Shadow you are reading a press release. In the Full text on the issue, at S&P's website the full text page 4: Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
We can all agree that his has been decades in the making. The fact is......where do we go from here?
I personally am not totally against discussing 'tax increases'! Replace the present taxing structure to a flat tax with no loopholes that would 'spread the responsibility' for decades of irresponsible spending/taxing from our government. This would need to be coupled by a cut in spending and a balanced budget amendment. With no more stimulus packages!! And since we are the largest consumers in the world, raise the import tax. And this is just the beginning and only one person's (mine)opinion.
The ENTIRE system needs to be overhauled. Perhaps this is the silver lining.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Shadow you are reading a press release. In the Full text on the issue, at S&P's website the full text page 4: Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.
Revenues don't always mean a 'tax increase' on it's citizens/businesses. Government is TOO big and has been TOO irresponsible with our tax dollars.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Revenues don't always mean a 'tax increase' on it's citizens/businesses. Government is TOO big and has been TOO irresponsible with our tax dollars.
Tell that to S&P... They seem to disagree. If the Bush Tax Cut were not continued, this bogus crisis would have been averted. Because of their continuation, the USA's rating may drop even lower.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Even Obama when he was campaigning said that raising taxes in a recession will destroy the growth in the GDP that is barely growing now. The best method would be to change the tax code and eliminate all the loop holes that businesses and the rich use to avoid paying taxes like a flat tax with no exemptions. Gee if they did that then we could eliminate the IRS and save more wasted money. There is a way to increase revenue without raising taxes which will end up being paid by the lower income people because the companies/rich just pass the expenses along to the people who buy their products/services so the people you want to protect get hurt the most.
The best method would be to change the tax code and eliminate all the loop holes that businesses and the rich use to avoid paying taxes like a flat tax with no exemptions. .
Remember when Obama announced doing exactly that, cutting spending and cutting loopholes... the Republicans walked out on that deal. Obama offered cuts... even in medicare and medicaid... and still the republicans walked.
This deal sucks because the GOP was ready to bring the country down to prove that they could. Pathetic.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
The way we heard it Obama moved the goal post and asked for 400 billion more bringing the spending up to 1.5 trillion in spending increases but the day before he had agreed on an 800 billion increase. There are 2 sides to every story. By the way Obama never put anything in writing and I find that very interesting and so easy to say he never said that.
QE3 is now being talked about and is almost a guaranteed certainty, China is pissed and so is Russia. I posted a video here before called "The day the dollar died", looks like we are getting pretty close to that the way things are looking.
"In the beginning of a change, the Patriot is a scarce man, brave, hated and scorned. When his cause succeeds, however, the timid join him, for then it costs nothing to be a Patriot."
I think we can all agree that something needs to be done about the country's rising debt. But I need help understanding how a credit agency can draw their conclusions, in part, on a sovereign nation's politics/politicians. When a credit agency evaluates my credit score/record, they don't come into my home and evaluate how me and my wife come to our financial decisions. It is based on our past/present ability to pay our debts and our debt to income ratio.
How our sovereign country plays politics is 'our business'. Political unrest in the two party system is nothing new!
As for our debt........that's another story!!
Now this may be a bad comparison, but it's all I got!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
We could have erased the national debt in a relatively short time just by ELIMNATING FOREIGN AID...which has never been part of this discussion because our "leaders" and the Fed are too busy trying to merge the USA with the rest of the world.
these are the 'machines' that determine our hourly value....and these are the 'machines' that determine the value of pensions....and these are the 'machines' that buy votes....and these are the 'machines' that decide elections on more levels than we can see......
what is value? they want to make sure we never know.....it is virtual and perception.....they can ALWAYS 'fix' the numbers....how did Schenectady's rating go up?
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
We could have erased the national debt in a relatively short time just by ELIMNATING FOREIGN AID...which has never been part of this discussion because our "leaders" and the Fed are too busy trying to merge the USA with the rest of the world.
Foreign aid is mostly "Aid To US Businesses"... The USA gives a foreign government "credits" (not dollars) to be used to purchase goods from the USA. Some foreign aid is helpful to both countries, but some is just a scam where the foreign government buys (at twice the market price) goods from the USA. Some aid is actually 'given' but most is in the form of 'credits'.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Don’t blame S&P for financial failings of America’s leaders
Re Aug. 8 AP article, “Markets await investor reaction”: The criticism of S&P for its downgrading of the U.S. credit rating is an example of “killing the messenger because you do not like the message.” According to the credit agency, they made the move “because the defi cit reduction plan passed by Congress on Tuesday [Aug. 2] did not go far enough to stabilize the country’s debt situation and that the policy making is not stable or effective as needed to address the current economic challenge.” I have followed the congressional debt debate and would have to agree with the S&P assessment. The debt crisis was manufactured and totally avoidable had the Republican leadership not decided to hold our economy hostage to the demands of its right wing. The agreement which was fi nally passed did little to deal with our fi nancial problems and only offered the promise of future recommendations by a super committee yet to be named. As a final point, I note that during the George W. Bush administration the debt increased by nearly $5 trillion and there was no debate about raising the debt ceiling.
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