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S&P downgrades U.S. credit rating to AA+

posted 8/5/2011 10:17:53 PM |
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tagged: politics, money, straddle, economy
  StraddleMyNose

Looks like it's finally happened. This has never happened to the U.S. ever before. Am I surprised? Yes and no.....Yes, that I can't believe that this has happened to the best country in the world that's had the best economy worldwide (well, until now) since the 40's.

But then the writing was on wall for some time now. For the debt ceiling agreement, congress could have done a better job with an agreement reducing spending 4-5 trillion over the next ten years instead of the one trillion they settled on.

Apparently, S&P didn't think that the U.S. was taking our debt very seriously. I can't really blame them much for feeling that way, especially after seeing this debt ceiling agreement. Would this have made any difference with our credit rating with S&P if we had agreed to cut 4-5 trillion in spending over the next ten years? Perhaps S&P would have been satisfied enough to leave our credit rating the same if we HAD made some serious cuts in our spending without the tax revenue.

Or maybe S&P wanted both the 4-5 trillion cuts in spending and the tax revenues? Nah, I think the 4-5 trillion in spending cuts would have kept our credit rating the same with S&P..... But then who knows what they (S&P) would have done.

For the record, we have had a AAA+ rating since 1917.

Any thoughts?

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Comments:

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40DWM

Aug 5 @ 10:57PM  
Obama, Pelosi, and Reid have worked VERY hard to get this far, and plan on doing lots more damage.
They won't rest, 'till we are Western Greece.
Wordsofwit

Aug 5 @ 10:58PM  
I don't think that anybody is surprised. In a nutshell, it is a warning shot across the bow. A lot is going depend upon how effective that "super committee" is at coming up with policies to cut spending and increase revenues, and if the leaders of both parties can get a buy in from their people. The stagnation and gridlock are as big of factors as any in this.
RamblinBob

Aug 5 @ 11:54PM  
The other night I saw a great interview of David Stockman, Ronald Reagan's budget director.

Stockman said you could appoint Attilla the Hun to take an axe to our budget and there would not be enough acceptable cuts to solve the problem. He said without tax increases as well as cuts to Social Security and Medicare the problem won't be solved.

He added that in 1982, at the height of the economic downturn, Reagan agreed to tax increases to reduce an increasing deficit. He added that those tax increases did not inhibit the recovery that followed.

It's really easy to say "it's the fault of the other side." It's just as easy to say "both sides are at fault." I'm actually not going to do either.

I'm a Republican. I think Democrats are too unwilling to cut entitlements, but I'm equally frustrated that my party won't EVER consider raising taxes to even the level that we had under Ronald Reagan.

Obama and Boehner were on the verge of agreeing to a $4 trillion package that included $3 trillion in cuts, including cuts to entitlements, and $1 trillion in tax increases. I thought it would have been a huge win for America, and probably would have prevented the downgrade.

I'm sorry to say it was Speaker Boehner who walked away. I believe he wanted to do it, but feared losing his Speakership if he proposed the package. He lacked the courage to act, and as much as I'm not a fan of President Obama, Obama was right this time.


40DWM

Aug 6 @ 12:12AM  
Mack from Florida proposed the "Penny Plan", which would do it.

The 'old guard' GOP and the Liberal/progressives were against it, as
it cuts their hog trough feeding frenzy. Had it been passed, we'd
probably still be AAA and solvent in 7 years. Anything less is smoke and mirrors.

somnium

Aug 6 @ 12:37AM  
None of this should even be happening! What we have are politicians that aren't responsible for what they do and so, they do what ever they want and get away with it, with no fear of reprisals! What this and the previous administrations have done to our economy to me, is nothing short of a blatant crime spree, and the people involved in every twist in the road that got us in this mess, should be ferreted out and prosecuted as the criminals that they truly are.

Get prepared to live under a new class existence- that of a peasant society, with virtually all our wealth transferred to the government! And none of the politicians have the balls to stand up and fight for what is right for our country- they're afraid of jeopardizing their approval rating- all in the name of politics! POLITICS- the dirtiest, most evil so called 'profession' ever created by the lowest, bottom feeding scum bags, that ever lived on this planet!








Strega

Aug 6 @ 2:13AM  
I know no one wants to hear more taxes but we can't keep borrowing money. And I know everyone is always tax them but leave me alone. The budget does not need to be cut on the backs of the elderly and the poorest people in this country. And top 1% need to start paying their share because they don't. Someone who made twenty thousand should not be paying more taxes than someone paying twenty million and in many cases they are. And if a business wants tax cuts they should be making jobs in this country not China. No new American jobs and you are a large corporation.... kiss your tax break good bye.

What they need to do is take every program one at a time and look for cuts in them where money is wasted. For instance the mlitary will pay $20.00 for an item from a contracted supplier when they could buy the same thing downtown for $12.99. They should be able to buy it for the $12.99. Then there is medicare and medicaid which are needed however I think there should be limits set on what doctors can charge for their services because many of them charge the program way more than they do their other patients.

I bet if we did away with the wasted money that most of these programs would be coming in under budget in the first place. And if we can keep ourselves out of wars for a couple of years. War is expensive and we can't afford it.
Strega

Aug 6 @ 2:23AM  
oops that should have been making twenty million not paying twenty million because we all know that they do not do that. LOL
sugarnspice005

Aug 6 @ 5:45PM  
S&P, in a statement Saturday, said the U.S. was downgraded based on the "current level of debt, the trajectory of debt as a share of the economy, and the lack of apparent willingness of elected officials as a group to deal with the U.S. medium term fiscal outlook." The changes S&P made to its analysis didn't alter its rating decision, it said.

S&P Downgrade article

As Som put it: None of this should even be happening! What we have are politicians that aren't responsible for what they do and so, they do what ever they want and get away with it, with no fear of reprisals!

Almost the same thing S&P said, and what I've been saying...THEY DON'T WANT TO WORK TOGETHER IN CONGRESS! BOTH SIDES. All of them up there need to grow the f**k up and act like responsible adults instead of the incessant goddamned bickering they've been doing!!! Right now there is not ONE person up there in Congress I would cast a vote for after watching this debacle of the past few months!

RevDocLove

Aug 6 @ 7:13PM  
AMEN Dawn

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S&P downgrades U.S. credit rating to AA+