Yes Republicans, there IS a global test...

So today I wake up to read about the downgrade in our credit rating...

www.cnn.com...

And I was very surprised to read the following

"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," S&P said Friday shortly after markets closed.

So the S&P and other credit rating agencies sit in judgement of our congress... so there IS in effect a Global Test...

Now the representative from the S&P goes on to point out specifically one of the issues that greatly contributed to the downgrade.. and it's the Bush Tax cuts...

He pointed to the decision by Congress about whether to extend the 2001 and 2003 tax cuts as one crucial area. "If you let them lapse for the high-income earners, that could give you another $950 billion," he said.

You see Republicans... we do NOT live in a vacuum where we can do whatever we want... there IS a global test... one that we are now very painfully aware of....

Hopefully moving forward we will realize that there are consequences to our actions in the eyes of those who judge us and have the power to make that judgement a global and economic reality.

And for those who still believe it's Obamas policies... listen to what the S&P says..

Asked who was to blame, Chambers said, "This is a problem that's been a long time in the making -- well over this administration, the prior administration."

reply to post by HunkaHunka

If the current administration had never spent they way they have, thn we'd not be in this mess in the first place.

Blaming republicans is a shallow and baseless argument.

reply to post by beezzer


Evidently you didn't read the words of the guy from S&P... he clearly stated the reasons... and they weren't Obamas policies...

He pointed to the decision by Congress about whether to extend the 2001 and 2003 tax cuts as one crucial area. "If you let them lapse for the high-income earners, that could give you another $950 billion," he said.

You really should read the full OP and reflect before posting

And you chose to focus on "class warfare".
Massive spending cuts would also assuage the world( our investors).

Bring our military HOME. All of it.

Sell the facilities/improvements to the country for .60 on the dollar.We can keep our foreign aid too.Since they are so worried about Our checkbook.
added:"
reinvest it in u.s. bases/facilities( communities)
Reinstate "import tariffs". Help our manufacturing base; produce goods here.(puthe child sweat shops out of business).
Isn't that what you call "social justice"?"

reply to post by 46ACE



I didn't say the reason was the tax cuts... the S&P said it was...

So perhaps THEY are engaging in class warfare? I think not.

Once again... from the S&P

He pointed to the decision by Congress about whether to extend the 2001 and 2003 tax cuts as one crucial area. "If you let them lapse for the high-income earners, that could give you another $950 billion," he said.

Not my words... His

This situation started when Congress signed the federal Reserve act in 1913. its been coming for a long time, Republicans and Democrats alike are to blame for this situation. you can point to one instance of a republican making stupid mistakes, but you can point to many done across the isle as well. basically getting a new credit card to pay off one that is at its limit is to blame.

Peace

reply to post by HunkaHunka
I've done nothing but read about this issue. Focusing on increases in taxes is myopic at best. No one, apparently, has the stones to admit that this administrations keynesian spending tactcs have caused this.

reply to post by HunkaHunka


The tax cut expiration is nothing but a band-aid. It may have delayed the down grade, but that is all. These rating agencys are looking for $4T in cuts and the $950 in additional tax revenue is not going to make up the difference between where we are and where they want us to be.

The country needs to CUT spending. Not slow the growth of spending. These tax cuts have no real impact other than ideological on this entire debt debate. Were you to come up with a proposal that took federal spending back to 2008 levels over two years, few folks would give a rip about what happens to these tax cuts.

All this downgrade does is shows the utter incompetence of both the administration and Congress.

There is a big surprise - these folks are not prime-time players. I'm sure that nobody knew that. The very reason the debt got downgraded is because these folks are empty suits who are fundamentally not serious about dealing with the debt. If somehow they raised the debt ceiling while simultaneously passing hard legislation to cut the government by $4-6T over 5 years our debt picture would be worse today than it currently is and we would not have been downgraded. The credit downgrade is nothing but a vote of no confidence in this administration.

Despite the down grade. When the markets continue to have massive volatility where will the money be flowing? US Treasurys, be them AAA or AA+.

Originally posted by beezzer
reply to post by HunkaHunka

 

I've done nothing but read about this issue. Focusing on increases in taxes is myopic at best. No one, apparently, has the stones to admit that this administrations keynesian spending tactcs have caused this.

A crucial reason the S&P downgraded us was because of these tax cuts... they are focusing on them... shouldn't we?

He pointed to the decision by Congress about whether to extend the 2001 and 2003 tax cuts as one crucial area. "If you let them lapse for the high-income earners, that could give you another $950 billion," he said.

You've read a lot.. but did you read what the S&P said the reasons were? If you did you would find that it's the tax cuts... and not Obamas admin. They said that flat out...

reply to post by dolphinfan


Did you not read what the guy said?

This isn't my opinion... this is a CRUCIAL REASON why S&P downgraded our credit rating...

This is reality

He pointed to the decision by Congress about whether to extend the 2001 and 2003 tax cuts as one crucial area. "If you let them lapse for the high-income earners, that could give you another $950 billion," he said.

Originally posted by HunkaHunka
reply to post by beezzer

 

Evidently you didn't read the words of the guy from S&P... he clearly stated the reasons... and they weren't Obamas policies...

