow and borrow and spend and have BBQ's, fund raisers and birthday celebrations, vacations and golf games. And if anyone objects they should be called stupid, racist, hatemongers. What the hell, that's been the plan so far. And MSM goes right along with it. S&P used "flawed data". They must have been influenced by that hateful and racist Tea Party. What a joke. Get ready to pay, dumbass America. You, not just your kids, will feel this one.
That screwed up Majority Leader John Boehner and the Tea Party crew gumming up the works and making our nation look like a laughing stock had nothing to do with it right? Bankers are thenew dirty word around here I guess so always team them withtheir buddies the Republicans. This blog is tilting all the way to the right these days.
Gumming up the works? By that you mean demanding an end to spending money we don't have? Demanding we stop spending our children's and grandchildren's money, 1:20? Your solution is to continue to financially rape our own children? The reason this blog is tilting my good man is you have lost your brain. Your argument is dead. Unfortunately, we probably are too. But by all means, party on.
Obama is doing a really good job. Puke
Funny how folks are quick to blame the Tea Party, et al. For you BOZO'S that don't quite get it yet, TEA stands for Taxed Enough Already, meaning we're FED-UP with carrying the tax burden on OUR backs, and the Federal Government needs to start spending within their means. If YOU make $500 a week, but spend $600 a week, by the end of the month you're gonna be $400 in the hole. THIS IS WHAT THE CURRENT GOVERNMENT IS DOING! Why is it so hard for you friggin' Liberals to understand this? You are spending more than we have as a Nation, and it's time to STOP this trend. It's simple Economics 101 folks...you CAN'T spend more than you have. So quit blaming the Taxed Enough Already Party for this Countries problems. YOU voted for the Obama "change," so now enjoy it, SUCKERS.
Reagan started the move to deficit spending and made it acceptable.
This is a great and prosperous country that can afford to pay its bills. Tea party cries that "We're broke!" suggests that this country has already failed. That's negative thinking and untrue.
Also, the common claim that we have a "spending problem not a revenue problem" is purely a political argument and has no basis in sound economics. Yes, households that spend more than they earn have a problem. But it's not just a spending problem. One way to balance the household budget is to get a better paying job. In other words, increase your revenue.
For the USG, this can be done by growing the economy or seeking more tax revenue. Cutting spending too much actually hurts the economy and reduces tax revenue. The most promising source of new tax revenue is tax reform in which the tax expenditures that distort the economy the most are reduced such as mortgage deduction, health insurance deductions and many business and agricultural subsidies. This revenue can flow to infrastructure, education and debt reduction and other more productive investments. Problem solved.
I need to amend my original post. Apparently 14% of the country is still buying the politicians shuck and jive. I guess you really CAN"T fix stupid.
So NY23, we're supposed to do more of what we've been doing? Spend more money we don't have? Borrow more from the Chinese and hope it turns into something neat? I do like that one guy's statement, blame Reagan. Now that's cool. Haven't heard that before. Hating Reagan is one of the coolest things one can do. Kudos.
Let's have a Tea Party we managed to get our rating dropped to AA+, when it wouldn't have even been up for consideration if we hadn't shown the world how we can't negotiate or agree even with our Republican friends; never mind agreeing with our Democratic friends in Congress. We're all friends, just a lot poorer, because we are so STUPID!!!
Tea Party Leader
Repubs and Tea Party members alike need to get their S**T straight.
President Clinton raised taxes in his first year 1993...and we entered a period of prosperity.
When President Clinton handed over the reins to “DUBYA” he left him with a BALANCED budget and a budget SURPLUS.
It was the fiscally irresponsible Republican congress and Bush who squandered both the balanced budget and surplus with UNFUNDED tax cuts and two UNFUNDED wars which started the destruction of our nation.
Raising taxes on those profiting most from wars (war profiteers in the defense industry) would have been the right thing to do.
It is the Republicans and their misguided Tea Party hacks that are directly and undeniably responsible for the beginning of our demise.
Now, after inheriting a balanced budget and squandering the surplus the Repubs and the anarchist party want a constitutional amendment to balance the budget on the backs of everyone else, (except of course, their rich owners)...after they destroyed it.
GIVE ME A BREAK!! HYPOCRITES!!
And just for the record, NO... I am not an Obama lover... he is a CORPORATIST picking up where his predecessors left off. All the more reason the people on the right should love him!
