06 Aug 11
Today the S&P downgraded the US bond rating from AAA to AA. Now what?
I suppose this means that the two parties must now position themselves to blame the other. The Tea Party will be blamed for not wanting to raise taxes and the Dems will be blamed for not cutting spending enough.
Ok you partisan hacks, go do your job and start the finger pointing.
To your trenches!!! ðŸ˜
06 Aug 11
1 edit
Originally posted by whodeyTrue dat. Which ironically further confirms one of the S&P's bases for the downgrade.
Today the S&P downgraded the US bond rating from AAA to AA. Now what?
I suppose this means that the two parties must now position themselves to blame the other. The Tea Party will be blamed for not wanting to raise taxes and the Dems will be blamed for not cutting spending enough.
Ok you partisan hacks, go do your job and start the finger pointing.
To your trenches!!! ðŸ˜
Though technically it is AA+ .
06 Aug 11
Originally posted by whodeyActually, according to sources at S&P both are true.
Today the S&P downgraded the US bond rating from AAA to AA. Now what?
I suppose this means that the two parties must now position themselves to blame the other. The Tea Party will be blamed for not wanting to raise taxes and the Dems will be blamed for not cutting spending enough.
Ok you partisan hacks, go do your job and start the finger pointing.
To your trenches!!! ðŸ˜
- Joined
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06 Aug 11
Originally posted by whodeyNot wanting to go all conspiracy theory, but who owns S&P and Moody's?
Today the S&P downgraded the US bond rating from AAA to AA. Now what?
I suppose this means that the two parties must now position themselves to blame the other. The Tea Party will be blamed for not wanting to raise taxes and the Dems will be blamed for not cutting spending enough.
Ok you partisan hacks, go do your job and start the finger pointing.
To your trenches!!! ðŸ˜
06 Aug 11
Originally posted by whodeyI'm not surprised that you rejoice in this.
Today the S&P downgraded the US bond rating from AAA to AA. Now what?
I suppose this means that the two parties must now position themselves to blame the other. The Tea Party will be blamed for not wanting to raise taxes and the Dems will be blamed for not cutting spending enough.
Ok you partisan hacks, go do your job and start the finger pointing.
To your trenches!!! ðŸ˜
06 Aug 11
Originally posted by whodeyHow in the world could someone blame the tea party?
Today the S&P downgraded the US bond rating from AAA to AA. Now what?
I suppose this means that the two parties must now position themselves to blame the other. The Tea Party will be blamed for not wanting to raise taxes and the Dems will be blamed for not cutting spending enough.
Ok you partisan hacks, go do your job and start the finger pointing.
To your trenches!!! ðŸ˜
Tea party republicans got elected to FIX Obama's mess. Obama couldn't pass a budget when the far left controlled congress.
I honestly don't see how anyone could even try to blame the tea party. The problem isn't that we don't have enough tax revenue- we bring in more tax revenue than ANY government EVER has.
The problem is out of control spending, automatic spending increases (that increase exponentially) and a combative moron for a President who couldn't pass econ 101.
06 Aug 11
Originally posted by no1marauderAs a percentage of overall budget size, or on a per capita basis that probably puts TX in the middle of the pack or better. They also have a huge (over $9 billion) rainy day fund to tap without raising taxes or borrowing more. Govt spending is low as a percentage of gross state product. Oh, and jobs. They have those in Texas.
Considering that Texas has a record $27 billion deficit it certainly is ironic.
06 Aug 11
2 edits
Originally posted by SleepyguyWhat a laugh. They have a long term structural deficit because of gimmicky tax rate reductions that, according to supply side theory, was supposed to raise huge amounts of revenue. Of course, revenues fell far short of expectations. Naturally being right wingers they refuse to accept their error and instead have chosen to gut state spending (which was low to begin with). You get what you pay for: Texas is generally considered to have the worst school system in the country.
As a percentage of overall budget size, or on a per capita basis that probably puts TX in the middle of the pack or better. They also have a huge (over $9 billion) rainy day fund to tap without raising taxes or borrowing more. Govt spending is low as a percentage of gross state product. Oh, and jobs. They have those in Texas.
If that's the dream you want to give the rest of the country, I'll think we'll pass.
EDIT: As for the "Rainy Day Fund", here's what other Texas Republicans have to say about its balance:
“We’ve got to get the message right. There’s been a lot of misinformation out there that there’s $6 billion in the fund that’s not been used. It’s been used,” said Rep. Charles Perry, R-Lubbock and no relation to the governor.
But what about the governor’s remarks in New Orleans?
“That’s the governor’s message,” said the Tea Party-anointed lawmaker who defeated nearly three-decade long legislative veteran Delwin Jones in the 2010 primary, mounting a grassroots attack from the right. “That’s not Charles Perry the legislator’s message.”
Here’s where Charles Perry the legislator is coming from. Lawmakers have already drawn down $3.1 billion of the fund’s roughly $9.5 billion reserve to cover a deficit in the current budget. Then, to make the 2012-2013 budget balance, the state’s projected share of expected Medicaid costs is underfunded by $4.8 billion — for many, a conservative estimate.
That means when lawmakers come back in two years — and without a change in federal law diminishing the state’s obligation to Medicaid or an increase in Rainy Day revenue from an improved economy — they will need most of the remaining $6 billion to pay another past due bill.
“Effectively they’ve used it,” said Bill Hammond, president of the Texas Association of Business and a former state lawmaker. “They just aren’t going to fess up until January of 2013.”
http://www.texastribune.org/texas-legislature/82nd-legislative-session/perrys-rainy-day-fund-used-up-say-some-republicans/
EDIT2: As a percentage of their overall budget, Texas' shortfall is higher than all but three other States. http://www.washingtonpost.com/wp-srv/special/politics/state-budget-crisis/index.html
06 Aug 11
We didn't get any spending cuts out of the legislation. All there are is the hope of spending cuts in the future, but none of that is binding.
There may not be any military cuts in spending at all because the loophole was built in. They left in an opening for tax increases. Then they had the nerve to call it a compromise.
This was clearly just an excuse to downgrade the credit rating to what it needed to be anyways. Our debt is now over 100% of GDP. When debt gets to that level a downgrade is simply warranted and reasonable. Everybody was saying how we had to raise the debt ceiling to avoid the credit downgrade but the elites knew it was coming because of it. This recent development is just an insult to our intelligence. Our politicians are just role playing and the elites are telling them their acting roles. This was just a big dog and pony show to convince my fellow Americans that we live in a democracy. We don't, it is all theater.