U.S Credit Rating Has Been Downgraded

[allhart]

And the time for that kind of acton is in 1992, nearly twenty years ago.

Ross Perot was right. Ironicly the last major candidate not from the intrenched party system.

Well how do people get out of debt? Cut ur out going and start paying off ur balance on accruing debt then take another job maybe both. Start by paying off the smallest ending on the largest debt...... Having snowball effect. Even considering selling off some assets. Gambling on future growth is absurd to me, especially with the amount of gross spending, inflation and Obama-care on the horizon..... Compounding more debt. We are at 100% of GDP

 

[variant]

Well how do people get out of debt? Cut ur out going and start paying off ur balance on accruing debt then take another job maybe both. Start by paying off the smallest ending on the largest debt...... Having snowball effect. Even considering selling off some assets. Gambling on future growth is absurd to me, especially with the amount of gross spending, inflation and Obama-care on the horizon..... Compounding more debt. We are at 100% of GDP

Yeah if I was saddled with debt I would take on more work and cut my spending. But that is what the S&P recommended and what people on this board seem to see as a deal with the devil.

Constant government deficit spending in good times and bad is in and of itself a bad idea. That way you end up with deficits in good times and massive deficits in bad conditions.

Economies though are momentum driven and they cycle.

But, running a deficit in bad times and surpluses in good times is actually a great way to do things, it would be the height of fiscal responsibility.

We should do that instead of mandating that the budget always be balanced, when in reality the budget should never really be balanced.

 

[allhart]

Yeah if I was saddled with debt I would take on more work and cut my spending. But that is what the S&P recommended and what people on this board seem to see as a deal with the devil.

Constant government deficit spending in good times and bad is in and of itself a bad idea. That way you end up with deficits in good times and massive deficits in bad conditions.

Economies though are momentum driven and they cycle.

But, running a deficit in bad times and surpluses in good times is actually a great way to do things, it would be the height of fiscal responsibility.

We should do that instead of mandating that the budget always be balanced, when in reality the budget should never really be balanced.

I respectfully disagree. I think most people on the boards and elsewhere are tired of their double dealing an their double talk. Congress never pays down our debt. Sense the 60's they have raised the debt
Ceiling over 70 times with no real change. They talk out of their necks. True blue Americans are tired of all our compromising that gets us double crossed. Insanity is doing the same thing over and over again expect a different result lol.

 

[QuestionAsker]

Sorry if this steps on some toes but, especially on economics, guess what?

Obama sucks.
Bush sucked.

Pelosi sucks.
Boehner sucks.

Reid sucks.
McConnell sucks.


1) End the wars.
2) Reform entitlements.
3) Close tax loopholes; mega-corporations should not pay less income tax than someone that makes $50k a year
4) Penalize shipping US jobs overseas.
5) Impose term limits; stop career federal politicians.
6) Vote out at least 2/3 of the incumbent Congress, as well as Obama.

Or... we can just borrow more money.

If the US Government was a family, they would be making $58,000 a year, they spend $75,000 a year, & are $327,000 in credit card debt. They are currently proposing BIG spending cuts to reduce their spending to $72,000 a year. These are the actual proportions of the federal budget & debt, reduced to a level that we can understand.

 

[variant]

I respectfully disagree. I think most people on the boards and elsewhere are tired of the double dealing an double talk. Congress never pays down our debt. Sense the 60's they have raised the debt
Ceiling over 70 times with no real change. They talk out of their necks. True blue Americans are tired of all our compromising that gets us double crossed. Insanity is doing the same thing over and over again expect a different result lol.

That’s a good reason to elect a better congress, not a good reason to act like you can balance a budget while running short on funds.

The credit rating downgrade will simply make it harder, and it makes it harder because people can't seem to come to reasonable solutions.

 

[allhart]

Thats a good reason to elect a better congress, not a good reason to act like you can balance a budget while running short on funds.

