Bidenomics: US credit worthiness downgraded

T. A. Gardner said:
What we are seeing is the Left, well politicians, doing to the US economy what they've done to red states across the country. The eventual decline of the nation is going to look a lot like Detroit or San Francisco...
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One big difference.

The farmers and ranchers that produce the food and other supplies the cities depend on can live on without the city. This is a country vs city conflict. The thugs in the cities will no chance of succeeding out in the country.
 
T. A. Gardner said:
Oh, so you think taxing the snot out of corporations and the rich will work. It won't. They'll leave. They'll go somewhere else. People and corporate leaders don't mind paying reasonable taxes but won't put up with being robbed.
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The Blat and other Democrats can't seem to figure this out.
T. A. Gardner said:
Both parties created budget deficits, but that isn't the biggest problem with the federal budget. About 66%, two-thirds of it is inviolate. That is, the spending is mandatory, budget increases are usually tied to inflation and automatic, and there is no way to stop that. About 75% of that sort of thing is social-welfare spending so it doesn't really generate any economic growth as a result.
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Government spending does not help the economy at all. ALL of that money must be printed, borrowed, or taxed. ALL of it comes out of the economy it is 'helping'.
T. A. Gardner said:
Both parties are guilty of using the budget to get political gain, so get off your high horse that it is somehow just the Republicans you fucking retard.
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This is true. It was FDR that put the nation on fiat currency though.
T. A. Gardner said:
Government spending mostly doesn't grow the economy.
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It doesn't grow it at all. ALL government money is taken out of the economy to 'grow' the economy.
T. A. Gardner said:
Small portions of it may, but that's miniscule to the overall waste in government spending.
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It doesn't help it all, for the reason I just described.
T. A. Gardner said:
Credit gets downgraded when there's too much government spending and not enough economic growth. The economy isn't growing very fast at the moment, particularly when you take inflation rates into account.
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Oddly enough, the economy has nothing to do with the value of the dollar. Drastic changes in the value of the dollar can certainly fuck up an economy (such as what has recently been happening), but the bigger reason the economy sucks right now is oppressive regulations and taxes strangling business. THEY are the reason for the shortages.
 
Trumpet said:
Trickle down, or should we say trickle up economics that the bought off GOP have been pushing for years is responsible for the massive budget deficits.
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Blatant lie, Blat. SPENDING TOO MUCH is responsible for the massive budget deficits. Both GOP and Democrats are responsible, but Democrats expand the government far faster than the GOP does.
 
T. A. Gardner said:
Way to change the subject. It's about as valid an economic theory as Keynesian economics, and less damaging.
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Keynesian economics is based on communism (that is, government ownership of the money and debt markets). In can only occur by government fiddling with these markets, which they own.
This is why it doesn't work.
 
Trumpet said:
The billionaires and big corporations who fund, own, and operate the GOP don't want to pay their fair share of taxes; they are the people who want their cake and want to eat it to.
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Your "tax the rich" chant is unconstitutional, Blat. See the 14th and 16th amendments.
The GOP is not owned by anyone.
 
T. A. Gardner said:
Oh, it could be done, but it won't be done...
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Nope. It doesn't have enough liquid assets. It has to try to print it's way out of it's dilemma.
The debt is now higher than all the value of all the gold in Fort Knox. Just SERVICING this monster will soon be a bigger budget item than the entire military budget!
 
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Into the Night said:
Nope. It doesn't have enough liquid assets. It has to try to print it's way out of it's dilemma.
The debt is now higher than all the value of all the gold in Fort Knox. Just SERVICING this monster will soon be a bigger budget item than the entire military budget!

The collapse is already hitting Japan. The Yen is almost worthless now. People there are switching to Bitcoin, gold, and silver.
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Bitcoin isn't worth the paper it's printed on...
 
Tinkerpeach said:
Wait until they start stealing elections.
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Start???!?

Election fraud by Democrats is decades old! It was so bad in 2020 it caused that election to fault. It caused several 2022 elections to fault also.

THAT's stealing elections! It's been going on quite awhile now!
 
T. A. Gardner said:
Bitcoin isn't worth the paper it's printed on...
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Heh. It's not printed on paper! I understand your sentiments though.

While people ARE using it for transactions instead of their fiat currency, it DOES have a lot of problems, which is why I don't think it will win out in the end:

* transactions require access to the internet to conduct.
* transactions are SLOW. This is because the entire block chain must be updated sooner or later. A certain level of trust is still within what you might call a practical time, but that is getting stressed as well. Until a method is found to distribute the blockchain, this will continue to be a problem. It becomes exponentially a bigger problem as popularity of the Coin increases.
* it is susceptible to hacking, destroying said currency overnight. This already happened once to Bitcoin. The current Bitcoin is actually Bitcoin version 2.
* it is awkward to handle the wallets. People not savvy with computers are at a major disadvantage.
* exchanges are not reliable. Some are outright ripoff criminals, giving you no Coin for your money, or taking your Coin and failing to pay you in any other currency. Due to the simplex nature of the transaction, there is really no way around this problem.
* there are competing blockchains. ALL of them have the same problem.

Personally, I think the choice will end up being returning to gold and silver, being converted into the local currency as needed and only when needed.
 
Cypress said:
It's largely because Republicans have been telling the financial markets they are going to hold the U.S. debt hostage
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Yup.

it is increasingly clear there is a growing faction within the republican party that is very close to holding enough votes to crash the Debt Ceiling whenever Dems are in power specifically because they want the country to default and the US to collapse thinking that will help Republi'clowns' get in, in the next election.

Any debt rating agency needs to recognize that so future US debt buyers can price in that risk.

This is on republi'clowns' and NOT Biden.
 
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