Posted on 08/05/2011 6:52:37 PM PDT by NoLibZone
great chart in #51.
...and Boehner couldn’t even cut 10% off the 2009 budget,
which is clearly vastly bloated?
we need adults in congress.
working American families know how to balance a budget in less than 10 years.
if Boehner, McConnell, and West can’t, then they should quit.
and if they had done NOTHING, but “hold the line”,
then the debt ceiling WAS a “balanced budget amendment”,
FORCING the cuts we need, to save our children’s future!
I said to my wife today that it might be dangerous going to the grocery store. People standing around out front will KNOW you got cash.
Yup - u nailed it.
Prepare to me hammered with administration and msm reports that the Bush tax cuts and any continuence of them forward is the reason for the downgrade. Plus, S&P is clearly advocating for “revenues” in general.
Markets on monday will be hell but believe me....
MSM will absolutly crusify “the Bush Tax Cuts” for causing this. And woe be to anyone advocating their continuance past 2013.
AA Obama, the Afirmative Action President.
Given the fact that the Obama Administration absolutely ballooned the size of the US debt since January 2009, I'm not surprised it's come to this. Maybe this will finally force the Administration to do two things:
1. Reduce the size of government in general, including cutting baseline spending by substantial margins.
2. Overhaul the income tax system to reduce compliance costs, reduce the maximum income tax rate, and encourage savings and investment in the USA.
Once these two steps are taken, the US economy will truly recover, and we'll get back the AAA rating.
By the way, the sovereign debt crisis in Europe could end up downgrading ALL the countries in the Eurozone, because if Italy defaults the rest of the PIIGS (Portugal, Italy, Ireland, Greece and Spain) may soon follow, and that could seriously hurt banks in Germany, France, and the UK, the supposedly "safe" countries in Europe. Even Switzerland may not be safe: who knows how much Swiss banks have invested in the PIIGS countries.
I don't believe we do. Hell 90% of the country still doesn't realize the extremely serious and for many, fatal, situation they face.
Our nation is unraveling daily at an ever increasing pace. I believe we have passed the failsafe point and are going to have to suffer the consequences regardless of what happens in the 2012 election. If there is a 2012 election.
I think S&P is signaling it wants to see new taxes in the mix. It states early in the report that it is indifferent to the proportion of taxes and spending cuts, but the insinuation is there. And besides, even being evenhanded about it plays into Obama's hands since the problem is clearly spending, not revenues. Revenues have remained fairly constant as a percentage of GDP but spending has continually grown. Remaining neutral to this fact tilts things in his favor.
Wrong. Boehner should be tarred, feathered, and run out of Congress on a rail. I am not being funny. I mean this.
Ditto’s.
He may have been a lame duck but he didn’t have to sign TARP ... they weren’t holding a gun to his head ... or were they?
thank you progressive movement - obama just a tool
S&P wants more revenue. I’m surprised that they made no mention of the Balanced Budget Amendment. The House should pass BBA job 1 when they get back in session.
Obama ran off to Camp David knowing what S&P would be saying this evening. It is real easy to avoid answering any questions at Camp David.
The administration's initial reaction was to claim a math error. EXCUSE ME - S&P knew for a long time the political impact of this downgrade so it is highly unlikely there are math errors. This isn't a college paper produced the night before.
Finally, the most recent debt plan was all smoke and mirrors - immediate credit based on the promise of future cuts.
To have prevented this downgrade the budget agreement needed to have the debt increase and spending cuts to occur at the same time. After all, the Congress of 2011 can not guarantee the performance of the Congress of 2016 - unfortunately, our history proves this.
The unstated problem, IMHP, was the release of massive new regulations that are going to slow or cripple any future growth.
The real test of this issue will be the Sunday news programs. Will the current crop of Congress Critters address corrective action or form their infamous circular firing squads? Me, I am buying the best ballistic body armor I can find!
I'm certainly not saying Bush was perfect. He did much I did not agree with. But we have had another President in the WH since 2008. It's time to hold him responsible. I'm sure, like you, he'll be blaming Bush for all the bad things that have happened under his watch come monday morning.
I beg to differ.
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