He pointed to the decision by Congress about whether to extend the 2001 and 2003 tax cuts as one crucial area. "If you let them lapse for the high-income earners, that could give you another $950 billion," he said.

You really should read the full OP and reflect before posting

edit on 6-8-2011 by HunkaHunka because: (no reason given)

Yep, all the doing of the evil GW Bush.

Obama had no hand in this what so ever.

So why did he taught the debt ceiling being raised as SO important?
Why is it that you left out the fact that man-child Obama is pushing back stating that the issue is a 2 trillion dollar miscalculation on the part of the credit rating company?
If spending where not the issue, then this would not be an issue.

Spending, plain and simple.

If Obama and the Govt weren't spending like a drunken sailor, then this would not have happened.


But, again. It is the fault of Bush and the Tea party

Sure sure.

Lowering the nation’s rating to one notch below AAA, the credit rating company said “political brinkmanship” in the debate over the debt had made the U.S. government’s ability to manage its finances “less stable, less effective and less predictable.” It said the bipartisan agreement reached this week to find at least $2.1 trillion in budget savings “fell short” of what was necessary to tame the nation’s debt over time and predicted that leaders would not be likely to achieve more savings in the future.

Politics. Not taxes.

S&P’s downgrade was as much a political critique as a financial conclusion. It is based on a view that U.S. political leaders would be unable to come up with at least $4 trillion in savings, which is needed to bring the nation’s debt to a manageable level over the next decade.

Politics. Not taxes.

S&P added that it expects that the upper income Bush-era tax cuts will continue, despite vows from Obama to end the breaks next year.

“The majority of Republicans in Congress continue to resist any measure that would raise revenues,” the firm said.

www.washingtonpost.com...


But lets just focus on the tiny bit about taxes. Myopic.

reply to post by macman


Another non reader...

Asked who was to blame, Chambers said, "This is a problem that's been a long time in the making -- well over this administration, the prior administration."

He clearly states it's not because of Obama....

reply to post by beezzer


He clearly stated that

He pointed to the decision by Congress about whether to extend the 2001 and 2003 tax cuts as one crucial area. "If you let them lapse for the high-income earners, that could give you another $950 billion," he said.

Words from the S&P, not a pundit... not a paraphrase

Yes the political brinkmanship brought by the Tea Party sealed the deal... but the underlying reasons... Tax Cuts

If you ask me, the myopia is on your side... by failing to see what the S&P has actually said.

Originally posted by HunkaHunka
reply to post by macman

 

Another non reader...

Asked who was to blame, Chambers said, "This is a problem that's been a long time in the making -- well over this administration, the prior administration."

He clearly states it's not because of Obama....

Yep, again. The Evil GW...

Originally posted by HunkaHunka
reply to post by macman

 

Another non reader...

Asked who was to blame, Chambers said, "This is a problem that's been a long time in the making -- well over this administration, the prior administration."

He clearly states it's not because of Obama....

Funny, he doesn't blame Bush either.

reply to post by sonofliberty1776


Nope... but he does blame the tax cuts... that originated in that admin.

He pointed to the decision by Congress about whether to extend the 2001 and 2003 tax cuts as one crucial area. "If you let them lapse for the high-income earners, that could give you another $950 billion," he said.

Originally posted by HunkaHunka
reply to post by macman

 

Another non reader...

Asked who was to blame, Chambers said, "This is a problem that's been a long time in the making -- well over this administration, the prior administration."

He clearly states it's not because of Obama....

So if the debt ceiling was not raised, would the rating have gone down still???


By the statement above, yes.

If it solely based on the tax cuts of those years, Obama could not do anything to fix it.

Alas, the Tea Party is not to blame either, because after all, it is GW's fault regardless.

reply to post by HunkaHunka


I agree and further blame the Teaparty for helping to show the world the nasty business under our skirts.

How is their public "outing" any better than Bradley Manning offering up military and economic secrets for the rest of the world to go over with a fine tooth comb and then find things to criticize us about?

Although I might agree with the premise of the Tea Party and some of their complaints, what they did in effect to their American Family is call their own mother a whore and their own dad a deadbeat so loudly and so publicly clearly agitated they made the rest of the world look over and say there is something wrong in this house.

Yeah thanks a lot.
i feel better now.

O know I will be attacked and quickly because one thing about these fanatics is that everything is a highly charged emotional issue and common sense, logic and reason do not enter into the discussion.
It is all about Obama...as if this is the first President we ever had and it is just not working out.
He won the election they should have just sucked it up and waited until 2012 to wage their war.

Now the war is on us. And it will get worse before it gets better.
Shame is it didn't have to be this way. And what have we gained?

A populace that fancies itself educated and political.
An ignorant white trash uprising. Nothing more.

Originally posted by sonofliberty1776

Originally posted by HunkaHunka
reply to post by macman

 

Another non reader...

Asked who was to blame, Chambers said, "This is a problem that's been a long time in the making -- well over this administration, the prior administration."

He clearly states it's not because of Obama....

Funny, he doesn't blame Bush either.

Prior means before.

Who was before Obama?