AP: USA downgraded by S&P

[Heisenberg]

Lets keep in mind the Democrats are only willing to raise the taxes on the wealthy. Mostly because the have such a small voting bloc.

:rotflmao:

Yeah, the super rich have absolutely no impact on who wins elections.

[Madison Redskin]

Thanks for posting that, I particularly liked this part:

You're welcome. That was my personal favorite too.

[The 12th Commandment]

Lets keep in mind the Democrats are only willing to raise the taxes on the wealthy. Mostly because the have such a small voting bloc.

Mostly because they're the ones with the money.

I don't get the whole "entitlement" thing. We pay for that stuff, we've prioritized it, cut some other ****.

[Springfield]

You're welcome. That was my personal favorite too.

Reading that leads me to strongly believe that we wouldn't be having this conversation if we would have just raised the debt ceiling, end of story.

[Fat Stupid Loser]

S&P specifically mention that taxes need to go up. Now, who do you blame for not wanting to raise taxes? Yup, tea party.

Well the TP and most economists believe raising taxes will cut the arms off of a paraplegic economy, thus actually lowering tax revenue. At this point that may not at all be our biggest problem. But if the left is serious about raising taxes and about people paying their fair share, then the bottom 50 % of wage earners in this country who PAY NO INCOME TAXES to the federal government are going to have to SHARE IN THE SACRIFICE. Wouldn't you say? They are the only ones who are really not paying their fair share.

[twa]

It's not clear to me that any elected officials get to be included in my definition of adult here. I agree with you completely, it should have come up for a vote.

The gang of six are elected...as are the supposed supporters for their un-submitted plan.

Talk is cheap....at least the Tea Party got minor cuts,how about the 'adults' man up and actually submit some minor tax changes?

[Slateman]

Obama will save us

[abdcskins]

Check this out. It's interactive and it shows many of the options there are out there for balancing the budget. Pretty much everything across the board needs to be cut or curtailed in order to have a balanced budget. Programs that are champions of the left and right will need to be touched. That's what makes it so hard.

http://www.nytimes.com/interactive/2010/11/13/weekinreview/deficits-graphic.html

Thanks Springfield. That is interesting. Also overwhelming....guess that's why I mostly ignore it haha.

It's been a long week at work, time to go drink a Corona on the couch.

It'll be okay guys, I swear. Move to Zimbabwe if you want to see a bad economy and people struggling. Just focus on making a decent buck and helping your fellow people and I swear you will be alright. We are very fortunate. God bless America (and I don't even believe in God).

[Springfield]

Well the TP and most economists believe raising taxes will cut the arms off of a paraplegic economy, thus actually lowering tax revenue. At this point that may not at all be our biggest problem. But if the left is serious about raising taxes and about people paying their fair share, then the bottom 50 % of wage earners in this country who PAY NO INCOME TAXES to the federal government are going to have to SHARE IN THE SACRIFICE. Wouldn't you say? They are the only ones who are really not paying their fair share.

I'm probably in the bottom 50%, I wouldn't mind paying more taxes. If I were in the top 10%, I certainly wouldn't mind paying more taxes.

Repeal the Bush tax cuts. We didn't have any problems expanding our economy before those cuts.

[SWFLSkins]

Well I guess I'm not buying that home now.

It won't be an outside power that kills America's superiority, we'll do it ourselves.

a divided house fails.

[Madison Redskin]

Reading that leads me to strongly believe that we wouldn't be having this conversation if we would have just raised the debt ceiling, end of story.

Had Congress raised the debt ceiling without much fanfare, there's a decent chance the S&P would not have downgraded our credit rating today. It's pretty clear the tenor of the negotiations inside the Beltway (i.e., "You want to talk? **** you! Give me what I want and I'm not budging a ****ing inch") is making market analysts rather nervous. However, it's equally clear that, absent serious spending cuts and revenue increases, the S&P would have downgraded our credit rating at some point.

[Springfield]

The gang of six are elected...as are the supposed supporters for their un-submitted plan.

Talk is cheap....at least the Tea Party got minor cuts,how about the 'adults' man up and actually submit some minor tax changes?

The gang of six was a bi-partisan committee. Dick Durbin was on the Daily Show last night... basically said that they didn't have enough time. Their plan wasn't finalized with enough time to push it through congress.

[Fergasun]

This is a problem that folks have been talking about for decade or so.

The biggest driver to this has got to be the unfunded entitlements. We're about to have a ton of boomers collecting benefits pretty soon. It makes it a heckuva lot easier for them to handle cuts under the rationale that our credit rating is at risk. That'll show them for voting for a bunch of promises over the past 20 years that had no way of getting filled without huge tax increases onto the younger generations.

[mardi gras skin]

Reading that leads me to strongly believe that we wouldn't be having this conversation if we would have just raised the debt ceiling, end of story.

How in the world did you get that from this statement:

It appears that for now, new revenues have dropped down on the menu of policy options. In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements, the containment of which we and most other independent observers regard as key to long-term fiscal sustainability.

Raising the debt ceiling would have led them to believe we were serious about cutting entitlements and and raising taxes? How does that happen?

