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

  1. #201
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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by AdamT View Post
    The bankers just pointed out what we knew already: one of our political parties -- the one that starts with an R -- is completely fixated on thumbing its nose at the President and could not care less if it harms the country in the process.

    No one is suggesting that we raise taxes to "crushing levels". That is a straw man argument. The blindingly obvious solution to our problem is to add short-term stimulus and do significant cutting and modest tax increases in the mid/long term. Eliminating the Bush tax cuts, i.e., going back the Clinton rates that allowed the economy to flourish, would stop the growth of the debt in and of itself.
    Nobody is suggesting that we do it, this time. But, once Obama gets one tax hike, he'll be wanting another, then another, then another.

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

    There was a direct correlation to the health of the economy and how much the gov spent in the 30s and 40s. The recession was ending before WW2. The claim that it didn't is as untrue as the claim that Clinton had a surplus when he didnt.

    Back on topic, there is plenty spending to be cut. We have both a spending and revenue problem. The recession caused a major loss of revenue. Obama offered to cut mandatory spending and raise taxes on the upper %.

    In debt talks, Obama offers Social Security cuts - The Washington Post

    He is the only one being reasonable about this. Congressional Dems and Repubs refused to make any hard decisions.

    Also this 3.7T budget that was voted down 97-0 was never supposed to pass in the first place. It was a requirement of proposing a budget to congress. Obama was working on a better deficit reduction plan at the time. Its easy to blame the president but Obama is this country's best chance to reduce spending on mandatory programs.

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

    Quote Originally Posted by deltabtry View Post
    Since 1978 when I started paying attention to who runs this country, either the left or right it is of my opinion (actually fact) that both parties have a serious spending problem. Now if we continue to blame one side opposed to another we will get no where except more in debt. That said, since 1978 the blame game has not resolved a single issue, what it has done is divided us so those who cheer lead us on will remain in power at our expense and now at the expense of our country as one credit rating. Don't be fooled by our politicians, the blame game has a positive effect on their careers just look at the freshman fiances opposed to the senior when exiting congress.
    Yeah, definitely both sides have a spending problem. The solution has to be cutting domestic spending, cutting military spending and increasing revenues. While not all Democrats are on board with all those things, most of the Democrats are. On the other hand I can't think of a single Republican in Congress that is on board for all three. So it's pretty hard to ignore that.

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

    Quote Originally Posted by RStringfield View Post

    Sure, one way to address it would be to raise taxes to crushing levels.
    Yeah, those tax rates during the Clinton administration sure did crush the economy.

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

    Quote Originally Posted by Flyersfan314 View Post
    Its easy to blame the president but Obama is this country's best chance to reduce spending on mandatory programs.
    I like what you had to say; could you elaborate on this point a bit more?
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

  6. #206
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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by The Giant Noodle View Post
    They lowered it because congress didnt go far enough to shore up its finances. This is 100% on the fault of the Tea Party and Republicans. They needed to raise taxes on the wealthy and didnt. Now we have this!!!!!!!!!!!
    If congress would of gone all the way like the Ryan's plan, the senate wouldn't of gone for it because democrats like to spend a lot of money for their progressive and free programs. This is both of the parties fault since it takes two to tango.
    Catch me if you can.

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

    Quote Originally Posted by apdst View Post
    Actually, it was the tax cuts after WW2 that did it.

    If it were true that the war ended the depression, then why are we pulling out of Iraq and Afghanistan? Why do Libbos support massive defense cuts? Why are we in a depression, now? Where does the money come from for all that spending?
    It was not just tax cuts and also it was not just lowering rates, but the cutting of specific taxes that had been very harmful.

    It was partially due to the War. FDR allowed much of the New Deal to be killed by congress in order to divert resources to the war. FDR died and Truman was not as popular as FDR. With slim majorities, due in large part to conservative southern Democrats, and the failure of the New Deal, Truman was not able to pass FDR's New Deal revival plans.

    The Depression ended due to a brief repudiation of Keynesian ideas.

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

    Quote Originally Posted by Sheik Yerbuti View Post
    Yeah, those tax rates during the Clinton administration sure did crush the economy.
    Those tax rates will not be sufficient to deal with the problems on the horizon.

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

    Quote Originally Posted by Red Crow View Post
    If congress would of gone all the way like the Ryan's plan, the senate wouldn't of gone for it because democrats like to spend a lot of money for their progressive and free programs. This is both of the parties fault since it takes two to tango.
    That is actually completely false. The Dems were willing to compromise. The Republicans said our way or the highway, thus turning the debt ceiling deal into a major issue, when in reality it shouldn't have been.
    "And in the end, we were all just humans, drunk on the idea that love, only love, could heal our brokenness."

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

    Quote Originally Posted by apdst View Post
    Nobody is suggesting that we do it, this time. But, once Obama gets one tax hike, he'll be wanting another, then another, then another.
    So we had a straw man argument and now we have a slippery slope argument. Can ad hominem be far behind?

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