Merged Credit downgrade threads

[Mad Scientist]

You think the American people will wake up now and see that their elected leaders don't have the country's best interests in mind?

Me neither.

 

[Steelplate]

According to what I've been reading and watching this morning... I had a gig last night with the band, so I didn't even hear about it till I woke up.... is that the downgrade wasn't about our debt. It was about our dysfunctional Congress and the ridiculous fight to raise the ceiling.

Compound that with the fact that people like Ryan, McConnell and the like are calling for that battle EVERY TIME the ceiling needs to be raised. So they want to make that dys-functionality a permanent part of the way we do business.

Congrats, Tea Party... this one's on you.

 

[Neotrotsky]

Other countries with much higher tax rates and much higher spending rates than America have AAA ratings, for now.....

At Risk of Losing AAA Rating:
Austria
Finland
France
United Kingdom

Other countries with much higher tax rates and much higher spending rates than America have lower ratings.

NONE OF THOSE COUNTRY'S DEBT IS ANYWHERE NEAR 100% OF THEIR RESPECTIVE GDP. ALSO ALL OF THEIR CORPORATE TAX RATES ARE LOWER. NONE HAVE THE DEBT AND DEFICIT SPENDING OF AMERICA. WAY TO PROVE NOTHING

Way to state nothing


The point was on taxing and bond rating
But since you brought it up, you are wrong anyway
No need to thank me for pointing it out

You can read a map? These countries are in Europe if you are not sure

Now you are right some countries like Greece are over a 100 percent

-Greece 158% this year
-Portuguese debt will surpass total economic output for the first time this year, growing to 101.7 percent of GDP, while Irish debt will reach 112 percent, the forecasts show.
- Italy is over a 100%

Mind you, these are just the gov't debt
These do no even include household, financial institutions etec

 

[Full-Auto]

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.

The CBO estimates that extension of the Bush tax cuts will add $3.5 trillion to the national debt. So if the CBO head says that the health plan will add $1 trillion in spending, the debt would still be $2.5 trillion less.

Both parties are to blame. Just like Republicans were grossly irresponsible for saying that taxes were off the table, so was the administration for saying that the health care plan was also off the table. Both should be on the table.

That was one trillion over estimates that the current cbo is not using.

Even then eliminating the tax breaks doesnt get it done.

 

[BoycottTheday]

According to what I've been reading and watching this morning... I had a gig last night with the band, so I didn't even hear about it till I woke up.... is that the downgrade wasn't about our debt. It was about our dysfunctional Congress and the ridiculous fight to raise the ceiling.

Compound that with the fact that people like Ryan, McConnell and the like are calling for that battle EVERY TIME the ceiling needs to be raised. So they want to make that dys-functionality a permanent part of the way we do business.

Congrats, Tea Party... this one's on you.

 

[Dont Taz Me Bro]

According to what I've been reading and watching this morning... I had a gig last night with the band, so I didn't even hear about it till I woke up.... is that the downgrade wasn't about our debt. It was about our dysfunctional Congress and the ridiculous fight to raise the ceiling.

Compound that with the fact that people like Ryan, McConnell and the like are calling for that battle EVERY TIME the ceiling needs to be raised. So they want to make that dys-functionality a permanent part of the way we do business.

Congrats, Tea Party... this one's on you.

Keep trying to convince your partisan little brain of that if that's what helps you sleep at night. It truly amazes me the way you people lie to yourselves in order to avoid the real world and hold onto a false sense of security.

As stated previously by myself and others here who are capable, thinking individuals who aren't afraid to face the truth, the Republicans failed and your Democrats failed and our president failed. None of them were willing to work together and budge on a great deal of many issues. It wasn't just the Tea Party, but you already knew that.

What's unfortunate for you is the way politics works in this country. In the eyes of the American people, the man sitting in the White House receives the bulk of the credit when something good happens and the bulk of the steaming shit pile when something bad happens, whether he is ultimately responsible for it or not. Obama's approval is going to crash next week when the new polls come out. Bank on it.

 

[Toro]

The only stock market open around the world on Saturday is in Saudi Arabia. It is the first to respond to the downgrade. Saudi is down over 5%, FWIW.

 

[Truthmatters]

According to what I've been reading and watching this morning... I had a gig last night with the band, so I didn't even hear about it till I woke up.... is that the downgrade wasn't about our debt. It was about our dysfunctional Congress and the ridiculous fight to raise the ceiling.

Compound that with the fact that people like Ryan, McConnell and the like are calling for that battle EVERY TIME the ceiling needs to be raised. So they want to make that dys-functionality a permanent part of the way we do business.

Congrats, Tea Party... this one's on you.

Keep trying to convince your partisan little brain of that if that's what helps you sleep at night. It truly amazes me the way you people lie to yourselves in order to avoid the real world and hold onto a false sense of security.

As stated previously by myself and others here who are capable, thinking individuals who aren't afraid to face the truth, the Republicans failed and your Democrats failed and our president failed. None of them were willing to work together and budge on a great deal of many issues. It wasn't just the Tea Party, but you already knew that.

