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US Credit Rating Downgraded again

Matt1970

Lifer
Mar 19, 2007
12,320
2
0
Ratings firm Egan-Jones cut its credit rating on the U.S. government to "AA-" from "AA," citing its opinion that quantitative easing from the Federal Reserve would hurt the U.S. economy and the country's credit quality.

In its downgrade, the firm said that issuing more currency and depressing interest rates through purchasing mortgage-backed securities does little to raise the U.S.'s real gross domestic product, but reduces the value of the dollar.

In turn, this increases the cost of commodities, which will pressure the profitability of businesses and increase the costs of consumers thereby reducing consumer purchasing power, the firm said.

In April, Egan-Jones cuts the U.S. credit rating to "AA" from "AA+" with a negative watch, citing a lack of progress in cutting the mounting federal debt.
http://www.cnbc.com/id/49037337

The credit rating downgrade twice in one year, our embassies is being overrun, $6 Trillion Debt in 4 years, 8% Unemployment, list of lies a mile long. Why are people voting for Obama again?
 

IronWing

No Lifer
Jul 20, 2001
61,888
15,019
136
Print more money, pay debt, problem solved. Raise taxes, pay debt, problem solved. End wars, divert war budget to pay debt, problem solved. Bond ratings for sovereign debt don't mean a whole lot when the sovereign has a printing press.
 

Anarchist420

Diamond Member
Feb 13, 2010
8,645
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The op doesn't sincerely care about the excessive public spending if he was against dr. Paul and if he wants us to have embassies and military bases all over the world. That also makes me angry and jealous because he's taken seriously by most and I'm not.
 

Matt1970

Lifer
Mar 19, 2007
12,320
2
0
The op doesn't sincerely care about the excessive public spending if he was against dr. Paul and if he wants us to have embassies and military bases all over the world. That also makes me angry and jealous because he's taken seriously by most and I'm not.
Being against Dr. Pal doesn't mean you are against excessive spending, it means you are against the batshit crazy.
 

Anarchist420

Diamond Member
Feb 13, 2010
8,645
0
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Being against Dr. Pal doesn't mean you are against excessive spending, it means you are against the batshit crazy.
i doubt that:) Romney would spend more than Obama would. That said, I don't get why so many people are falling for the republican party's bullshit lies. Republicans Reagan, bush 41, and bush 43 all spent, regulated, and supported high inflation more than democrats Clinton and carter. Bush probably regulated about the same as Obama has and he spent about the same per year as Obama did.
 

shadow9d9

Diamond Member
Jul 6, 2004
8,132
1
0
Considering the Republicans caused the first debt downgrade single handedly... A ton of the debt is from Bush's budget and tax cuts for the rich, which the republicans did everything they could to keep... and the Republicans have blocked every piece of legislation Obama wanted... Yeah, blame Obama! Btw, who handed him the worst economy in the last century? 12 years of republican deregulation and 8 years of their presidency... you want to hand it back to the creators of this problem?
 

Matt1970

Lifer
Mar 19, 2007
12,320
2
0
Considering the Republicans caused the first debt downgrade single handedly... A ton of the debt is from Bush's budget and tax cuts for the rich, which the republicans did everything they could to keep... and the Republicans have blocked every piece of legislation Obama wanted... Yeah, blame Obama! Btw, who handed him the worst economy in the last century? 12 years of republican deregulation and 8 years of their presidency... you want to hand it back to the creators of this problem?
Nice talking points.
 

shadow9d9

Diamond Member
Jul 6, 2004
8,132
1
0
Nice talking points.
All facts. Sorry they don't mesh with your own warped reality.

Removing Glass Steagull was the direct cause of the economic collapse, pushed heavily and passed by republicans.

Bush's budget resulted in Obama's first year's expenditures.

Holding the credit hostage caused the downgrade, which not only was obvious to anyone paying attention, but confirmed by the rating agencies.
 

umbrella39

Lifer
Jun 11, 2004
13,819
1,123
126
http://www.cnbc.com/id/49037337

The credit rating downgrade twice in one year, our embassies is being overrun, $6 Trillion Debt in 4 years, 8% Unemployment, list of lies a mile long. Why are people voting for Obama again?
Because to vote for the alternative would make it 1000x worse. Everyone knew this in 2008, everyone still knows this in 2012. Come up with someone better in 2016 if you are seriously looking for answers as to why Americans will continue to reject another GOP president.
 

Rainsford

Lifer
Apr 25, 2001
17,515
0
0
http://www.cnbc.com/id/49037337

The credit rating downgrade twice in one year, our embassies is being overrun, $6 Trillion Debt in 4 years, 8% Unemployment, list of lies a mile long. Why are people voting for Obama again?
In order of your litany of complaints...because they correctly blame Republicans AT least as much as Obama for the credit downgrading. Because Republicans jumped on the embassy thing before doing so had a chance to make any kind of of point beyond them being opportunistic d-bags. Because "debt" is kind of a vague concept to sell to the average person when he's worried about much more pressing things. Because the Republicans haven't done a good job selling their unemployment solutions. And finally, because the "lies" narrative is only really convincing if you already believe it.

