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Worst day since 2008 financial crisis

I keep hearing Obama and liberals calling for shared sacrifice but their definition of fair seems to be contrary to the dictionary or even logic and common sense. Apparently fair to a liberal means 47% of income earners paying zero in FIT and the other 53% of income earners paying it all. Is there any doubt why we have a serious problem in this country today?

Nearly half of US households escape fed income tax - Yahoo! Finance

Romney nails it:

“His failed policies have led to high unemployment, skyrocketing deficits, and now, the unprecedented loss of our nation’s prized AAA credit rating,” he said. “President Obama promised that ‘things will get better.’ But it has become increasingly clear that the only way things will get better is with new leadership in the White House.”
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Read more: http://www.foxnews.com/politics/201...-for-historic-credit-downgrade/#ixzz1UGOjq7GQ
 
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Conservative said:
It means the country spends too much money and we cannot afford a 3.7 trillion dollar govt.
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It means that we need to raise more revenue to support the level of government most Americans want.
 
Conservative said:
I keep hearing Obama and liberals calling for shared sacrifice but their definition of fair seems to be contrary to the dictionary or even logic and common sense. Apparently fair to a liberal means 47% of income earners paying zero in FIT and the other 53% of income earners paying it all. Is there any doubt why we have a serious problem in this country today?

Nearly half of US households escape fed income tax - Yahoo! Finance

Romney nails it:



Read more: GOP Presidential Contenders Pile on Obama for Historic Credit Downgrade - FoxNews.com
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Romney is proving to be as disappointing as I expected him to be. He was completely invisible during the debt ceiling debate, refusing to take any position on the matter. Then, of course, as soon as a deal was reached he jumped on it, blaming Obama for the way it turned out. Showing some real leadership qualities, there. :roll:
 
AdamT said:
It means that we need to raise more revenue to support the level of government most Americans want.
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If most Americans wanted that level of government, you would be correct. The best way to raise revenue, would be to get out of the private sector's way and let them make more money ergo raise more revenue.
 
AdamT said:
It means that we need to raise more revenue to support the level of government most Americans want.
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Most Americans? Do you speak for most Americans? We only need more revenue if you believe we need a 3.7 trillion dollar Federal Govt. which it sounds like you do. Get back to me with what you believe the role of the states is if you believe in a strong central govt. that has just created debt equal to our current yearly GDP.
 
AdamT said:
Romney is proving to be as disappointing as I expected him to be. He was completely invisible during the debt ceiling debate, refusing to take any position on the matter. Then, of course, as soon as a deal was reached he jumped on it, blaming Obama for the way it turned out. Showing some real leadership qualities, there. :roll:
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As he should be, that is good political posturning. As for blaming Obama, who do you blame? Let me guess, the tea party and GW Bush? Since Democrats took control of the Congress and the WH over 4 trillion has been added to the debt. You apparently believe in more spending, I don't. That never was the role of the govt. and the American people spoke in Nov. so apparently you don't speak for most Americans.
 
apdst said:
If most Americans wanted that level of government, you would be correct. The best way to raise revenue, would be to get out of the private sector's way and let them make more money ergo raise more revenue.
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Liberals don't understand the concept. Higher revenue and higher GDP means more tax revenue for the govt. Simple concept but apparently not for some.
 
Conservative said:
Most Americans? Do you speak for most Americans? We only need more revenue if you believe we need a 3.7 trillion dollar Federal Govt. which it sounds like you do. Get back to me with what you believe the role of the states is if you believe in a strong central govt. that has just created debt equal to our current yearly GDP.
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No, I don't speak for most Americans. But polls give us a pretty good indication what most Americans want, and time and time again they show that large majorities are pretty happy with Social Security and Medicare the way they are. And unless we make significant cuts to Social Security and Medicare, we will have to raise more revenue. Simple arithmetic.
 
Mainstream Media Worst day since 2008 financial crisis
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And it gets worse ...

China tells U.S. "good old days" of borrowing are over

NEW YORK/SHANGHAI (Reuters) - China bluntly criticized the United States on Saturday one day after the superpower's credit rating was downgraded, saying the "good old days" of borrowing were over.

Standard & Poor's cut the U.S. long-term credit rating from top-tier AAA by a notch to AA-plus on Friday over concerns about the nation's budget deficits and climbing debt burden.

China -- the United States' biggest creditor -- said Washington only had itself to blame for its plight and called for a new stable global reserve currency.

"The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone," China's official Xinhua news agency said in a commentary.
 
Sheik Yerbuti said:
And it gets worse ...

China tells U.S. "good old days" of borrowing are over

NEW YORK/SHANGHAI (Reuters) - China bluntly criticized the United States on Saturday one day after the superpower's credit rating was downgraded, saying the "good old days" of borrowing were over.

