US Downgraded

[Damocles]

They should have closed the loopholes, though. I'll never understand the TEA insistence on seeing that as a "tax increase."

How do you think job creation is going to be affected by our being downgraded? What will interest rates be like for small businesses?

It would have been easier to close some loopholes & show a good faith effort to increase revenue.

I would have been good with that, if they also passed the BBA and sent it to the states for ratification. For that I would have given up much, and happily. The problem is "promising" to spend less has never worked. Reagan signed that "compromise" and then Obama tried to use it against him. They promised $3 of cuts for every $1 of tax increase and they never, ever, delivered. It didn't happen. We've learned our lesson.

 

[apple0154]

The BBA does not say a single word about WHERE the spending cuts have to be made. Nor does it say a single word about whether taxes are increased, decreased or if we soak the rich for every nickel they have.

It simply says the gov't must live within its revenues.

The problem is one government commits to an expenditure resulting in the following government having to honor it or dealing with the resultant disaster.

For example, war. On at least one occasion the US "implied" they would help natives in a foreign country if they rose up against their government only to renege on the "deal" resulting in terrible consequences. That's one of the reasons they are committed to staying in Afghanistan and Iraq. Recall Rummy's words, "War was an option we could afford."

So, the following administration, Obama, is compelled to continue the occupation or see civil war break out with the accompanying tragedy. If a BBA was in force the only way he could implement any social policies would be to raise taxes or throw the supporters of democracy under the bus. If one believes in conspiracies it would be easy for a government adverse to social programs to burden the country with unnecessary debt ensuring the "cost" of implementing such policies to be prohibitive.

Ideally, a BBA would be the correct thing to do but both governments have to agree on the basics if not necessarily the priorities in which to implement policy. Otherwise, one government's actions can end up greatly determining the available options of subsequent governments.

 

[Damocles]

Does anybody remember this?

http://www.businessweek.com/news/20...is-own-credibility-to-junk-jonathan-weil.html

April 21 (Bloomberg) -- Fox Business reporter Peter Barnes began his televised interview with Treasury Secretary Tim Geithner two days ago with this question: “Is there a risk that the United States could lose its AAA credit rating? Yes or no?”

Geithner’s response: “No risk of that.”

“No risk?” Barnes asked.

“No risk,” Geithner said.

It’s enough to make you wonder: How could Geithner know this to be true? The short answer is he couldn’t.

All you have to do is read the research report Standard & Poor’s published on April 18 about its sovereign-credit rating for the U.S., and you will see it estimated the risk of a downgrade quite succinctly. “We believe there is at least a one-in-three likelihood that we could lower our long-term rating on the U.S. within two years,” said S&P, which reduced its outlook on the government’s debt to “negative” from “stable.”

More at link...

 

[Canceled2]

Does anybody remember this?

http://www.businessweek.com/news/20...is-own-credibility-to-junk-jonathan-weil.html

April 21 (Bloomberg) -- Fox Business reporter Peter Barnes began his televised interview with Treasury Secretary Tim Geithner two days ago with this question: “Is there a risk that the United States could lose its AAA credit rating? Yes or no?”

Geithner’s response: “No risk of that.”

“No risk?” Barnes asked.

“No risk,” Geithner said.

It’s enough to make you wonder: How could Geithner know this to be true? The short answer is he couldn’t.

All you have to do is read the research report Standard & Poor’s published on April 18 about its sovereign-credit rating for the U.S., and you will see it estimated the risk of a downgrade quite succinctly. “We believe there is at least a one-in-three likelihood that we could lower our long-term rating on the U.S. within two years,” said S&P, which reduced its outlook on the government’s debt to “negative” from “stable.”

More at link...

If the plan is to totally destroy the capitalist model in order to create a socialist one, then Obama's plan is working~

 

[Bfgrn]

Does anybody remember this?

http://www.businessweek.com/news/20...is-own-credibility-to-junk-jonathan-weil.html

April 21 (Bloomberg) -- Fox Business reporter Peter Barnes began his televised interview with Treasury Secretary Tim Geithner two days ago with this question: “Is there a risk that the United States could lose its AAA credit rating? Yes or no?”

