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United States loses its AAA Credit rating from S & P

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Everyone who has a functioning central nervous system understands that we were on the verge of defaulting. Our revenues were just about sufficient to meet HALF of our daily obligations. Naturally that means that we could not meet the other HALF of our obligations, on which we would have defaulted.

Your definition of default isn't the legal definition at all. Much of what we spend is optional as has been explained to you. Doubt that anything is going to change your mind including actual facts. The govt. takes in billions each and every month. Our obligations to prevent default is to pay debt service, then our obligation goes to our Seniors for SS and Medicare and our Military. What else is there that is an obligation that we have? There is no legal default on other issues so you just stop spending money. The new budget year begins October 1, 2011
 
And what Obama inherited: economy shedding 700,000+ jobs per month, GDP shrinking at 6+% per year, financial institutions teetering on the edge of collapse, trillion+ deficit.... Nice improvement.

This is 2 1/2 years later, he inherited nothing today and yet his record is as follows

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!
 
They've been there for sometime haven't they? And quite frankly, deregulation contributed to our problems. Regulations often have a reason for being there.
Yes. They have steadily grown over the years. (All nations accumulate power). In the early years we had a few hundred regulations. Today we have 80,000 regulations that businesses must comply with at a cost to the consumer of a trillion dollars per year. Do you feel a trillion dollars safer? Our busybody bureaucrats are churning out regulations at a rate of about 4K regulations per year.

What do they do? Maybe we should sunset them. We could number them from 1 to 80,000 and randomly select them for sunsetting. Say 10% each year. Or, for every new regulation we should eliminate an equal weight in "old" regulations. So let's print them all out on 20 lb cotton rag paper and weigh them. Then let's get a Constitutional amendment that says we can have no more than half that weight in regulations. Let's further agree that 100 eight grade students, selected randomly will have to read them and understand them. And finally, let's publicly whip any official who tries to find a way around this.
 
That's the problem. Thinking short term. So at least we have you off the idea that the government doesn't effect employment.

The word I use is control, control the economy. It CAN have a limited effect, but other factors have a far greater effect, like consumer buying, market crashes, and international competition.

You need both short term and long term thinking, and the long term has to go beyond one president, and we accepted by both parties, or it isn't likley to be effective.
 
Aw, such low standards for Obama. Here we are over two years after taking office and liberals are still making excuses for Obama failures. This President did more harm in one year and yet people here still support him and want to give him four more years to make things worse. The Obama record 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!

A Standard & Poor’s director said for the first time Thursday that one reason the United States lost its triple-A credit rating was that several lawmakers expressed skepticism about the serious consequences of a credit default — a position put forth by some Republicans.

Without specifically mentioning Republicans, S&P senior director Joydeep Mukherji said the stability and effectiveness of American political institutions were undermined by the fact that “people in the political arena were even talking about a potential default,” Mukherji said.



Read more: S&P: Debt default skeptics fueled ratings downgrade - Josh Boak - POLITICO.com
 
Yes. They have steadily grown over the years. (All nations accumulate power). In the early years we had a few hundred regulations. Today we have 80,000 regulations that businesses must comply with at a cost to the consumer of a trillion dollars per year. Do you feel a trillion dollars safer? Our busybody bureaucrats are churning out regulations at a rate of about 4K regulations per year.

What do they do? Maybe we should sunset them. We could number them from 1 to 80,000 and randomly select them for sunsetting. Say 10% each year. Or, for every new regulation we should eliminate an equal weight in "old" regulations. So let's print them all out on 20 lb cotton rag paper and weigh them. Then let's get a Constitutional amendment that says we can have no more than half that weight in regulations. Let's further agree that 100 eight grade students, selected randomly will have to read them and understand them. And finally, let's publicly whip any official who tries to find a way around this.

The criteria should be the purpose the regulation serves.if the purpose is valid, so is the regulation.
 
Your definition of default isn't the legal definition at all. Much of what we spend is optional as has been explained to you. Doubt that anything is going to change your mind including actual facts. The govt. takes in billions each and every month. Our obligations to prevent default is to pay debt service, then our obligation goes to our Seniors for SS and Medicare and our Military. What else is there that is an obligation that we have? There is no legal default on other issues so you just stop spending money. The new budget year begins October 1, 2011

To the contrary. If you have an obligation to pay someone, and you fail to do so, under the law you have defaulted on your obligation. For some reason you want to use a highly technical definition of the word rather than the common meaning.

Creditors and markets do not make such a fine distinction. If the USA starts defaulting on its obligations -- ANY obligations -- it will be a blood bath that makes the Lehman crash look like a walk in the park.
 
