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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 Ockham View Post
    Right... I thought it was obvious but to you it's not. The result of a balanced budget amendment is that there would be Constitutional requirement to balance the Federal budget.

    You didn't answer the question... THINK!
    Quote Originally Posted by Ockham View Post
    Very nice strawman - no one is questioning the debt incurred. We're controlling the amount of future debt.
    What strawman? A budget, whether it is yours, or the Federal government, it just a plan. According to the following most states don't really have a balanced budget even though they say they do.

    The Phony Balanced Budget Amendment Debate | Capital Gains and Games

    Next week, House Republicans plan to debate a balanced budget amendment to the Constitution. Although polls show overwhelming public support, it is doubtful that many Americans realize that the measure to be debated is not, in fact, a workable blueprint to enforce a balanced budget. In fact, it’s just more political theater designed to delight the Tea Party.

    Historically, those supporting a balanced budget amendment to the Constitution were only interested in balance per se. That is, requiring that revenues and expenditures be as close to equal as possible. The view was that if the states – almost all of which are required to balance their budgets annually – could do it then so could the federal government.

    One problem is that the states don’t really balance their budgets. All have separate operating and capital budgets and only the operating budget is required to be balanced. By contrast, the federal budget lumps together operating and capital expenses, such as roads and buildings that will last for decades. Moreover, the states are notorious for using gimmicks to give the appearance of budget balance even though they run deficits.
    ...
    Last edited by pbrauer; 08-16-11 at 05:54 PM.


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

    Quote Originally Posted by pbrauer View Post
    What strawman? A budget, whether it is yours, or the Federal government, it just a plan. According to the following most states don't really have a balanced budget even though they say they do.

    The Phony Balanced Budget Amendment Debate | Capital Gains and Games
    I guess states could balance their budget like perry did in Texas,by kicking the can down the rode.WAIT...that's what were doing now.Forgidaboutit.
    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 guess states could balance their budget like perry did in Texas,by kicking the can down the rode.WAIT...that's what were doing now.Forgidaboutit.
    That's what T-Paw did in Minnesota as well.


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

    Quote Originally Posted by pbrauer View Post
    That's what T-Paw did in Minnesota as well.
    Aww, don't pick on T-Paw. The guy just folded his tent because he didn't win the meaningless Iowa Straw Poll, for God's sake. How pathetic is that?

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

    Quote Originally Posted by donc View Post
    I guess states could balance their budget like perry did in Texas,by kicking the can down the rode.WAIT...that's what were doing now.Forgidaboutit.
    TX has a balanced budget requirement so where do you get your information that TX didn't balance the budget and kicked the can down the road? This thread isn't about Perry but I guess anything to divert from the thread topic

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

    Quote Originally Posted by pbrauer View Post
    That's what T-Paw did in Minnesota as well.
    It seems that i have read somewhere that some states have found a way of balancing the budget with fed dollars(stimulus ) as well.Hhmm...wonder who that could have been?


    <Texas, which crafts a budget every two years, was facing a $6.6 billion shortfall for its 2010-2011 fiscal years. It plugged nearly all of that deficit with $6.4 billion in Recovery Act money, allowing it to leave its $9.1 billion rainy day fund untouched.>

    Texas balanced budget with stimulus money from Washington - Jan. 23, 2011
    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 guess states could balance their budget like perry did in Texas,by kicking the can down the rode.WAIT...that's what were doing now.Forgidaboutit.
    Here is another nifty little trick they used:

    The Dallas Morning News reported Saturday the state has collected $130 million this fiscal year to help financially strapped Texas residents pay for the cost of electricity used for cooling, but has provided only $28 million so far to those who need it.
    The reason: State lawmakers have locked away the money to deal with the budget shortfall. The state is now spending only half as much as it did to help the poor and elderly get through the summer a decade ago.
    State of Texas holding onto money aimed to help poor, elderly pay for cooling | abc13.com

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

    Quote Originally Posted by donc View Post
    It seems that i have read somewhere that some states have found a way of balancing the budget with fed dollars(stimulus ) as well.Hhmm...wonder who that could have been?


    <Texas, which crafts a budget every two years, was facing a $6.6 billion shortfall for its 2010-2011 fiscal years. It plugged nearly all of that deficit with $6.4 billion in Recovery Act money, allowing it to leave its $9.1 billion rainy day fund untouched.>

    Texas balanced budget with stimulus money from Washington - Jan. 23, 2011
    Wow, imagine that, the taxpayers of TX getting some of their taxdollars back with most going to the unfunded mandates from the Federal Govt. for things like Medicaid and extended unemployment insurance. Keep trying.

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

    Quote Originally Posted by winston53660 View Post
    Here is another nifty little trick they used:

    The Dallas Morning News reported Saturday the state has collected $130 million this fiscal year to help financially strapped Texas residents pay for the cost of electricity used for cooling, but has provided only $28 million so far to those who need it.
    The reason: State lawmakers have locked away the money to deal with the budget shortfall. The state is now spending only half as much as it did to help the poor and elderly get through the summer a decade ago.
    State of Texas holding onto money aimed to help poor, elderly pay for cooling | abc13.com
    Your love for Texas is truly inspiring

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

    Quote Originally Posted by donc View Post
    It seems that i have read somewhere that some states have found a way of balancing the budget with fed dollars(stimulus ) as well.Hhmm...wonder who that could have been?


    <Texas, which crafts a budget every two years, was facing a $6.6 billion shortfall for its 2010-2011 fiscal years. It plugged nearly all of that deficit with $6.4 billion in Recovery Act money, allowing it to leave its $9.1 billion rainy day fund untouched.>

    Texas balanced budget with stimulus money from Washington - Jan. 23, 2011
    Speaking of which, you know how Texas funds that rainy day fund? They tax oil and gas companies....

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