Like I said in other thread, the problem is that the Republican story seems to be that Obama is doing a horrible job on every single front and you should elect Republicans mainly because they aren't Obama. If people disagree on the general state of Obama's Presidency, that's the ball game for Romney. Attacking Obama on foreign policy in particular, especially the way Romney is doing so, hurts more than it helps since it doesn't really come across as a legitimate complaint so much as the product of a meeting where everyone agreed the Republicans need to attack Obama on foreign policy.
 

Anarchist420

Diamond Member
Feb 13, 2010
8,645
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Obama may have caused more deficits than bush but he hasnt increased the rate of spending as much per year and how much is being spent matters, not the actual deficit... deficit doesnt matter as much because it assumes that the govt should have the ability to tax when the govt shouldn't exist.

Obama has spent a little bit more than bush but not significantly more. The deficit is higher because of few people making income and because he reduced the payroll tax.
 

blankslate

Diamond Member
Jun 16, 2008
8,493
435
126
Don't even try to absolve the Republicans of any responsibility for the downgrades.

Last year when the debt ceiling crisis was looming President Obama offered up Democratic "sacred cows" Medicare and Social Security and the Republicans just took their ball and went home...

http://www.washingtonpost.com/business/economy/in-debt-talks-obama-offers-social-security-cuts/2011/07/06/gIQA2sFO1H_story.html

As for this completely stupid remark....
Bu..bu....bu...but.......but Bush!!!
http://www.theatlantic.com/politics/archive/2011/07/the-chart-that-should-accompany-all-discussions-of-the-debt-ceiling/242484/




When the Republicans in Congress Allow the Bush tax cuts to expire as they should have a couple of years ago then the damage they are causing to the National Debt can be forgotten
 
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ichy

Diamond Member
Oct 5, 2006
6,940
6
81
http://www.cnbc.com/id/49037337

The credit rating downgrade twice in one year, our embassies is being overrun, $6 Trillion Debt in 4 years, 8% Unemployment, list of lies a mile long. Why are people voting for Obama again?
Right, like Romney would fix the fiscal situation :rolleyes:

Nobody has the guys to say that getting the US budget in order will require cuts to entitlement spending AND higher taxes.
 

Dulanic

Diamond Member
Oct 27, 2000
9,828
430
136
Don't even try to absolve the Republicans of any responsibility for the downgrades.

Last year when the debt ceiling crisis was looming President Obama offered up Democratic "sacred cows" Medicare and Social Security and the Republicans just took their ball and went home...

http://www.washingtonpost.com/business/economy/in-debt-talks-obama-offers-social-security-cuts/2011/07/06/gIQA2sFO1H_story.html

As for this completely stupid remark....

When the Republicans in Congress Allow the Bush tax cuts to expire as they should have a couple of years ago then the damage they are causing to the National Debt can be forgotten
Don't worry, they will come in soon with the but but but bush deflection but yet fail to address the fact that the majority of the deficit was not created by Obama. They just use him as a scapegoat for their failed policies. They have no facts to rebut those charts, they just yell but but but bush... it's about all they can think of.
 
Feb 4, 2009
29,953
10,490
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Agreed the President was more than willing to negotiate last debt ceiling, I know he offered $3 in cuts for $1 in new tax revenue then all the losers who signed Grover norquests no tax pledge were afraid they'd lose their seat. Personally I prefer my representatives to fear me, not some uber wealthy guy who gave tons of cash for a promise to never raise taxes.
Disgusting
 

MovingTarget

Diamond Member
Jun 22, 2003
8,984
84
91
Bu..bu....bu...but.......but Bush!!!
Yes But Bush. It is perfectly valid to mention Bush in this context. If you don't bring Bush into the discussion about the fiscal mess we are in, you are ignoring reality completely. Does he deserve all the blame? No, but his portion is significant.
 

Hayabusa Rider

Admin Emeritus & Elite Member
Jan 26, 2000
50,872
4,212
126
There is no plan that addresses this. The conventional reaction concerning cuts or taxes does nothing to address long term domestic job creation with good pay. Whether thats because of the lack of will or wit I cannot say but any real solution will not come from bashing the party you oppose but holding both accountable to a higher standard. Hammer your party, hold them accountable to providing real solutions. The reason they do not is they know so many will vote for them to keep the other side out. Why then do they need imagination and diligence? They don't. You will pick them anyway.
 

MovingTarget

Diamond Member
Jun 22, 2003
8,984
84
91
As above but keep in mind so many signed the no taxes pledge that left no room to negoiciate.
This. Anyone that signed that stupid pledge should be booted from congress. They are there to represent the people that elected them and not Grover Norquist. True statesmen are willing to compromise and don't hold political beliefs that are 100% immutable in every circumstance.
 

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