U.S Credit Rating Has Been Downgraded

[okafor]

S&P has downgraded from AAA to AA+. With blame enough for both Democrats and Republicans, the credit rating organization explained:

S&P Downgrades U.S. AAA Bond Rating To AA+, Outlook Negative | TPMDC

"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, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process," reads a statement from S&P. "We also believe that the fiscal consolidation plan that Congress and the Administration agreed to this week falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade."

 

[variant]

S&P has downgraded from AAA to AA+. With blame enough for both Democrats and Republicans, the credit rating organization explained:

S&P Downgrades U.S. AAA Bond Rating To AA+, Outlook Negative | TPMDC

"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, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process," reads a statement from S&P. "We also believe that the fiscal consolidation plan that Congress and the Administration agreed to this week falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade."

So, no one really gets what they want and we get downgraded anyway.

Good job government. Way to use a sort of limp wristed political brinksmanship to scare the world into another recession.

 

[Satt]

I hope everyone on this forum votes next year.

 

[variant]

The most important thing is that the other party gets blamed here, that was the reason for all this idiotic political theater.

The political parties are out to win and not to represent our interests at all.

 

[Satt]

The most important thing is that the other party gets blamed here, that was the reason for all this idiotic political theater.

The political parties are out to win and not to represent our interests at all.

Amen. The two party system has failed us.

 

[okafor]

The most important thing is that the other party gets blamed here, that was the reason for all this idiotic political theater.

The political parties are out to win and not to represent our interests at all.

Seeking political advantage was a large part of it, but don't underestimate the fact that the parties represent significant ideological differences on the role of government. Even if we assume entirely principled positions, we still have the problem of irreconcilable differences.

 

[Wolseley]

It was inevitable.

But it's going to get worse. Welcome to the Third World, America.

 

[variant]

Seeking political advantage was a large part of it, but don't underestimate the fact that the parties represent significant ideological differences on the role of government. Even if we assume entirely principled positions, we still have the problem of irreconcilable differences.

No, the irreconcilable differences come from prioritizing seeking political advantage over seriously handling our problems like adults.

Why do you think S&P specifically mentioned inability to raise taxes or deal with the expanding costs of entitlements as a reason for its downgrade?

America’s financial position is not really that weak, we are just creeping up on becoming a failed society.

 

[okafor]

No, the irreconcilable differences come from prioritizing seeking political advantage over seriously handling our problems like adults.

Why do you think S&P specifically mentioned inability to raise taxes or deal with the expanding costs of entitlements as a reason for its downgrade?

America’s financial position is not really that weak, we are just creeping up on becoming a failed society.

I know why S&P mentioned it, they're concerned the level of debt is unsustainable. They signaled this even during the debate. The "spending cuts" agreed to in the debt deal are not actually cuts at all. Even if Republicans agree to tax increases, nothing is solved unless spending is cut even more. There has to be REAL spending cuts, not just reductions in planned increases.

 

[variant]

I know why S&P mentioned it, they're concerned the level of debt is unsustainable. They signaled this even during the debate. The "spending cuts" agreed to in the debt deal are not actually cuts at all. Even if Republicans agree to tax increases, nothing is solved unless spending is cut even more. There has to be REAL spending cuts, not just reductions in planned increases.

Right they can't agree to anything substantial, when the only viable solution is for both sides to make reasonable and tough decisions that will likely anger voters.

That is the problem, they want to win when they should be governing.

Your democrats don't want to make any concessions on long term entitlement reform and your republicans think that you can get out of debt by constantly lowering the amount of money the government takes in.

It is government by mass delusion.

 

[okafor]

Right they can't agree to anything substantial, when the only viable solution is for both sides to make reasonable and tough decisions that will likely angrer voters.

That is the problem, they want to win when they should be governing.

Your democrats don't want to make any concessions on long term entitlement reform and your republicans think that you can get out of debt by constantly lowering the amount of money the government takes in.

It is government by mass delusion.

Yes, they want to WIN because they feel they're RIGHT. Why on earth would someone compromise for the sake of "governing" if he feels the other party's policies are destroying the country? A time comes when it has to be said "No, no, no...no more!"

 

[variant]

Yes, they want to WIN because they feel they're RIGHT. Why on earth would someone compromise for the sake of "governing" if he feels the other party's policies are destroying the country? A time comes when it has to be said "No, no, no...no more!"

A. Because they are both fundamentally wrong each in their own odd and delusional way.

B. Because that (a complete failure of leadership in the midst of a crisis) is a much better, faster and more efficiant way to destroy the country.

The S&P is about as close to a nutral party as you are going to get (they essentially answer the question "should I loan money to these people"). Consider that you may be part of the problem and the solution makes itself more clear.

If you truly think your opposition has no merit whatsoever then democracy is not really the thing for you. You should stick to your principles and start shooting people who disagree with you.

 

[okafor]

If you truly think your opposition has no merit whatsoever then democracy is not really the thing for you. You should stick to your principles and start shooting people who disagree with you.

That's a solution liberals would follow, but not conservarives. We'll settle for defeating you and getting this gang of economically ignorant thugs out of power.

 

[variant]

That's a solution liberals would follow, but not conservarives. We'll settle for defeating you and getting this gang of economically ignorant thugs out of power.

Focused on defeating and slandering political opponents rather than any attempt at introspection, rational thought or solving any problems. I see it didn’t take anything but a nudge to get you back into the game.

Yet, you can't even admit that you are part of the problem.

I am merely stating what government via uncompromising factions looks like. It's called tyranny. You can act like it is a virtue all you like but you can't have it both ways. I'm sure everyone is for freedom and democracy as long as they get every last thing they want.

That's ok though we'll all go down together one way or another at this rate.

 

[Fantine]

From S&P:

"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, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process," reads a statement from S&P. "We also believe that the fiscal consolidation plan that Congress and the Administration agreed to this week falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade."

Attention, Tea Partiers. Our government needs more revenue.

 

[Harpuia]

That's a solution liberals would follow, but not conservarives. We'll settle for defeating you and getting this gang of economically ignorant thugs out of power.

You mean the Tea Party? Oh yeah, I can't wait to send them out of power. What they've done the last two months was showboat our debt and show they want to do nothing with it, just cut more taxes and give to the rich.

Oh yeah and Obama, Reid, and Pelosi too. It's not like they're really doing anything.

 

[allhart]

I wondered what the liberals would say about the whole down grade of our AAA rating if they would own up to their part in spending. This whole time they have been in denial. ....... Freaken killing me!

More and more money raised to spend.....AWESOME! That's ur solution?

 

[MachZer0]

I wondered what the liberals would say about the down grade of our AAA rating if they would own up to their part in spending. This whole time all they all have been in denial. ....... Freaken killing me!

More more money raised to spend.....AWESOME!

They'll blame it on Bush

 

[allhart]

They'll blame it on Bush

Hard to rationalize with those that can't see where they are at

What makes me sick is those that said we have plenty of money and aren't broke.

 

[allhart]

Obama has spent more money than all presidents to date in less than 2yrs and wait until we get a punch in the stomach with Obama-care