[Springfield]

Had Congress raised the debt ceiling without much fanfare, there's a decent chance the S&P would not have downgraded our credit rating today. It's pretty clear the tenor of the negotiations inside the Beltway (i.e., "You want to talk? **** you! Give me what I want and I'm not budging a ****ing inch") is making market analysts rather nervous. However, it's equally clear that, absent serious spending cuts and revenue increases, the S&P would have downgraded our credit rating at some point.

Very true.

[Madison Redskin]

Well the TP and most economists believe raising taxes will cut the arms off of a paraplegic economy, thus actually lowering tax revenue. At this point that may not at all be our biggest problem. But if the left is serious about raising taxes and about people paying their fair share, then the bottom 50 % of wage earners in this country who PAY NO INCOME TAXES to the federal government are going to have to SHARE IN THE SACRIFICE. Wouldn't you say? They are the only ones who are really not paying their fair share.

Wait, so you believe: (1) all of us should "share in the sacrifice;" (2) the federal government should cut spending (which will disproportionately affect the poor and middle class); and (3) we shouldn't pass tax hikes (which will disproportionately affect the rich)? Do you see where I'm going?

[killerbee99]

Had Congress raised the debt ceiling without much fanfare, there's a decent chance the S&P would not have downgraded our credit rating today. It's pretty clear the tenor of the negotiations inside the Beltway (i.e., "You want to talk? **** you! Give me what I want and I'm not budging a ****ing inch") is making market analysts rather nervous. However, it's equally clear that, absent serious spending cuts and revenue increases, the S&P would have downgraded our credit rating at some point.

This...the Head rater from S&P said as much....the Tea Party had to just **** **** up with all the BS about holding stuff up before they voted to raise the damn debt ceiling

[Fergasun]

The Gang of 6 wasn't a bi-partisan committee. We had the Simpson-Bowles Commission which was voted against by both Republicans and Democrats (the House members). The Gang of 6 which was an ad hoc group of 6 Senators working on a Grand Compromise. The compromise didn't work because the Republicans didn't want any tax increases. And the GOP has the power to block legislation and get a foot at the table.

I think they may pay a little price in 2012 due to the fact that they aren't willing to compromise... they seem to think otherwise.

[twa]

I'm probably in the bottom 50%, I wouldn't mind paying more taxes. If I were in the top 10%, I certainly wouldn't mind paying more taxes.

Repeal the Bush tax cuts. We didn't have any problems expanding our economy before those cuts.

No problem if you also scale back entitlement spending to the same :evilg:

it ain't static,both the debt service and spending keeps growing.....the economy is not.

[Springfield]

How in the world did you get that from this statement:

Did you read the rest of it?

[killerbee99]

Wait, so you believe: (1) all of us should "share in the sacrifice;" (2) the federal government should cut spending (which will disproportionately affect the poor and middle class); and (3) we shouldn't pass tax hikes (which will disproportionately affect the rich)? Do you see where I'm going?

The bottom 50% who are barely scraping bye need to pay more taxes...some people just don't think before they type........that is Fat Stupid Loser

[HBnotBlades]

Its a great tool to check out. However it starts out with only a 418 billion dollar deficit in 2015.

We are running a 1.5 trillion now so no way thats right but wishful thinking

It's correct. The Bush tax cuts are set to automatically expire by that point, but that still leaves us $418 billion short.

[Fat Stupid Loser]

I'm probably in the bottom 50%, I wouldn't mind paying more taxes. If I were in the top 10%, I certainly wouldn't mind paying more taxes.

Repeal the Bush tax cuts. We didn't have any problems expanding our economy before those cuts.

Well, actually we did have problems expanding our economy before those. We were in a full blown recession. That's why they were done.

I could say the same thing about being willing to pay more taxes if I were in the to1% I suppose, but I'm sure I'd be as wrong in that as you. The top 10% of wage earners in this country pay 66% of the total tax burden. There is nothing, by any perverted definition, fair about that. Those people are guys who run small businesses, like me. People who, as much money as some think I make, struggle every year to remain profitable and keep employees gainfully employed, with benefits and all. Then we get the piss taxed out of us to the point that quarterly we sometimes have to decide whether my kids get something or my employees kids. I'm not trying to paint a boohoo story for you here. But its very easy to throw someone else's hard earned money away for them. Its very easy to VOTE someone else's hard earned money from them, particulary when so many in this country lack any real grasp on how this tax system works and who its screws the most.

[twa]

Had Congress raised the debt ceiling without much fanfare, there's a decent chance the S&P would not have downgraded our credit rating today. It's pretty clear the tenor of the negotiations inside the Beltway (i.e., "You want to talk? **** you! Give me what I want and I'm not budging a ****ing inch") is making market analysts rather nervous. However, it's equally clear that, absent serious spending cuts and revenue increases, the S&P would have downgraded our credit rating at some point.

So you agree if congress actually did it's job there would be no problem?

Blaming a faction ,while excusing the majority is dysfunctional....and what S&P sees.

the minor cuts are no real issue

[Tulane Skins Fan]

Blaming this on the tea party is beyond ridiculous. Hacks didn't listen to them about the part about them recommending some serious spending cuts. A clean debt raise wouldn't have mattered.

Raisning taxes would help baba lance the budget too. But the tea party are a bunch of ideological mental midgets with napoleon complexes who bear more responsibility for this than anyone else.