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Thread: United States loses its AAA Credit rating from S & P

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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by evanescence View Post
    Rather than simply creating simpler tax codes, you propose the equivalent to squeezing water from a rock. So what kind of revenue can the government raise on the broken backs of the poor? The middle class American is already seeing a significant increase in cost of living. Higher taxes would crush an already weakened economic class.
    So now one-half of income earners are "poor"? If that is the case we need a new definition.

    Perhaps now you will join me in calling for the Fair Tax.

    Americans For Fair Taxation:

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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by Conservative View Post
    Thank you for that information, so we have growing population and 3 million less jobs. Great job Obama

    Considering pop differences the only accurate way to compare the administrations is by unemployment %, like Reagan's 10% unemployment rate.

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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by megaprogman View Post
    Research suggests that a balanced budget will move the fight between liberals and conservatives to regulation
    I am all for eliminating every extra-constitutional department and repealing all of their regulations. That would take care of that. Perhaps we also need a constitutional amendment that says the Congress must approve by recorded vote all of the regulations they allow or cause to be written by those departments.

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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by Misterveritis View Post
    So now one-half of income earners are "poor"? If that is the case we need a new definition.

    Perhaps now you will join me in calling for the Fair Tax.

    Americans For Fair Taxation:
    When cost of living increases while wages decrease, more people are considered poor. After my husband was laid off, we were technically in poverty. His current job pays less than what we were getting when he was getting full time hours at his last job. Plenty of people find it increasingly difficult to make it on $50,000 a year which is the cut off point where people are no long liable.
    “In politics, stupidity is not a handicap.” -Napoleon

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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by mertex View Post
    The United States had just lost its AAA credit rating from S&P, and they have announced that another downgrade may be coming within the next 12/18 months.

    The debt ceiling scenario was the chief source of market angst in the last few months, and the GOP was wrong to use it as leverage to achieve some of the things they were demanding. Now the whole country will feel the negative effects. Will others follow S&P?

    United States loses AAA credit rating from S & P
    NEW YORK | Fri Aug 5, 2011 8:19pm EDT
    Aug 5 (Reuters) - The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday, in a dramatic reversal of fortune for the world's largest economy.

    S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about growing budget deficits.

    U.S. Treasuries, once undisputedly seen as the safest investment in the world, are now rated lower than bonds issued by countries such as the UK, Germany, France or Canada.

    The outlook on the new U.S. credit rating is negative, S&P said in a statement, a sign that another downgrade is possible in the next 12 to 18 months. (Reporting by Walter Brandimarte; Editing by Jan Paschal)


    United States loses AAA credit rating from S&P | Reuters
    So What? Since S&P was complicit in the financial meltdown by rating mortgaged backed securities which contained sub prime loans to the tune of $14 Trillion as AAA, what does their rating mean anyway? NADA. The facts are that U.S. Treasury's are the best investment on the planet. In fact they are selling at a record low interest rate.


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    Re: United States loses its AAA Credit rating from S & P

    Quote Misterveritis

    No one has made the argument that people who do not pay federal income taxes don't pay other taxes.
    I kinda like to clear the straw out of some post, hope you don’t mind.

    In your original post you were citing post(#990 ) by Adam, that you found objectionable ???though the nit that you posted had nothing at all to do with the main point of his post, as usual.


    Now you find objectionable my post when I implied that that you cherrypicked when you didn’t post the following paragraph from the same link.


    (That does not mean such households end up paying no taxes whatsoever. For instance, those in the group still pay other taxes such as state and local income taxes, as well as property and sales taxes.)


    Just an ole mans attempt at keeping the post honest. Alas, a losing battle considering the winger contingent that landed in this thread.
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by donc View Post
    I kinda like to clear the straw out of some post, hope you don’t mind.
    Not at all. Go ahead.

    Quote Originally Posted by donc View Post
    In your original post you were citing post(#990 ) by Adam, that you found objectionable ???though the nit that you posted had nothing at all to do with the main point of his post, as usual.
    That would be this exchange:

    Adam wrote,
    "No, they aren't lying -- they, and you, are using 2009 figures instead of the most recent figures from 2010 which put the figure at 45%. 45% of households owe no federal income tax for 2010 - Apr. 17, 2011"
    I replied,
    "Well there you go:

    For tax year 2010, roughly 45% of households, or about 69 million, will end up owing nothing in federal income tax, according to estimates by the nonpartisan Tax Policy Center. Some in that group will even end up getting paid money from the federal government.
    69 million. Not 70 million. The article you referenced goes on to say that many will get money rather than pay money. Good plan for getting the nation ready for a civil war or a revolution. Half pay and half get.
    Quote Originally Posted by donc View Post
    Now you find objectionable my post when I implied that that you cherrypicked when you didn’t post the following paragraph from the same link.
    (That does not mean such households end up paying no taxes whatsoever. For instance, those in the group still pay other taxes such as state and local income taxes, as well as property and sales taxes.)
    Just an ole mans attempt at keeping the post honest. Alas, a losing battle considering the winger contingent that landed in this thread.
    Let's explore your attempt.

    1)Do you agree or disagree that 70 million versus 69 million is insignificant when speaking of income earners who pay no federal income taxes?
    2) Do you agree or disagree that federal income taxes are a specific category of taxes that are separate from all other taxes one might be exposed to?
    3) Do you agree or disagree that most on the left want the people already paying the federal income tax to pay more. To pay, "their fair share", while at the same time arguing that people who do not pay any federal income tax should not have to because they pay some other taxes?
    4) Do you agree or disagree that half of the people are not exempt from, say the payroll tax, or social security taxes, or Medicare taxes?

    It is a losing battle because you have chosen the immoral position.
    Last edited by Misterveritis; 08-13-11 at 08:10 PM.

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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by winston53660 View Post
    Considering pop differences the only accurate way to compare the administrations is by unemployment %, like Reagan's 10% unemployment rate.
    That is the way liberals always want to judge performance because a lower base looks better. You see, Reagan had a much worse percentage change in the debt than Obama yet Reagan added 1.7 trillion in 8 years and Obama has 4 trillion in less than 3. How does that percentage change work out for you?

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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by Conservative View Post
    That is the way liberals always want to judge performance because a lower base looks better. You see, Reagan had a much worse percentage change in the debt than Obama yet Reagan added 1.7 trillion in 8 years and Obama has 4 trillion in less than 3. How does that percentage change work out for you?

    You can't do percentages?

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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by Misterveritis View Post
    Well there you go:


    69 million. Not 70 million. The article you referenced goes on to say that many will get money rather than pay money. Good plan for getting the nation ready for a civil war or a revolution. Half pay and half get.
    Yeah, it also says that about 70% of those who didn't pay income tax earn less than $50k/yr. You think the rich folks are going to start a revolution to squeeze a few hundred bucks out of'em? Probably not the 1,000 millionaires who paid no income tax.

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