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

  1. #221
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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by AdamT View Post
    That is just factually inaccurate. Raising taxes to Clinton-era levels would halt the growth of the deficit in its tracks, relative to GDP. Add responsible spending cuts and we can start reducing the debt as a percentage of GDP to sustainable levels.

    What you cannot do is fix the problem with spending cuts alone.
    That is incorrect. Grossly so. Repeal of all the Bush Tax Cuts, if they did not change spending behavior one iota, would yield about $340 billion per year. Well less than 3% of current GDP. Our current Federal Spending is projected at about 25.5% of GDP, and climbing. Historic Federal spending is closer to 19-20% of GDP. Full implementation of Clinton taxes, which were on the boom-time dot-com bubble, would not close half the gap as compared to historic averages. Not to mention that such implementation would drive down GDP, and revenue, and possibly produce no net increase at all in revenue.

    We have a spending problem.
    Last edited by Eighty Deuce; 08-06-11 at 02:16 PM.

  2. #222
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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by Sheik Yerbuti View Post
    The Republican party of "No" got what they wanted. They damaged Obama. It doesn't matter to them that they also hurt the country, but then party over country has always been the Republican meme.
    Obama hurt himself because of his policies and his spending.
    Catch me if you can.

  3. #223
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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by RStringfield View Post
    It's not a strawman because I did not attribute the argument to you or anyone (at least not currently, it would be the argument in the long term from the left as they would refuse to admit failure when Clinton era levels proved to not be enough).

    Clinton era rates on the "rich" are not going to be able to finance the looming deficits in SS and Medicare. You are delusional, uninformed or lying if you suggest it will.
    It was a straw man because you complained about an argument that no one is making. And you just did it again. I never suggested that Clinton-era tax cuts on the rich would pay for anything, let alone SS and Medicare. My argument was that all of the Bush tax cuts should expire and that that, in conjunction with responsible spending cuts, would take care of our problem.

  4. #224
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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by apdst View Post

    Obama has been damaging his own self, since January of 2009.
    Spits the poster who thinks the Great Depression didn't end until sometime after 1945.

  5. #225
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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by Sheik Yerbuti View Post
    Spits the poster who thinks the Great Depression didn't end until sometime after 1945.
    Which is true. It did not end until the war ended.

    Now, can you add anything to the thread, or are you just a snipe ?

  6. #226
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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by Sheik Yerbuti View Post
    Spits the poster who thinks the Great Depression didn't end until sometime after 1945.
    It didn't...

  7. #227
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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by Red Crow View Post

    Obama hurt himself because of his policies and his spending.
    The downgrade came as a result of uncertainty that would could successfully attack our debt problem because the Democrats and Republicans can't work together on the issue. That was the goal of Republican party of "no." They brought the government to a complete standstill with their "my way or the highway" approach. The president, being the leader of the nation, gets the blame. They got what they wanted.

  8. #228
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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by Goldenboy219 View Post
    I like what you had to say; could you elaborate on this point a bit more?
    Obama has been the only person who offered serious cuts to mandatory spending. He has, as evidence of this debt deal, offered massive cuts to defense and medicaid. This is why his approval rating has dropped; loss of his bases support. He has a balanced approach, unfortunately he may have waited to long, its hard to say if a balanced approach would have based through the pre 2010 congress and it definitely want pass now.

    The debt deal we have now wont cut enough even in the committee, as they will come to a deal to avoid cuts in defense and medicare.

  9. #229
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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by Sheik Yerbuti View Post

    Spits the poster who thinks the Great Depression didn't end until sometime after 1945.

    Quote Originally Posted by apdst View Post

    It didn't...
    Of course it didn't ... but you think it did.

  10. #230
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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by Sheik Yerbuti View Post
    Of course it didn't ... but you think it did.
    Glad you agree. How does it feel to be as knowledgeable as me?

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