Standard & Poor's cut the U.S. long-term credit rating from top-tier AAA by a notch to AA-plus on Friday over concerns about the nation's budget deficits and climbing debt burden.

China -- the United States' biggest creditor -- said Washington only had itself to blame for its plight and called for a new stable global reserve currency.

"The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone," China's official Xinhua news agency said in a commentary.
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The Chinese statement doesn't mean much, its just a nasty jab. They have to continue buying our debt. Says so in your article.
 
tryreading said:
The Chinese statement doesn't mean much, its just a nasty jab. They have to continue buying our debt. Says so in your article.
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They do have another option: they could allow their currency to rise. Fat chance of that happening....
 
tryreading said:
The Chinese statement doesn't mean much, its just a nasty jab. They have to continue buying our debt. Says so in your article.
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They do not have to continue to purchase highly liquid dollar denominated assets. As the poster above me stated, they can allow the RYB to rise.
 
Lord Tammerlain said:
So that it could raise taxes during an economic slowdown to pay for its operations? Not something I would suggest. Building a surplus that can be used during economic slowdowns is a much better idea then raising taxes during an economic slowdown in my opinion. Heck it is a policy I would suggest for everyone and business, build a rainy day fund for bad economic times
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-chuckles- Aww come on now .. that is just to logical ... and practical for our government.
 
AdamT said:
No, I don't speak for most Americans. But polls give us a pretty good indication what most Americans want, and time and time again they show that large majorities are pretty happy with Social Security and Medicare the way they are. And unless we make significant cuts to Social Security and Medicare, we will have to raise more revenue. Simple arithmetic.
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Most Americans have to be happy with SS and Medicare as they contributed to both. When you get a job you will find that some of your paycheck goes to SS and Medicare and your employer will match it. Do you think you should get your money back when you retire? SS and Medicare should have nothing to do with the debt and deficits but since LBJ allowed for any surplus to be put on budget the politicians have spent the money. My contributions are long gone and now people like Sheik are paying for me. Great ponzi scheme, isn't it? Why would you think that SS affects the deficits?
 
Sheik Yerbuti said:
And it gets worse ...

China tells U.S. "good old days" of borrowing are over

NEW YORK/SHANGHAI (Reuters) - China bluntly criticized the United States on Saturday one day after the superpower's credit rating was downgraded, saying the "good old days" of borrowing were over.

Standard & Poor's cut the U.S. long-term credit rating from top-tier AAA by a notch to AA-plus on Friday over concerns about the nation's budget deficits and climbing debt burden.

China -- the United States' biggest creditor -- said Washington only had itself to blame for its plight and called for a new stable global reserve currency.

"The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone," China's official Xinhua news agency said in a commentary.
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I'm missing the negative here.
 
Sheik Yerbuti said:
And it gets worse ...

China tells U.S. "good old days" of borrowing are over

NEW YORK/SHANGHAI (Reuters) - China bluntly criticized the United States on Saturday one day after the superpower's credit rating was downgraded, saying the "good old days" of borrowing were over.

Standard & Poor's cut the U.S. long-term credit rating from top-tier AAA by a notch to AA-plus on Friday over concerns about the nation's budget deficits and climbing debt burden.

China -- the United States' biggest creditor -- said Washington only had itself to blame for its plight and called for a new stable global reserve currency.

"The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone," China's official Xinhua news agency said in a commentary.
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ok.

let's bring our manufacturing sector back, then. i like this plan.
 
AdamT said:
I'm sorry, I don't know what you're talking about. The majority party doesn't filibuster.
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Exactly where do you get your filibuster rules from ? A filibuster is a type of parliamentary procedure... specifically, it is the right of an individual to extend debate, allowing a lone member to delay or entirely prevent a vote on a given proposal. Now please explain to me how an individual becomes the "majority party"!
 
Sheik Yerbuti said:
Would you like to see some leftwingers ranting about the Republican-led house? There are some posted on DailyKos.
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Let me guess, it would be that the House didn't appropriate enough spending? We have tried the left's vision of this country for the past 2 years and the results speak for themselves, total failure. Still in that 40%, I see
 
Disputatious71 said:
Exactly where do you get your filibuster rules from ? A filibuster is a type of parliamentary procedure... specifically, it is the right of an individual to extend debate, allowing a lone member to delay or entirely prevent a vote on a given proposal. Now please explain to me how an individual becomes the "majority party"!
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Sure, happy to help you out. While it is theoretically possible for a member of the majority to filibuster a bill, as a practical matter it rarely-if-ever happens. The filibuster is a tool used by the minority party to prevent the majority party from steamrolling the minority party. Historically it was used sparingly to protect the minority party's most cherished priorities. Lately it has been used as a matter of course to subvert majority rule.
 
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