What's unfortunate for you is the way politics works in this country. In the eyes of the American people, the man sitting in the White House receives the bulk of the credit when something good happens and the bulk of the steaming shit pile when something bad happens, whether he is ultimately responsible for it or not. Obama's approval is going to crash next week when the new polls come out. Bank on it.

What you fail to understand is the Debt Ceiling vote has NEVER been the place for this discussion.


The tea party republicans politicized something that should have NEVER been politicized.


They have proven that in this current American government there are people who will TRASH the world economy for some cheap political points.


It was NOT the place to raise taxes or cut taxes or to play cheap political games.


Read what SP said

 

[Neotrotsky]

No doubt the markets will be spooked opening Monday

But with last month's drop, let us hope it is "squeezed out"
and any loss will only be short

 

[Soggy in NOLA]

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.

The CBO estimates that extension of the Bush tax cuts will add $3.5 trillion to the national debt. So if the CBO head says that the health plan will add $1 trillion in spending, the debt would still be $2.5 trillion less.

Both parties are to blame. Just like Republicans were grossly irresponsible for saying that taxes were off the table, so was the administration for saying that the health care plan was also off the table. Both should be on the table.

Do myopic much?

 

[BoycottTheday]

What you fail to understand is the Debt Ceiling vote has NEVER been the place for this discussion.


The tea party republicans politicized something that should have NEVER been politicized.


They have proven that in this current American government there are people who will TRASH the world economy for some cheap political points.


It was NOT the place to raise taxes or cut taxes or to play cheap political games.


Read what SP said

 

[Truthmatters]

We have lived through decade after decade fine with a much higher tax rate on the wealthy.

Time to raise their taxes.

 

[WillowTree]

We have lived through decade after decade fine with a much higher tax rate on the wealthy.

Time to raise their taxes.

let's raise your taxes too shall we?

 

[Neotrotsky]

We have lived through decade after decade fine with a much higher tax rate on the wealthy.

Time to raise their taxes.

And lower rates of spending

Spending has been raised under Papa Obama to 25% of GDP
Historically, it has been around 19-20%

Time to lower spending

 

[Neotrotsky]

According to what I've been reading and watching this morning... I had a gig last night with the band, so I didn't even hear about it till I woke up.... is that the downgrade wasn't about our debt. It was about our dysfunctional Congress and the ridiculous fight to raise the ceiling.

Compound that with the fact that people like Ryan, McConnell and the like are calling for that battle EVERY TIME the ceiling needs to be raised. So they want to make that dys-functionality a permanent part of the way we do business.

Congrats, Tea Party... this one's on you.

Keep trying to convince your partisan little brain of that if that's what helps you sleep at night. It truly amazes me the way you people lie to yourselves in order to avoid the real world and hold onto a false sense of security.

As stated previously by myself and others here who are capable, thinking individuals who aren't afraid to face the truth, the Republicans failed and your Democrats failed and our president failed. None of them were willing to work together and budge on a great deal of many issues. It wasn't just the Tea Party, but you already knew that.

What's unfortunate for you is the way politics works in this country. In the eyes of the American people, the man sitting in the White House receives the bulk of the credit when something good happens and the bulk of the steaming shit pile when something bad happens, whether he is ultimately responsible for it or not. Obama's approval is going to crash next week when the new polls come out. Bank on it.

What you fail to understand is the Debt Ceiling vote has NEVER been the place for this discussion.


The tea party republicans politicized something that should have NEVER been politicized.


They have proven that in this current American government there are people who will TRASH the world economy for some cheap political points.


It was NOT the place to raise taxes or cut taxes or to play cheap political games.


Read what SP said

S&P said

"Standard & Poor’s takes no position on the mix of spending and revenue measures that Congress and the Administration might conclude is appropriate for putting the U.S.’s finances on a sustainable footing."

 

[Neotrotsky]

Yes indeed as we get downgraded

PapaObama is dancing the night away

 

[WillowTree]

wonder why she calls them "CHEAP" political points? turns out she's wrong and the Tea Party is right. you dimocrat assholes have spent way more than you could afford.. I guesss cheap is when it's someone else's money huh?

 

[Truthmatters]

Why S&P cut US credit rating was cut from 'AAA' to 'AA+'



Here is a press release issued by S&P that explains the reasons behind its move:

We have lowered our long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term rating.



We have also removed both the short- and long-term ratings from CreditWatch negative.

The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics.

More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.

Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics any time soon.

The outlook on the long-term rating is negative. We could lower the long-term rating to 'AA' within the next two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case.

 

[iamwhatiseem]

They did it only to make a statement, and I agree that it was time to do it.
Washington once again chickened out and failed to address the problem. Only in Washington can you pass a bill called a "debt reduction bill" --- that increases debt.
Within 24 hours of the bill passage Washington had already borrowed $200 Billion...in less than a day.
Anyone with that kind of reckless policies does not deserve an Aaa rating.

 

[Neotrotsky]

S&P also said

"Standard & Poor’s takes no position on the mix of spending and revenue measures that Congress and the Administration might conclude is appropriate for putting the U.S.’s finances on a sustainable footing."

"In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements, the containment of which we and most other independent observers regard as key to long-term fiscal sustainability."