Obama administration official calls S&P analysis 'way off' [ Wh says its S&P not TP's fault ]

CNN ^ | Aug 5 2011

[brent13a]

"The USA lost it's AAA rating because of Barak H Obama."
It's a simple statement of fact, politically devastating.

I've been reading the S&P press release and from what I've been reading what is "politically devastating" is that S&P puts 98% of the blame on the Administration's and Congress' feet for not lowering our spending even more. I see very little talk in the Release about "failure to raise taxes or revenue" and mostly talk about our national debt and how it's going to keep rising.

I don't see hardly anything that Obama or the Dems can pin blame directly on the Tea Party or Repubs. It looks to me like S&P squarely places the blame at Obama's and the dem's feet.

[Freedom56v2]

The Obama administration angrily responded to Standard & Poor’s decision Friday to downgrade the U.S. credit rating,...

That’s how most deadbeats act when the creditors start calling.

---

That is about it.

[jospehm20]

Yes, and all thinking people already knew that before the debt ceiling fiasco, the MSM will never point that fact out to the citizens not paying attention.

[FredZarguna]

To the extent that:

1. Our economy will continue to contract
2. More aged displaced workers will opt for the earliest Social Security retirement age
3. The actual cost of 0bama care will not be felt for two more years
4. None of the supposed cuts will ever happen
5. The across-the-board cuts that "must" kick in when everyone ignores the SuperCommittee^TM will be eviscerated by passing off-budget continuing supplemental appropriations

S & P's $2 trillion "error" is actually wildly optimistic. And they know it.

[brent13a]

Yes, and all thinking people already knew that before the debt ceiling fiasco, the MSM will never point that fact out to the citizens not paying attention.

If we had more Repubs that aren't 'establishment' that are willing to stand with the Tea Party Movement they could use this S&P Report and ride this the next year and a half straight into the WH. They could immediately have pressers and releases pointing out the obvious all before Obama is done 'umming and aahing' and have the Obama Administration looking stupid to even the most idiotic of the uninformed public.

But most Repubs are establishment cronies and also political pussies. I doubt we'll see any conservative in office use this to their advantage as best as they possibly could.

[voteNRA]

"I agree. It is hard for me to tell if we are over reacting or not. I have never seen the things happening that are happening now. I remember the Carter years and things were bad but the Carter administration was nowhere near was mendacious, lawless or as anti-American as the Obama hope and change crew."

Exactly my dilemma, I have no reference to apply to the current situation. I was born during Carter and have been told how tough it as then, however my entire life has been spent living in the "Carter recovery".

Fast forward to the "Jug" - eared Kenyan phase

The last 3 years have sucked and I went through the higher education system and came out with an Engineering degree.

I'm not going to be the one to bitch about things, however life has been noticeably better just a few years ago. Everything has since has gone to shit and I am getting a little pissed!

Sorry I have cursed a couple of times. I will play the "we are all sinners" card but I'm sure to no avail - sincerely I have really HAD ENOUGH - don't know how to say it otherwise

[jospehm20]

I hope you are wrong but I do agree with you.

[newzjunkey]

The House, under Boehner, passed a plan with bipartisan support that would have averted this downgrade on put us on the right path: "Cut, Cap & Balance" (HR 2560).

What did Obama & the obstructionist Senate say?

Harry Reid: "Over, Done, Dead"

White House: "Duck, Dodge and Dismantle."

[TigersEye]

As I just said on another thread; S&P might adjust our rating down another notch because of this response from the WH. They mostly crunch numbers but they mentioned “uncertainty” about policies in their report and 0bungles just gave them a reason to include “instability” in their assessment.

[jospehm20]

I am in the same boat. I got the required degrees and I am OK so far, but things generally suck compared to life before Obama. My wife is in real estate, she has really been beaten down the last couple of years.

[Praxeologue]

Obama: "It's a bum rap!"

By disputing S&P's revision, Obama is taking ownership of the issue.

He cannot now blame Republicans or the Tea Party.

[voteNRA]

God bless you and your wife!

Times suck and its hard to make things work but If you happen to hold that "engineering" degree I have an idea for you.

get certified in "mold remediation"

The jobs are there, even from Texas - drive up 35 and start offering professional opinions. Money is to be made, skip the real estate but your services will make money - I can almost promise it!

[NoLibZone]

"By disputing S&P's revision, Obama is taking ownership of the issue.

He cannot now blame Republicans or the Tea Party. "

Bingo!

[Dark Knight]

S and P was not first. Dagong downgraded us IIRC from AAA to A+ in November and a couple of days ago, before the Ceiling increase vote, downgraded us again to A.

http://news.yahoo.com/chinese-agency-downgrades-us-credit-rating-014637515.html

It does not matter what a debtor bank says your credit rating is, it is the people that own your debt that matters.

DK

[SueRae]

One of the biggest difference I see between now and then is that 33 years ago, we still had a LOT more manufacturing in this country. We made everything from appliances to toys to spacecraft. The outlook for someone such as yourself in engineering was far far brighter.

I’ve spent nearly all of my working career in manufacturing and alongside of some of the best engineers in the world. But it was and has been dwindling to a drip these days and it’s our own damn fault.

I would love nothing more than to come up with a really good idea that people would need, that I could employ 50-150 people here in this country to produce it. But I’m not an engineer (couldn’t handle the math)and haven’t yet come up with that great idea.

I wish you well in your Engineering career, maybe YOU will be the one to develop a great idea into a profitable company. The future of this country has and always will be dependent on American ingenuity.

But we have to work very hard to unwind the regulations/mindset of off-shoring our manufacturing and make it more enticing to do business here in this country. And that will be the work of the future. I still think it can happen but it’s going to take time.

Hang on a little longer...after Carter, we got Reagan, I’m hoping for brighter days ahead after these dark ones.

[jpsb]

"S & P are a professional financial rating agency"

Are these the same people that rated junk mortgages and derivatives triple A? As I recall it was all those AAA investments that caused the crash of 2008. If so then I think they are lucky they are not in jail for fraud.

[plangent]

And just think, The Democrats had it within their power to pass “Cut, Cap and Balance”.

[olezip]

“To avoid a downgrade, S&P said the United States needed to not only raise the debt ceiling, but also develop a “credible” plan to tackle the nation’s long-term debt.”

[Rome2000]

The only way to begin to reverse this is to call out the marxists in Congress and the press by name and harass, investigate, and where justified imprison them.

Zero tolerance for marxism in US Government, make it part of the oath of office.

Make deficit spending and voting for deficit spending a CRIME except in case of war declared by Congress.

Make voter fraud a crime punishable by a minimum sentence of 25 to life.

Make all voters re-register to vote under strict controls.

[Earthdweller]

"And just think, The Democrats had it within their power to pass “Cut, Cap and Balance”."

The People's House passed it. The Dem Senate blocked it.