Once more, on who did the spending:
The GOP and the national debt:
The debt is over 14T....
National Debt Increased by 75% under Bush:
2001 - $5.871 trillion
2008 - $10.640 trillion
National Debt Increased 25% Under Obama:
Jan 31st 2009 = $10.569
Jan 31st 2011 = $14.131
But of the $3.56-trillion increase, 98% was carry over from Bush programs:
Bush: $910-billion = Interest on Debt 2009/2011
Bush: $360-billion = Iraq War Spending 2009/2011
Bush: $319-billion = TARP/Bailout Balance from 2008 (as of May 2010)
Bush: $419-billion = Bush Recession Caused Drop in taxes
Bush: $190-billion = Bush Medicare Drug Program 2009/2011
Bush: $211-billion = Bush Meicare Part-D 2009/2011
Bush: $771-billion = Bush Tax Cuts 2009/2011
Bush's contribution:
2001 to 2008: $4.769-trillion
2009 to 2010: $3.181-trillion
Total: $7.950-trillion
Increase Since 2001 = $14.131 - $5.871 = $8.26-trillion
Bush's contribution: $7.950-trillion / $8.26-trillion = 96%
Increase caused By Bush's Programs: 96%
Increase caused by Obama's Programs: 4%””
Source:
http://investmentwatchblog.com/national-debt-increased-by-75-under-bush-and-25-under-obama/
p.s. I checked the numbers to the extent that I could with the usual government sources (CBO, White House, and Treasury) and they appear to be accurate.
Bu bu but Bush!
The centrists, AKA grown-ups, AKA Tea Party was just as vocal about Bush as they were over Obama. Obama simply made thier numbers grow because he is even worse. He took TARP (a loan program that had a chance of being paid back) and made it a gift to unions and government workers. He borrowed a trillion and called it stimulus. He ruined our health care system and doubled everyone premiums. He drastically increased the cost of hiring someone if the company has 50 employees. In other words...he sucks.
Thing is...that everyone but the most sniveling of cowards, backed the wars initially, as the case for WMD's in Iraq and taking out al Qaeda in Afghanistan was valid. But now that we have a sniveling coward as POTUS and the WMD scare is long gone, along with Osama, the wars should be over. But instead, our affirmative action POTUS who stole the election from Hillary using "racist misogynist super delegates", got us into another war to boot.
And if Billary had taken care of al Qaeda to begin with, then 9/11 would not have exasperated the dot-com recession Clinton handed over to Bush in the first place, (that would have been much worse if not for Newt doing the same thing to Clinton, that the Tea Party just did to the guy that pals around with terrorists.)
BTW...you cannot balance the budget on the backs of the 51% of people that pay no taxes unless you are counting taking away their free air conditioners as "on their backs".
Sorry libtards but no one is buying your crap anymore, no matter how you try to spin it...not even your own party. The only ones left are the fringe kook campus faculty lounge types that have always been around in numbers too small to count. No one even watches your MSM whats-the frequency-Kenneth "news" shows anymore.
Now 4:20, factor in the programs we have no idea what the cost will be. Stuff like ObamaCare. Things that will cost us for a generation that as Naaancie says "we have to pass to find out what's in it". Then factor in the damaged of unemployment, now at unhheard of levels and threatening to destroy the dreams of this middle class you guys pretend to care about so much. And your sources, you say you checked with the White House, who did you talk with there? A recent representative? I bet. Treasure, hopefully you did the same. Listen, if you think this is a record we need to build on, by all means support the Annointed One one more time. If party line thinking has you controlled that well, go for it. You have to ask yourself, is this really a trend we want to continue? I've said it before. I have no children of my own. I don't mind screwing yours.
If you think about it....Maybe it's a good thing. It's like putting our country in Rehab. No more money to spend and waste.
Maybe we should think of Obama as "BUSH LITE."
The same party liners who recognize and support, correctly, Gov Cuomo for passing a budget that does NOT play class warfare games and does NOT raise taxes, advocate that we do something completely different on the federal level. Now why is that? How can people be so stupid and partisan on one level and so reasonable on the state level? Your own leader, Gov Cuomo, on the state level completely rejected your hate the successful rant and drive to raise taxes. If you agree with that approach, why do you push for something completely different on the national front? I know why, it's called partisan politics. Support whatever your party line people are calling for and stop using your own brain. You've done it. Congrats.
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