Geithner’s response: “No risk of that.”

“No risk?” Barnes asked.

“No risk,” Geithner said.

It’s enough to make you wonder: How could Geithner know this to be true? The short answer is he couldn’t.

All you have to do is read the research report Standard & Poor’s published on April 18 about its sovereign-credit rating for the U.S., and you will see it estimated the risk of a downgrade quite succinctly. “We believe there is at least a one-in-three likelihood that we could lower our long-term rating on the U.S. within two years,” said S&P, which reduced its outlook on the government’s debt to “negative” from “stable.”

More at link...

There is no mystery why Geithner would say such a thing. He's the Treasury Secretary of the United States of America. WHAT he says has consequences.

AND, IF Geithner HAD said there a risk that the United States could lose its AAA credit rating, it could have caused economic repercussions. And it CERTAINLY would have elicit charges of 'fear-mongering from the right.

 

[Dixie - In Memoriam]

DRASTIC spending cuts would HAVE TO be made to Social Security and Medicare if a BBA was passed. Children and elderly WILL starve if you right wing scum get your way. The problem is you are TOO fucking stupid to grasp the consequences of your right wing answer for everything...PUNISHMENT.

Apparently, you are too stupid to even understand, the General Budget, (which is what is effected in a BBA) doesn't include payouts to Social Security recipients, that is covered from a completely different fund, the Social Security Trust Fund. The Gen Budget does include interest and re-payments on loans made from SS, but that eventually has to be paid regardless of whether we balance the budget or not. It also includes the administrative cost of SS, which can be reduced without cutting benefits. Now, if we sit on our hands and don't do something to change the system, in 20 years or so, SS payments would have to be made from the general budget, because the trust fund will be completely tapped out. So far, there is NO PLAN from Democrats to even discuss changing the system, and each time it is brought up by Republicans, you start screaming about dying old people and starving children.

 

[Cancel 2018. 3]

this happened on obama's watch, but the left still won't hold him responsible....nope....it is the 80 or so tea party reps who are at fault

:lmao:

 

[Onceler]

this happened on obama's watch, but the left still won't hold him responsible....nope....it is the 80 or so tea party reps who are at fault

:lmao:

Kind of like you & Bush's economic crash, eh?

I hold the TEA folks responsible for calling the closing of loopholes for the wealthy a "tax increase." Take a look at what S&P had to say & do about that one, and tell me that was a healthy influence economically.

You're so sworn to defend them - very strange...

 

[Cancel 2018. 3]

Kind of like you & Bush's economic crash, eh?

I hold the TEA folks responsible for calling the closing of loopholes for the wealthy a "tax increase." Take a look at what S&P had to say & do about that one, and tell me that was a healthy influence economically.

You're so sworn to defend them - very strange...

not at all like me. you don't need to lie in order to try and make points.

you're right, obama and all the democrats are not responsible for anything....it is the 80 or so tea party members that control the entire government. good to know you believe obama and the dems aren't responsible for anything....

 

[Onceler]

not at all like me. you don't need to lie in order to try and make points.

you're right, obama and all the democrats are not responsible for anything....it is the 80 or so tea party members that control the entire government. good to know you believe obama and the dems aren't responsible for anything....

And where did I say that?

Those ol' reading issues again. Must be a tough way to go through life...

 

[Cancel 2018. 3]

And where did I say that?

Those ol' reading issues again. Must be a tough way to go through life...

where have you said they are responsible for anything? all you've said is how responsible the tea party is. see, this is your MO, when confronted with the truth, pull out the "YOU CAN'T READ!!!!" schtick. when in reality, we all read just fine, you just hate getting your bullshit called on. keep blaming the tea party onceler....way to live get through life...always somebody else's fault....obama and the dems, they aren't responsible for anything, well...if something goes good, then of course you give them all the credit.

care to apologize for lying about me and bush's economic crash? what is hilarious that to you, of course it is bush's economic crash, but the downgrade and economy now....not obama's, nope, no sirreee

 

[Onceler]

where have you said they are responsible for anything? all you've said is how responsible the tea party is. see, this is your MO, when confronted with the truth, pull out the "YOU CAN'T READ!!!!" schtick. when in reality, we all read just fine, you just hate getting your bullshit called on. keep blaming the tea party onceler....way to live get through life...always somebody else's fault....obama and the dems, they aren't responsible for anything, well...if something goes good, then of course you give them all the credit.

care to apologize for lying about me and bush's economic crash? what is hilarious that to you, of course it is bush's economic crash, but the downgrade and economy now....not obama's, nope, no sirreee

Translation: Onceler never said anything about Obama & Dems not being responsible at all, or about the TEA party being 100% responsible. And I acknowledge that I am unable to read.