Regulations often have a reason for being there.

obama's chief of staff, wm daley, june 16, before a buncha manufacturers, potential donors

when it comes to "blocking construction of facilities" in order "to protect fish," the chief said

"you can't defend the indefensible"

it's "bureaucratic stuff that's hard to defend"

"the number of rules and regulations coming out of agencies is overwhelming"

"we're trying to bring some rationality to it"

White House’s Daley seeks balance in outreach meeting with manufacturers - The Washington Post

f-a-c-t-s

and some people question the president's role in the health or infirmity of an economy

LOL!
 
The criteria should be the purpose the regulation serves.if the purpose is valid, so is the regulation.
Do you believe there are 80,000 reasons for regulations that cost the consumer a trillion dollars each year?
 
To the contrary. If you have an obligation to pay someone, and you fail to do so, under the law you have defaulted on your obligation. For some reason you want to use a highly technical definition of the word rather than the common meaning.

Creditors and markets do not make such a fine distinction. If the USA starts defaulting on its obligations -- ANY obligations -- it will be a blood bath that makes the Lehman crash look like a walk in the park.

Again you buy the rhetoric without getting the facts, tell me who we were OBLIGATED to pay that we would have defaulted on? You want badly to buy what you are being told but the truth is we cannot afford a 3.7 trillion dollar govt. and it should have been cut drastically.
 
In the short term, all one can do is hire people.

outside actively hiring people, presidents have NO EFFECT on the economy---LOL!

more (unlinked) words of wisdom

fireside chat, anyone?
 
Agreed. They can.

i spose, in some unlinked world of chin stroking posers

but here on earth, obama's CHIEF OF STAFF was not calling out DE-regulation

was he?

f-a-c-t-s
 
Do you believe there are 80,000 reasons for regulations that cost the consumer a trillion dollars each year?

What either one of us believes is irrelevent. Instead you must show either need or lack of need for a specific regulation.
 
They never envisioned the telephone, internet, television, radio, jet travel thermo nuclear weapons, etc.
How do these have an impact on human nature? Do you believe that we should walk away from constitutionally limited government because the founders did not envision radio?
 
The word I use is control, control the economy. It CAN have a limited effect, but other factors have a far greater effect, like consumer buying, market crashes, and international competition.

All of which the government has a hand in. Consumers have also decided to start paying off debt (which is a good thing) because of the uncertainty of what taxes or cuts are coming. The government certainly played a role in the housing crash. By both, removing regulations and encouraging home ownership where it wasn't viable. Obama's job czar is sending jobs overseas.

You need both short term and long term thinking, and the long term has to go beyond one president, and we accepted by both parties, or it isn't likley to be effective.

I don't disagree as none of them (or few of them) look beyond the next election.
 
How do these have an impact on human nature? Do you believe that we should walk away from constitutionally limited government because the founders did not envision radio?

The question is how limited? Many spew the words concerning constitutionality without including the 200 years of history we have since it was written. How do we know you have the correct view of the constitution?
 
The criteria should be the purpose the regulation serves.if the purpose is valid, so is the regulation.

you don't know what you're talking about

if the administration of the oversight is "indefensible..."

well...

LOL!
 
No, you can't help that I can actually think. Thank God some can, regardless of party.
You believe you are thinking?

No where did I even suggest that. While I wish that teachers and policemen and fire figthers were all Obama's supporters, the fact is they are not so ideologically bent. Teachers, police officers, firefighters all vote for both democrats and conservatives. Some just see their jobs as important to all of us. And tha some who do include both liberals and conservatives.
To whom do the public sector union members pay their dues? And to whom do the public sector union thugs provide the political payoff in get out the vote efforts and donations? Can you think for just one moment (since you said you know how) how perverse it is to take taxpayer dollars from the productive to give it to public sector union members in order to shore up your base, all the while lying to the nation about "shovel ready jobs"?

Did you close your eyes and plug your ears while awake? You seem to have missed a lot.
I took advantage of my sleep time to consolidate my learning gains. Your mileage may vary.
 
All of which the government has a hand in. Consumers have also decided to start paying off debt (which is a good thing) because of the uncertainty of what taxes or cuts are coming. The government certainly played a role in the housing crash. By both, removing regulations and encouraging home ownership where it wasn't viable. Obama's job czar is sending jobs overseas.

Very limited roles. The government did not create predatory lenders, many here argue for deregulating, and there are good reasons to encourage home ownership. But the real problems came from outside government. The greed of predatory lenders, for example, who played a larger role than government, contributed far more to this aspect. These lenders also were party to the problems internationally, as they used much the same methods loaning money abroad.

I think our disagreement is one of degree.

I don't disagree as none of them (or few of them) look beyond the next election.


True, but that is the nature of our system. And the 24 hour news cycle makes every day part of the election cycle.
 
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