Credit rating agency Standard & Poor's on Friday lowered the nation's AAA rating for the first time since granting it in 1917.The move came less than a week after a gridlocked Congress finally agreed to spending cuts that would reduce the debt by more than $2 trillion --"
too little; too late..
So why didn't anyone see this coming....Well, let's see...
To begin, I remember when the stock market lost over 500 points in 2008 and all 3 Credit Agencies: Moody's Investor Service Fitch, and Standard and Poor's were in bed with Wall Street and the Government. The Credit Agencies looked the other way while spending was clearly out of control and unlawful. They lost their own creditability that year.
The Federal government prosecuted no one responsible for losing American citizen's life savings and homes due to corruptive practices. Some of the bedfellows, such as the credit agencies, got out of bed with their co-conspirtors, to do their job.
S & P's maybe, trying to do the right thing by correcting a financially irresponsible government who is still sleeping with the same ones who created the financially mess.
The Federal government prosecuted no one responsible for losing American citizen's life savings and homes due to corruptive practices. Some of the bedfellows, such as the credit agencies, got out of bed with their co-conspirtors, to do their job.
S & P's maybe, trying to do the right thing by correcting a financially irresponsible government who is still sleeping with the same ones who created the financially mess.
I don't think it takes an Einstein to figure out 2.4 trillion in cuts in 10 years with 7 trillion added to the debt, in the making, is fuzzy math gone wild.
The first American president in history to have a AAA credit rating downgraded to a AA+. Although with a little help from the Congress and past presidents who helped get us there; and most recently, the Obama Administration and Congress who helped KEEP us here.
The first American president in history to have a AAA credit rating downgraded to a AA+. Although with a little help from the Congress and past presidents who helped get us there; and most recently, the Obama Administration and Congress who helped KEEP us here.
Although, this over spending has been going on for years, the Federal government has only once used a balance budget agenda to get spending under control. It was during the Clinton Administration with a Republican Congress. http://www.cato.org/pub_display.php?pub_id=6107
Some historians give the credit for balancing the budget during the Clinton years to the Reagan era, for ending the Cold War with Russia, when it fell during the 80's. This action alone cut the deficit in the 90's because of less Defense spending; and the Clinton Administration with a Republican congress did nothing to jeopardize the economy, creating a surplus. They managed the balancing of the budget and they increased taxes by 40 percent. YIKES!!!
Some historians give the credit for balancing the budget during the Clinton years to the Reagan era, for ending the Cold War with Russia, when it fell during the 80's. This action alone cut the deficit in the 90's because of less Defense spending; and the Clinton Administration with a Republican congress did nothing to jeopardize the economy, creating a surplus. They managed the balancing of the budget and they increased taxes by 40 percent. YIKES!!!
That's probably when major loopholes were created. What do you think?
I, vividly, remember cursing the IRS every April during the Clinton years, although I voted for him. I must like, shooting myself in the foot.
The Federal government has never allowed itself to be controlled by a "balanced budget amendment," although all the States have to balance their budget by law. Now it's time to control the Federal government for they can't control themselves. A higher authority has to step in to stop the bleeding.
Just this week I heard everyone complaining that the Tea party voters were holding Congress and the President hostage until they got what they wanted. The Left was blaming the Tea party and spinning their story to the media creating a negative public opinion of the Tea party who wanted a balanced budget amendment.
Then S & P's report stated in it's downgrade, just that remedy: A balanced budget amendment with more than 4 trillion in cuts to the deficit to bring up the credit score of the United States.
Then S & P's report stated in it's downgrade, just that remedy: A balanced budget amendment with more than 4 trillion in cuts to the deficit to bring up the credit score of the United States.
I was shocked that our government felt it could pass a bill with only 2.4 trillion cuts in 10 years while adding another 7 trillion to the deficit at the same time, while raising the debt ceiling.
Right now Obama is leading the country into socialistic debt. Debt that has accumulated under his watch. A debt that exceeds the total of all previous presidential debts.
I heard the former Mexican president say that the debt growth during "the Bush years, was in the 'billions'
..now it's in the "trillions!"...within the last 2 years.
..now it's in the "trillions!"...within the last 2 years.
I believe one real reason S & P's downgraded America's credit rating was because of President Obama repeating, from his weekly pulpit, that the deficit is so bad there will be no checks for granny, no checks for the military...we will default... as President of the United States...have no control over who gets paid first or second....the sky is falling ...
I think S & P's took Obama at his word... the sky is falling.
"Thank you, Mr. President. So tell me. Do you think that your comments, as leader of the country, will give America Confidence and a feeling of Security, especially when you are mimicking "Chicken Little?"
Of course, we expect the Obama administration to attack Standard and Poor's for their rating because that is what they do best: blame and attack those with ideas, instead of fixing the problems. Why? Because they are clueless as to how to fix the problem. The next time you listen to the president, remember it's not a "chicken in every pot" speech because he doesn't know how to raise chickens, much less, kill them and put them in your pot.
Remember his "shovel ready jobs?" He said a year later that he didn't know what he was talking about when the "shovel ready jobs did not materialize after the big stimulus payout went no where.
Remember his "shovel ready jobs?" He said a year later that he didn't know what he was talking about when the "shovel ready jobs did not materialize after the big stimulus payout went no where.
In fact, the best thing he could have done for the country would have been to give every household the stimulus money in Cold cash so they could stimulate the economy directly.
What would that be per household: 311,929,898 million people in the USA as of August 6, 2010 dividing a $800,000,000,000 billion ( 2010) stimulus package among themselves. http://projects.propublica.org/tables/stimulus-spending-progress
What would that be per household: 311,929,898 million people in the USA as of August 6, 2010 dividing a $800,000,000,000 billion ( 2010) stimulus package among themselves. http://projects.propublica.org/tables/stimulus-spending-progress
A family could start several hundred companies on their own with that kind of stimulus money; when Obama was still holding up the shovels.
When we call the President of the United States a "Leader"; what does that mean to Obama?
As one Washington Post viewer notes:
Washington Post Politcs
righthook38
7/26/2011 6:26:09 AM PDT
"Obama is not a reasonable, fair and rational man. That's just how he appears. He tries to act cool, calm and collected, and acts like he's above the political fray. However, the fact is that he is as partisan as the rest of them, and maybe even more so. He purposely stays out of these"... (Legislative decisions).... but.... "if they're not resolved....., then he "steps in to fix the problem", acting like they can't do it without him. He's caused the nation to be more divided than ever..." with his partisan accusations when he doesn't get his way "...Pay attention to what's really going on here...."
The Emperor has no clothes ... and there is no money in the national coffer.
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