The way the media is portraying Standard & Poor's credit rating downgrade, you'd think this was the economic equivalent of Captain Willard's dark and dangerous descent into war-ridden Vietnam.
S&P; took a hammer to American morale by announcing it was downgrading the country's credit rating from AAA to AA+, which means the interest rates on our exorbitant debt ($14.4 trillion) could go up significantly, which is bad news for the government
and the public.
The market dropped around 3 percent early on into the first day of AA+ trading, which is bad but not catastrophic. Forbes called it "wobbly."
In lieu of facing the problem head-on, it seems the White House, Senate and Congress will continue to trade blame and point fingers while the stock market suffers.
Big surprise.
But don't get too worried. Moody's, another big-name credit rating agency, kept the U.S. at its AAA rating, claiming the country really isn't much worse off than other AAA nations, debt aside, and still possesses a large and diverse economy.
If we learned anything in the '30s, it's not to let the stock market freak us out too much.
Watch 'Poll Position' on Spike.com each Friday to see results.
They knew, they just did not give a god damn about your grandchildren paying off that higher interest rate.
Most Americans don't even understand that whole interest rate thing anyway. They think "AA" is just as good a "AAA", lol
Most Americans don't give a damn anyway. When our political leaders were acting like fools trying to solve the debt problem nobody really went out of their way to protest the foolishness of these grown men acting like children with Americas future.
I didn't see anyone attacking the White House trying to get in there to beat the crap out of those so called leaders !!!!
Nope, most Americans were out enjoying their new boat, car or camping gear, or that brand new giant screen TV, or trying to finance that new iPod they want, hell who's got time to care about what the government is doing, lol.
We Americans have been trading our rights for "Stuff" for years now.
Ya know when Americans make a stand, lol, when the Census workers come knocking at our doors, lol, that's when we really get everything off our small minds by giving it to people who aren't really government workers, but temp....
They knew, they just did not give a god damn about your grandchildren paying off that higher interest rate.
Most Americans don't even understand that whole interest rate thing anyway. They think "AA" is just as good a "AAA", lol
Most Americans don't give a damn anyway. When our political leaders were acting like fools trying to solve the debt problem nobody really went out of their way to protest the foolishness of these grown men acting like children with Americas future.
I didn't see anyone attacking the White House trying to get in there to beat the crap out of those so called leaders !!!!
Nope, most Americans were out enjoying their new boat, car or camping gear, or that brand new giant screen TV, or trying to finance that new iPod they want, hell who's got time to care about what the government is doing, lol.
We Americans have been trading our rights for "Stuff" for years now.
Ya know when Americans make a stand, lol, when the Census workers come knocking at our doors, lol, that's when we really get everything off our small minds by giving it to people who aren't really government workers, but temp. government workers with no benefits, lol, that's when we unload all our gripes about government, to people who are not really the government, lol.
That's Americans mentality, they won't get the hell off the couch to make America better, they wait until government workers come to their homes to tell it like it is, and how pathetic is that.
I don't expect to see any real big changes in Americas politics as they are today, because no one is gonna do anything in this next election, like they say they are, lol.
I expect Obama to continue to destroy America as usual, and telling Americans all during that time everything is OK, lol, and Americans will believe him, like they do today.
But to bad the person that will win will have the most money and not the most brains or logic. There are allot of people who could turn America around, but they are not super wealthy, so they won't be given a chance to participate in our system that only allows the super rich to run as candidates.
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.
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.
We lowered our long-term rating on the U.S. because we believe that the
prolonged controversy over raising the statutory debt ceiling and the related
fiscal policy debate indicate that further near-term progress containing the
growth in public spending, especially on entitlements. . .
The act further provides that if Congress does not enact the committee's
recommendations, cuts of $1.2 trillion will be implemented over the same time
period. The reductions would mainly affect outlays for civilian discretionary
spending, defense, and Medi...
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.
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.
We lowered our long-term rating on the U.S. because we believe that the
prolonged controversy over raising the statutory debt ceiling and the related
fiscal policy debate indicate that further near-term progress containing the
growth in public spending, especially on entitlements. . .
The act further provides that if Congress does not enact the committee's
recommendations, cuts of $1.2 trillion will be implemented over the same time
period. The reductions would mainly affect outlays for civilian discretionary
spending, defense, and Medicare.
general government debt
would rise from an estimated 74% of GDP by the end of 2011 to 79% in 2015 and
85% by 2021. Even the projected 2015 ratio of sovereign indebtedness is high
in relation to those of peer credits and, as noted, would continue to rise
under the act's revised policy settings.
In short, the act didn't do anything except raise the debt. . .They should have cut spending and made a plan for future taxes, if debt didn't become controlled. . .Obama is right, but still part of the problem. . .This report shows the Tea party is on the right track.
As usual you Obamalovers have to place the blame on somebody other than the 2/3 of the government you control.
In its report Friday, S&P ruled that the U.S. fell short: “The downgrade reflects our opinion that the … 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 also cited dysfunctional policymaking in Washington as a factor in the downgrade. “The effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges.”
"dysfunctional policymaking " by a democratic controlled government. Not the Tea Party.
"Congress and the Administration" 2/3 of which democrats control - Not the Tea Party
If you Obma Cultists ever wake up, we might actually be able to save this country.
"S&P changed (their) assumption on this BECAUSE THE MAJORITY OF REPUBLICANS IN CONGRESS CONTINUE TO RESIST ANY MEASURE THAT WOULD RAISE REVENUES".
Give me a link to that statement.
And it was Harry Reid that said he would not even let the House Budget that would have been better get a vote. Partly because it Defunded Planned Paretnthood, and a couple other of his pet projects.
Reid and obie pablum.
DEMS effing America over and lying about th edebt decrease and STILL their stupid sheeple listen.
Bruce Bartlett, one of Reagan's former top aides, said a few days ago that "Obama is a moderate conservative". And he is 100% right.
But many Republicans, Paul Ryan is one, are YOUNG AND SENILE.