Well what do U do first Cut or spend? We have many of Americans that will pay more in taxes after we get some real reassurances. In writing......legislation reform!

I didn't want the down grade but obama and his cronies have no buyers remorse.

 

[variant]

Well what do U do first Cut or spend? We have many of Americans that will pay more in taxes after we get some real reassurances. In writing/ legislation

You do both. Taxes are at historical lows compared to GDP (15%) and spending is at historical highs compared to GDP (25%). The difference is the deficit.

It's not rocket science.

 

[allhart]

You do both. Taxes are at historical lows compared to GDP (15%) and spending is at historical highs compared to GDP (25%). The difference is the deficit.

It's not rocket science.

In compromise..... Good faith we have raised the debt ceiling and at what cost ...... Credit down grade. Time to cut first. We need a real tax code reform. GDP is at 100%

 

[variant]

In compromise..... Good faith we have raised the debt ceiling and at what cost ...... Credit down grade. Time to cut first. We need a real tax code reform. GDP is at 100%

The downgrade comes from the intractable political position not an inability to actually fix the problem with prudent action.

The debt deal was actually weak on both fronts and didn't address any of the core issues that need to be addressed. It was the kind of compromise that cowards do so as to not upset anyone and ends up upsetting everyone.

 

[Steve Petersen]

I'm glad someone is trying to put the brakes on run away spending. The Washington establishment is completely unable.

 

[allhart]

The downgrade comes from the intractable political position not an inability to actually fix the problem with prudent action.

The debt deal was actually weak on both fronts and didn't address any of the core issues that need to be addressed. It was the kind of compromise that cowards do so as to not upset anyone and ends up upsetting everyone.

Are we run to something or away from something?

 

[variant]

Are we run to something or away from something?

I have no idea what you're talking about.

 

[allhart]

I have no idea what you're talking about.

I just saying those like myself that u disagree with. Am I working towards something or away from something. I can't see no light to guide my way, even for the 18% of Americans that are unemployed not saying any thing fir the under employed.

 

[Non sequitur]

I just saying those like myself that u disagree with. Am I working towards something or away from something. I can't see no light to guide my way even for the 18% of Americans that are unemployed nit saying any thing fir the under employed.

What?

 

[allhart]

What?

Dude debt is a threat to all state, local, households and businesses balanced budgets. Never seen any one look for work at a down sizing company. Am I running to something or way from something....... Better yet never worked for s poorman before.

 

[variant]

I just saying those like myself that u disagree with. Am I working towards something or away from something. I can't see no light to guide my way, even for the 18% of Americans that are unemployed not saying any thing fir the under employed.

I don't see what this has to do with the current discussion.

Unemployment isn't going to go down because the government spends less it will go up. The balanced budget amendment you are for will actually make the dips and recessions worse for the average person rather than better.

The point of the deficit issue is to have a government that is sustainable and responsible and not intractably moving toward an inevitable collapse that ruins everything for everyone. That is going to be very painful in the short term if you really want to do it in the worst recession since the great depression.

 

[Wolseley]

The big bang couldn't have given us any morals, because the second law of thermodynamics would have burned up randomly, monkeys would have never invented DNA and there are no Boeing 747 fossils that were all laid down in Noah's Ark.

Case closed!

What?

 

[allhart]

I don't see what this has to do with the current discussion.

Unemployment isn't going to go down because the government spends less it will go up. The balanced budget amendment you are for will actually make the dips and recessions worse for the average person rather than better.

The point of the deficit issue is to have a government that is sustainable and responsible and not intractably moving toward an inevitable collapse that ruins everything for everyone. That is going to be very painful in the short term if you really want to do it in the worst recession since the great depression.

Gov't doesn't create jobs.

 

[variant]

Gov't doesn't create jobs.

Yes it does. The private sector employed 25 million people in 2005 for instance and that is not counting the people who work with the government instead of for it.

Less government spending will absolutely decrease the number of jobs in the short run.

 

[Non sequitur]

What?

What, what?