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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 VanceMack View Post
    Clear intent. Cutting spending across the board. Firm commitment to pay down the debt. Legislated mandates on spending cuts FOLLOWED (only followed...horse first, then cart) by sundowned tax increases. Summits with industry and labor to bring back industrial jobs. Action...not campaign rhetoric.
    The debt ceiling deal established the so-called "super congress" which has been constituted to make additional cuts.

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

    Quote Originally Posted by VanceMack View Post
    Clear intent. Cutting spending across the board. Firm commitment to pay down the debt. Legislated mandates on spending cuts FOLLOWED (only followed...horse first, then cart) by sundowned tax increases. Summits with industry and labor to bring back industrial jobs. Action...not campaign rhetoric.
    You raise a number of good points. The first is that spending cuts have to be real, not just promised for the future sometime and not sham cuts like Senator Reid unveiled a year ago. We've been fooled by those tactics before - the Congress of this year cannot pass a law which binds a Congress in future years to make cuts. For cuts to be real they have to occur in real-time.

    Bringing back industrial jobs is not something that can be done by passing laws. If Congress passes a law repealing the law of gravity, gravity will ignore that law and continue to act on mass.

    In order to bring back industrial jobs we need to lower the cost of overhead in the US. Every business person recognizes that a business with very high overhead has a much higher hurdle to jump in order to make it's first penny of profit than does a business with a very low overhead. This same principle applies to countries. The cost of living in the US is one of the highest in the world and a good part of the reason for this is all of the mandates, regulations and laws which add cost to the functions of everyday living. Very extensive, zoning laws, for instance, the ones that go beyond restricting factory placement in residential neighborhoods, increase the cost of housing by about 30% to 50%. This cost ripples out into society. Then there is Obama mandating that insurance companies MUST offer coverage for birth control pills. That's a cost that has to be covered. Now add 25,000 other examples of such government mandates and you see why the US is such an expensive place to live. All of these mandates may be popular with the people but they certainly do NOTHING to help the competitiveness of industrial operations and that's why our nation is deindustrializing.

    If we want to reindustrialize then we have to change how we govern ourselves and kick the habit of using government to enforce mandates which increase costs on business.

    We need to choose, we can't have both.

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

    Quote Originally Posted by RiverDad View Post
    You raise a number of good points. The first is that spending cuts have to be real, not just promised for the future sometime and not sham cuts like Senator Reid unveiled a year ago. We've been fooled by those tactics before - the Congress of this year cannot pass a law which binds a Congress in future years to make cuts. For cuts to be real they have to occur in real-time.

    Bringing back industrial jobs is not something that can be done by passing laws. If Congress passes a law repealing the law of gravity, gravity will ignore that law and continue to act on mass.

    In order to bring back industrial jobs we need to lower the cost of overhead in the US. Every business person recognizes that a business with very high overhead has a much higher hurdle to jump in order to make it's first penny of profit than does a business with a very low overhead. This same principle applies to countries. The cost of living in the US is one of the highest in the world and a good part of the reason for this is all of the mandates, regulations and laws which add cost to the functions of everyday living. Very extensive, zoning laws, for instance, the ones that go beyond restricting factory placement in residential neighborhoods, increase the cost of housing by about 30% to 50%. This cost ripples out into society. Then there is Obama mandating that insurance companies MUST offer coverage for birth control pills. That's a cost that has to be covered. Now add 25,000 other examples of such government mandates and you see why the US is such an expensive place to live. All of these mandates may be popular with the people but they certainly do NOTHING to help the competitiveness of industrial operations and that's why our nation is deindustrializing.

    If we want to reindustrialize then we have to change how we govern ourselves and kick the habit of using government to enforce mandates which increase costs on business.

    We need to choose, we can't have both.
    In other words, if we make ourselves over into a third world country, we will be able to compete with third world countries for industrial jobs. No thanks.

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

    It's not that difficult. Matter of fact it was one of Obama's campaign promises and one of the few things I agreed with him on. Unfortunately he has discarded the idea.

    We simplify and use the tax code to encourage production here. Like in my past statements on the very same thing, I'm just making these numbers up.

    Sell an item produced overseas and pay 35% tax. Sell an item produced in the U.S. and pay a 25% tax. It wouldn't take $2.00 an hour to help even things out. We may not be able to pay $25 an hour with full benefits but it would be better than unemployment.

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

    Quote Originally Posted by AdamT View Post
    The debt ceiling deal established the so-called "super congress" which has been constituted to make additional cuts.
    Newt had it right as to what this so called 'super congress' will produce....




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

    Quote Originally Posted by AdamT View Post
    In other words, if we make ourselves over into a third world country, we will be able to compete with third world countries for industrial jobs. No thanks.
    Obama's Debt-End Bus Tour - YouTube

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

    Quote Originally Posted by Conservative View Post
    The following are the line item expenses from the Budget of the United States. Explain to me why SS and Medicare are listed as line item expenses as well as revenue? Where is the lockbox?

    Expenses

    Defense
    International Affairs
    Gen. Science, Space
    Energy
    Natural resources/env
    Agriculture
    Commerce
    Transportation
    Community Dev
    Education/Train/Social
    Health
    Medicare
    Income Security
    Social Security
    Veterans Benefits
    Justice
    General Govt.
    Net Interest
    • Al Gore never became President.
    • By law, income to the trust funds must be invested, on a daily basis, in securities guaranteed as to both principal and interest by the Federal government. All securities held by the trust funds are "special issues" of the United States Treasury. Such securities are available only to the trust funds. Trust Fund FAQs




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

    Quote Originally Posted by pbrauer View Post
    • Al Gore never became President.
    • By law, income to the trust funds must be invested, on a daily basis, in securities guaranteed as to both principal and interest by the Federal government. All securities held by the trust funds are "special issues" of the United States Treasury. Such securities are available only to the trust funds. Trust Fund FAQs


    Didn't answer the question, why is SS and Medicare ON BUDGET

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

    Quote Originally Posted by Conservative View Post
    Didn't answer the question, why is SS and Medicare ON BUDGET
    I'm not playing twenty questions with you. Why does my knowing why they're in BUDGET matter? If I buy U.S. Treasury bonds all I wouldn't care if its in BUDGET, I would want be paid face value upon maternity - that's all that matters to me.


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

    Quote Originally Posted by pbrauer View Post
    I'm not playing twenty questions with you. Why does my knowing why they're in BUDGET matter? If I buy U.S. Treasury bonds all I wouldn't care if its in BUDGET, I would want be paid face value upon maternity - that's all that matters to me.
    Because it just goes to show how naive you are in believing your SS funds are safe. In order to pay for those IOU's from the govt. using your contributions they are going to have to borrow the money. Those so called U.S. Treasury Bonds that you believe you have already have been spent. Isn't liberalism wonderful?

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