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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 sangha View Post
    bush* took office in Jan of 2001. It only took him 2 months to start destroying the economy
    yep, that is liberal logic, the same logic that believes Obama 2 1/2 years into his Presidency isn't responsible for the economic results of today

    Obama economic results in 2011, .4% GDP and 1.3% GDP growth in 2011, 24+ million unemployed or under employed Americans in 2011, 4 trillion added to the debt in less than 3 years, and a downgrade of the U.S. credit rating. Rising Misery index 7.83 to 12.67. First President in U.S. History to have our credit downgraded on his watch!

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

    Quote Originally Posted by The Prof View Post
    then you're gonna have to cut deeper cuz there's not enough money on the planet

    U.S. funding for future promises lags by trillions - USATODAY.com
    These figures seem to be based on the false assumption that the population will continue to rise at baby boomer levels indefinitely.

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

    Quote Originally Posted by winston53660 View Post
    Obama says the deficit was on track to top $1 trillion the year he took office

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    In a televised address to the nation on July 25, 2011, to discuss the pending deadline on the debt ceiling, President Barack Obama​ laid out his version of how the deficit situation got to where it is. And Obama placed much of the blame at the feet of his predecessor, George

    PolitiFact | Obama says the deficit was on track to top $1 trillion the year he took office
    Deficits are yearly and projections aren't fact. The 2009 deficits were created from Oct. 2008 to Sept 30, 2009. Bush left office in January 2009 so how did Bush generate those deficits and how much did Obama contribute?

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

    Quote Originally Posted by Conservative View Post
    yep, that is liberal logic, the same logic that believes Obama 2 1/2 years into his Presidency isn't responsible for the economic results of today

    Obama economic results in 2011, .4% GDP and 1.3% GDP growth in 2011, 24+ million unemployed or under employed Americans in 2011, 4 trillion added to the debt in less than 3 years, and a downgrade of the U.S. credit rating. Rising Misery index 7.83 to 12.67. First President in U.S. History to have our credit downgraded on his watch!
    Clinton raised taxes, grew the economy and created 22 million jobs. bush* inherited a growing economy and destroyed millions of jobs and the economy with his tax cuts and big spending, big govt policies

    bsuh* economic results in 2011, .4% GDP and 1.3% GDP growth in 2011, 24+ million unemployed or under employed Americans in 2011, 4 trillion added to the debt in less than 3 years, and a downgrade of the U.S. credit rating. Rising Misery index 7.83 to 12.67. First President in U.S. History to cause a credit downgrade
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

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

    Quote Originally Posted by Conservative View Post
    yep, that is liberal logic, the same logic that believes Obama 2 1/2 years into his Presidency isn't responsible for the economic results of today

    Obama economic results in 2011, .4% GDP and 1.3% GDP growth in 2011, 24+ million unemployed or under employed Americans in 2011, 4 trillion added to the debt in less than 3 years, and a downgrade of the U.S. credit rating. Rising Misery index 7.83 to 12.67. First President in U.S. History to have our credit downgraded on his watch!
    And when Obama took over the entire financial structure of the United States was on the verge of collapse, the economy was shedding over 700,000 jobs per month, and GDP was shrinking at better than 6% per year. Good progress.

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

    Quote Originally Posted by Conservative View Post
    Govt. spending is a small component of GDP dwarfed by consumer spending and consumption. I will never support raising taxes until that 3.7 trillion dollar govt. is significantly reduced starting with rolling back spending to pre 2008 levels.
    Well jee golly Wally, everybody knows that! What you have failed to notice is the relationship between government spending and current consumption. So when you cut $1.7 trillion in spending, GDP decreases by $1.7 trillion which allows to use Okun's law to forecast consequential loses in employment.

    $1.7 trillion = 11.5% of GDP

    Okun's law: 2% loss in GDP results in a 1% loss in unemployment.

    Therefore, cutting the deficit via cuts will result in an additional 5.75% in unemployment. Which of course is not a credible economic plan.
    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

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

    Quote Originally Posted by Conservative View Post
    Deficits are yearly and projections aren't fact. The 2009 deficits were created from Oct. 2008 to Sept 30, 2009. Bush left office in January 2009 so how did Bush generate those deficits and how much did Obama contribute?
    bush* generated those deficits with his big spending, big govt programs which increased the debt to $10T, a record high
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

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

    Quote Originally Posted by Conservative View Post
    Deficits are yearly and projections aren't fact. The 2009 deficits were created from Oct. 2008 to Sept 30, 2009. Bush left office in January 2009 so how did Bush generate those deficits and how much did Obama contribute?
    Budgets are determined for the next year -- not the current year. Bush left a $1+ trillion deficit and there was absolutely nothing Obama could do about that.

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

    Quote Originally Posted by Conservative View Post
    Great spin on your part, you are the one along with all other liberals claiming we need more revenue yet never addressing the FACT that 47% of income earners aren't paying any FIT. I don't think we have a revenue problem, we have a spending problem. How much additional revenue would you get if you collected anything say $100 a year from the 70 million income earners who aren't paying anything?
    So your answer to the budget problems is to raise taxes on people who can't afford it?
    “In politics, stupidity is not a handicap.” -Napoleon

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

    Quote Originally Posted by StillBallin75 View Post
    the wealthy have benefitted from certain tax credits as well, and they also make up a certain portion of that 45-47%
    Obama Picks Jeffrey Immelt, GE CEO, To Run New Jobs-Focused Panel As GE Sends Jobs Overseas, Pays Little In Taxes

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