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

  1. #51
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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by washunut View Post
    Other than the last two years can you point to a time when the deficit will be as high as the upcoming 2011-2012. To say that we will not spend money on anything when spending will be at record highs is just silly.
    Good joke, Pal!

    But you forgot to mention that the Republicans left the house with a desolate economy and a catastrophic financial market in 2009.

    This deficit is primarily a direct result of the weak economy (tax income) and that is not the fault of Obama!





    This analysis revealed a lot of surprising conclusions, including the following:

    Today's government spending levels are indeed too high, at least relative to the average level of tax revenue the government has generated over the past 60 years. Unless Americans are willing to radically increase the amount of taxes they pay relative to GDP, government spending must be cut.

    Today's income tax rates are strikingly low relative to the rates of the past century, especially for rich people. For most of the century, including some boom times, top-bracket income tax rates were much higher than they are today.

    Contrary to what Republicans would have you believe, super-high tax rates on rich people do not appear to hurt the economy or make people lazy: During the 1950s and early 1960s, the top bracket income tax rate was over 90%--and the economy, middle-class, and stock market boomed.

    Super-low tax rates on rich people also appear to be correlated with unsustainable sugar highs in the economy--brief, enjoyable booms followed by protracted busts. They also appear to be correlated with very high inequality. (For example, see the 1920s and now).

    Periods of very low tax rates have been followed by periods with very high tax rates, and vice versa. So history suggests that tax rates will soon start going up.


    Read more: THE HISTORY OF TAXES: Here's How High Today's Rates Really Are


  2. #52
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    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by American
    Just save the partisan bull**** will you? Harry Reid hasn't passed a budget in years. We lost our AAA because the spending cuts weren't large enough.
    Revenue increases coupled with spending cuts probably would have been more productive, don't forget about those revenue increases you hate so much!
    "I do not claim that every incident in the history of empire can be explained in directly economic terms. Economic interests are filtered through a political process, policies are implemented by a complex state apparatus, and the whole system generates its own momentum."

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

    Quote Originally Posted by Khayembii Communique View Post
    Revenue increases coupled with spending cuts probably would have been more productive, don't forget about those revenue increases you hate so much!
    We already tax the economy at 54% (when you exclude government spending)...how much more would you like? 60%? 70%? More?
    You, my brothers and sisters, were called to be free. But do not use your freedom to indulge the flesh; rather, serve one another humbly in love.For the entire law is fulfilled in keeping this one command: “Love your neighbor as yourself.”

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

    Quote Originally Posted by American View Post
    Just save the partisan bull**** will you? Harry Reid hasn't passed a budget in years. We lost our AAA because the spending cuts weren't large enough.
    Please save us the partisan lies. S&P's said exactly why they did what they did and its not simply because we didn't cut enough spending. They are worried about the bickering in Congress that created this whole mess, care of the Tea-Party.

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

    Quote Originally Posted by ksu_aviator View Post
    We already tax the economy at 54% (when you exclude government spending)...how much more would you like? 60%? 70%? More?
    FIT rate of 40% for the wealthiest Americans. That's where it was under Clinton and the economy was kicking ass!!!!!

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

    Quote Originally Posted by Aunt Spiker View Post
    But - will the government listen?

    It doesn't look like it. I see no evidence that we're going to change the direction of things - but a lot of evidence that the direction of thing swill continue full force.
    This is so true. S&P, Moodys, and one other that I cant remember, ALL warned Washington that unless a significant debt reduction 4-6+T plan was passed they were going to down grade us. Did they give us a 4-6+T plan? Nope..

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

    Quote Originally Posted by Thunder View Post
    FIT rate of 40% for the wealthiest Americans. That's where it was under Clinton and the economy was kicking ass!!!!!
    Really? Because I remember the recession that was caused by those tax rates. It was accelerated by 9/11 and most blamed 9/11 for the recession, but the recession began before.
    You, my brothers and sisters, were called to be free. But do not use your freedom to indulge the flesh; rather, serve one another humbly in love.For the entire law is fulfilled in keeping this one command: “Love your neighbor as yourself.”

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

    We already tax the economy at 54% (when you exclude government spending)...how much more would you like? 60%? 70%? More?
    Increased revenues would have gone further towards balancing the budget, is all I'm saying.
    "I do not claim that every incident in the history of empire can be explained in directly economic terms. Economic interests are filtered through a political process, policies are implemented by a complex state apparatus, and the whole system generates its own momentum."

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

    Quote Originally Posted by ksu_aviator View Post
    Really? Because I remember the recession that was caused by those tax rates...
    This is 100% untrue and reaks of GOP lies.

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

    Here's what will happen as US debt continually gets downgraded. It means the US will no longer be able to borrow any money. If the US can't borrow any money, it'll have to raise taxes to pay for it. Since the GOP refuses to cut subsidies, the extra tax burden will fall on the working class. So the GOP will become the Party of High Taxes.

    If taxes are raised, Amerians will have to borrow more. If Americans borrow more, interest rates will go up. Inevitably, more and more Americans will be bankrupted and the disparity between the working class and the (subsidized) wealthy will become larger. And the US will end up another Third World dump.

    Then the IMF will come in to bail out the US, and, as every (educated) person knows, when the IMF comes a bailin', they bringin' the SRPs with 'em!

    Ok, righties, do you know what an SRP is?

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