And I didn't lie about you. That's exactly who you are.

 

[Stallion]

Both republicans and democrats are responsible for this downgrade. This is typical Washington finger pointing nonsense that I am getting fed up with.

 

[Cancel 2018. 3]

Translation: Onceler never said anything about Obama & Dems not being responsible at all, or about the TEA party being 100% responsible. And I acknowledge that I am unable to read.

And I didn't lie about you. That's exactly who you are.

translation: yurt is right once again, i never held obama and the dems responsible, all i did was blame the tea party

you did lie as i never said that about bush. and once again, the irony of you saying it is bush's economy, but never once saying this is obama's economy or downgrade. you're a fucking blind partisan hack so delusional that you actually think you're unbiased.

 

[Liberty]

Privatize Social Security, cut 1/3 off the defense budget. Perfect compromise legislation to save the future - both sides have to touch & embrace their respective 3rd rails.

Why not get rid of some real job killers like Obamacare, EPA, and the department of energy.

 

[Onceler]

translation: yurt is right once again, i never held obama and the dems responsible, all i did was blame the tea party

you did lie as i never said that about bush. and once again, the irony of you saying it is bush's economy, but never once saying this is obama's economy or downgrade. you're a fucking blind partisan hack so delusional that you actually think you're unbiased.

Bad translation. All I said was that the TEA folks were responsible for calling reducing loopholes "tax increases." In hackish Yurt-world, that's a frantic "you don't blame Obama or the Dems at all!"

I'm so embarassed for you.

 

[Cancel 2018. 3]

Bad translation. All I said was that the TEA folks were responsible for calling reducing loopholes "tax increases." In hackish Yurt-world, that's a frantic "you don't blame Obama or the Dems at all!"

I'm so embarassed for you.

and you have yet to hold obama and the dems responsible...lmao. you keep proving me right with every post.

when bush is in the WH and the dems control the entire legislative branch, it is still just bush's economy, when obama is in the WH and the libs controll the legislative branch, it is still bush's economy. when obama is in the WH and the libs control the senate...it is still bush's economy.

:lol:

 

[Onceler]

and you have yet to hold obama and the dems responsible...lmao. you keep proving me right with every post.

when bush is in the WH and the dems control the entire legislative branch, it is still just bush's economy, when obama is in the WH and the libs controll the legislative branch, it is still bush's economy. when obama is in the WH and the libs control the senate...it is still bush's economy.

:lol:

Why is it so hard for you to admit you lied?

I have said many times on this board since the debt crisis that both parties blew it. So, you're lying about that. You can admit that you are unable to read - which would restore at least some honesty for you (in this case only), but I doubt you'll do that.

You're really pathological. Like, crazy.

 

[Liberty]

They should have closed the loopholes, though. I'll never understand the TEA insistence on seeing that as a "tax increase."

How do you think job creation is going to be affected by our being downgraded? What will interest rates be like for small businesses?

It would have been easier to close some loopholes & show a good faith effort to increase revenue.

That's just what you're told by the media.

The Tea Partiers want to get rid of Obamacare, and other departments, and programs that we have no money for, but we never here these facts from the media.

 

[Cancel 2018. 3]

Why is it so hard for you to admit you lied?

I have said many times on this board since the debt crisis that both parties blew it. So, you're lying about that. You can admit that you are unable to read - which would restore at least some honesty for you (in this case only), but I doubt you'll do that.

You're really pathological. Like, crazy.

lol...now comes the "YOU'RE A PATHOLOGICAL LIAR!!!!!"

you're too predictable. you say the same shit everytime you're cornered.

the year 2030:

onceler: it is bush's economy