U.S. AA credit rating and Washington BS...........

[First-light]

I usually don't start a topic in the political arena but after what just happened to our countries credit rating I had to post. We have an election year coming up in 2012, I just wonder if the people of this country have it in them to change the course of America with their one true right, to vote??

Maybe we will see voters coming out in droves in 2012? The debate in Washington over the debt ceiling was insane, the Tea party stuck to their believes and almost tore apart the Republican party. Now we have our credit rating downgraded. Enough is enough I say. We need change in washington and the Dem's and Rep's aren't cutting it. Is 2012 the year someone like Bachmann or Trump gets elected, I don't know. You ever hear a spoiled brat cry when things don't go their way, when they don't like the outcome. That's what I'm seeing, "but we passed the debt ceiling why are we being downgraded?"  I just might become an independent this next election, we shall see.

I'm off to camp for a week, maybe I won't look at or listen to any news and i'll come back and all will be good!! lol

[Mr VJP]

Government & Politics  The Unsinkable U.S.? 

 

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  Congress passed and the president signed the increase in the debt ceiling Tuesday, and that, as Leftmedia outlets rejoiced, ended the "crisis" just hours before the default deadline. On the other hand, the Left is grousing that the Tea Party got everything it wanted. But did the deal really end the crisis? Hardly. World markets plummeted in its wake -- the Dow fell 512 points Thursday, erasing all gains from 2011, evoking this response from the White House: "Markets go up and down." Furthermore, credit rating agencies continued to warn of a looming downgrade of the nation's AAA rating. And did the Tea Party come out with everything it wanted? Not a chance. On the contrary, the ship is still sinking. The Tea Party and the markets know that, despite all the back-patting in Washington.

The $2.4 trillion debt ceiling increase is the biggest ever. In fact, total U.S. debt didn't reach $2.4 trillion until 1987. Immediately on Tuesday, the Treasury borrowed another $239 billion -- the largest one-day debt binge in history -- bringing total federal debt to $14.532 trillion, or just over 100 percent of our gross domestic product. Debt has not exceeded GDP since 1947 -- immediately after World War II -- and 30 years ago it was just 32.5 percent of GDP. Could there be a connection between the market collapse and this debt "milestone"?

Democrats foisted upon the nation the biggest Keynesian spending bonanza in history, and the result has been almost no GDP growth, headline unemployment exceeding 9 percent (despite 117,000 new jobs in July), decreased consumer spending, inflation, debt as far as our great-grandchildren can see and a possible national credit rating downgrade.

On Aug. 3, 2010, Treasury Secretary Timothy F. Geithner penned an op-ed for The New York Times titled "Welcome to the Recovery." That rings awfully hollow now. In fact, many think that we're headed for a double-dip recession.

As for Barack Obama, later this month, he will embark on a three-day bus tour of the Midwest that he's styling as a "listening tour" focused on jobs. That's after his 50th birthday bash this week, which featured dinner at $35,800 a plate. In any case, it's become clear in recent weeks that the American people have lost confidence in Obama's policies and are tuning him out.

Not to worry, though. Democratic National Committee Chairwoman Debbie Wasserman Schultz (D-FL) says, "[W]e're going to focus on what we know is the number one priority on Americans' minds right now -- that is creating jobs and continuing to get this economy turned around." Um, "continuing"?

As for debt "deal" specifics, the House passed the increase 269-161, despite opposition from many Democrats and Tea Party Republicans. The Senate followed suit 74-26. Congress then quickly left for August recess. Barack Obama also signed the increase Tuesday saying the deal was "an important first step for ensuring that, as a nation, we live within our means." He even said it with a straight face.

On the contrary, "living within our means" doesn't actually seem to be part of the plan. The debt ceiling was immediately increased by $400 billion. By the end of September, another $500 billion increase is subject to a congressional vote of "disapproval," and Obama can veto that measure. After that, a "blue ribbon" joint committee of Congress (six members from each chamber, divided equally between Democrats and Republicans) will meet to recommend another $1.5 trillion in deficit reduction by Nov. 23, which Congress must take up by Dec. 23, in exchange for that much more in debt. If the committee or Congress fails, which is possible, if not probable, the debt ceiling will increase by $1.2 trillion anyway, with across-the-board cuts -- including to ObamaCare -- equal to that amount kicking in automatically.

Adding insult to injury, every spending cut is over 10 years, while every debt increase is immediate. So even with the deal, the forecast for the next decade is still trillions more in debt. As Sen. Tom Coburn (R-OK), who voted against the bill, put it, "It eliminates no program, consolidates no duplicative programs, cuts no tax earmarks and reforms no entitlement program. The specter of default or a credit downgrade will still hang over our economy after this deal becomes law." Is that what the Tea Party wanted?

None of that is to say the deal is the worst possible outcome. In fact, with no tax-rate increases and some spending cuts, despite Democratic control of the White House and Senate, it's quite the opposite. Retaking those two should be paramount in 2012 to work peacefully toward restoration of constitutional Rule of Law. In the meantime, the Tea Party should continue fighting for everything it can win.

[Mr VJP]

"[T]he projections for this and that for 2030, 2050, 2080 are all irrelevant. We have half-a-decade to turn this around. If we really intend (as is apparently foreseen by our bipartisan saviors) to add $7-10 trillion to the debt by 2020, then America is over -- because clearly there is no intention ever to repay that money, and the world will make its dispositions accordingly. ... The Democrats want to plunge over the cliff at full throttle. Too many Republicans think it will be fine as long as we go over the edge in third gear." --columnist Mark Steyn

[Mr VJP]

"It is not tea party people who are the 'terrorists.' A terrorist seeks to destroy. Who is the real destroyer in the debt-ceiling debate? Who wants to continue spending money we don't have, borrowing it from nations like China that would be happy to destroy us if our politicians don't do it first? Tea party people simply want to make their government accountable again and for this they are called 'terrorists'?" --columnist Cal Thomas

 

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[hunter]

I could def vote for Bachman. The only good thing is that the Repubs didn't let Obama cause a gov't shut down so this downgrade could be blamed on us. Obama got what he wanted and it hurt our country. You could almost say we are being fundamentally transformed.