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The people will bame the Tea Party for this, correctly.
Your absolutely correct and the Republicans were right to go after entitlements and they had Obama willing to address Medicare. But instead of focusing on deficit reduction and making the big deal they decided to protect tax loopholes that should have been closed anyway.
The Republicans walked away from the right deal because they prioritized obscene tax loopholes over addressing the deficit and entitlements. The deficit deal promoted by the Gang of 6 was mostly entitlement reform but because it made some attempt to address the $600B revenue shortfall the House Republicans blocked it.
Their position was extreme and obscene and the country is paying as a result
A large part of the reason for the downgrade is because S&P doesn't believe the Republicans will let the Bush tax cuts expire.This puts Obama in a hard place...he has two options:
1. Accept responsibility, like an adult, by admitting failure.
2. Blame the Republicans, demonstrating that he lacks the ability to control a minority party in time of crisis.
Speaking of Leaders
Flashback: S&P Raised Texas' Bond Ratings from AA to AA+ , thanks to Perry
Tip: Ace of Spades
AUSTIN Standard & Poors (S&P) has raised Texas issuer credit and general obligation credit ratings to AA+ from AA based on the states strong and diverse economy and strong leadership from the governor and Legislature that has left a projected $9 billion in the states Rainy Day Fund. S&P also raised its rating on the states appropriation debt to AA from AA-.
The ratings continue to reflect our opinion of the state's large and steadily diversifying economy, which despite the recession continues to perform better than the nation in terms of both economic activity and employment, S&P credit analyst Horacio Aldrete-Sanchez said. Furthermore, we expect that the Texas economy will recover earlier and at a faster rate than most other states given its continued population growth and relatively low cost of doing business, which we expect will contribute to gradual employment gains in 2010, particularly in the health, education and services sectors.
S&Ps decision was based on Texas 2010-11 biennial budget, the states strong Rainy Day Fund, and Texas low tax-supported debt burden. The higher rating means Texas will pay lower interest on money it borrows, saving of millions of taxpayer dollars.
They lowered it because congress didnt go far enough to shore up its finances. This is 100% on the fault of the Tea Party and Republicans. They needed to raise taxes on the wealthy and didnt. Now we have this!!!!!!!!!!!
class warfare ain't going to save your sorry spending other people's money asshole.
It's not class warfare you dumbass look at the numbers. Revenue is at 14% of GDP when historically it has been between 17-20%. When the total non defense discretionary budget is only 3% you aren't going to affect the budget without some revenue enhancements.
It is clear to Alan Simpson, it is clear to the Gang of six, it is clear to S&P. It is clear to the whole damm country except the idiots in the tea party most of whom barely have a college education.
Owned in the face... And the best part is they never say taxes are the way to get revenue, they could mean policy that grows the economy but hey, being they are clear on spending and "entitlement spending" specifically as being a problem but dont say "taxes needed to be raised" what do we get?? We get people trying to claim spending cuts are not needed but of course higher taxes are!
Please stop making this political. Other countries with much higher tax rates and much higher spending rates than America have AAA ratings.
Which country that currently has a AAA rating has a higher corporate tax rate? Which one has higher spending rates? WHAT F-ING ONE, PROVIDE A SOURCE GODDAMN IT
Toro, see if you can keep up on this PLEASE! More taxes would have NOT raised enough revenue to put even a dent in the deficit... Cuts would have and could have quickly balanced the budget... Obama, The Senate and the house all votes yes to a crap budget that didn't raise taxes nor did it do any meaningful cuts at all...
This played out just as many of us (me too) predicted! So why would I listen to others when they get it wrong over and over?
It was gonna happen, we haven't deserved the AAA rating for quite awhile. And it's not just on the Dems either, it's not like the GOP were as fiscally responsible under Bush43 as they shoulda been.
Technically, the reasons ARE political in that the parties can't get together and fix this shit...
Technically, the reasons ARE political in that the parties can't get together and fix this shit...
I thought about that after I posted it, and you are right.
What I was trying to confer was that highly political people are trying to shape the debate that confirms their own political beliefs, whether those beliefs are true or not.
We have to cut spending. This is primarily a spending problem. But those who say we can't raise taxes under any circumstances to increase revenue are not only living in a fairy tale, it belies American contemporary history. Recent Presidents who raised taxes which raised revenues include;
Clinton
Bush I
Reagan
Yet, we can't raise any taxes in this decade, when federal taxes are 15% of GDP?
Technically, the reasons ARE political in that the parties can't get together and fix this shit...
I thought about that after I posted it, and you are right.
What I was trying to confer was that highly political people are trying to shape the debate that confirms their own political beliefs, whether those beliefs are true or not.
We have to cut spending. This is primarily a spending problem. But those who say we can't raise taxes under any circumstances to increase revenue are not only living in a fairy tale, it belies American contemporary history. Recent Presidents who raised taxes which raised revenues include;
Clinton
Bush I
Reagan
Yet, we can't raise any taxes in this decade, when federal taxes are 15% of GDP?
Cut spending, demonstrate you can spend it wisely and most of the opposition goes away. Until then A BIG KMA remains in order.
I thought about that after I posted it, and you are right.
What I was trying to confer was that highly political people are trying to shape the debate that confirms their own political beliefs, whether those beliefs are true or not.
We have to cut spending. This is primarily a spending problem. But those who say we can't raise taxes under any circumstances to increase revenue are not only living in a fairy tale, it belies American contemporary history. Recent Presidents who raised taxes which raised revenues include;
Clinton
Bush I
Reagan
Yet, we can't raise any taxes in this decade, when federal taxes are 15% of GDP?
Cut spending, demonstrate you can spend it wisely and most of the opposition goes away. Until then A BIG KMA remains in order.
As does the AA+ rating.
Likewise, if we let the Bush tax cuts expire, we would reduce our projected accumulated debt over the next decade by a third. S&P would like that. But that runs counter to the religion on one side of the political spectrum.
That's why this isn't about the rating.
Cut spending, demonstrate you can spend it wisely and most of the opposition goes away. Until then A BIG KMA remains in order.
As does the AA+ rating.
Likewise, if we let the Bush tax cuts expire, we would reduce our projected accumulated debt over the next decade by a third. S&P would like that. But that runs counter to the religion on one side of the political spectrum.
That's why this isn't about the rating.
Does that include the increased deficit that Obama care creates? You are aware the former head of the CBO stated that it was underestimated by a trillion dollars.
