Harry Guerrilla
DP Veteran
- Joined
- Dec 18, 2008
- Messages
- 28,951
- Reaction score
- 12,422
- Gender
- Male
- Political Leaning
- Libertarian
Ugh...Go back!!
I can't.
They beat me up and threw me out for being too tough.
Ugh...Go back!!
of course the democrats rejected both large spending plans...because republicans refused to give on tax revenues of any kind. Pundits continue to say we have a spending problem. While that's true, we also have a revenue problem only very few people dare to acknowledge that.
Republicans don't want to raise taxes or close tax loopholes, so the only thing the treasury really has left is cutting the interest rate on bonds to near zero. Bond rates have been the only buffer between lost income tax revenue and the debt that's kept us afloat all this time. But now that the "full faith and credit of the u.s." has been downgraded, the one thing the president tried to avoid will now happen.
Bond interest rates will increase; morgtage, credit card and car loan rates will also increase. Banks and private investors will find it harder to raise revenue. Small business owners will find it even more difficult to get loans. And for what? Because one side of the political divide didn't want to compromise under any circumstances even when they were getting over and above what they wanted.
I'm not alone in blaming republicans for this mess our nation is in. There are plenty of others who see through the smoke screen.
Since no one seems to have asked this yet....
I knew it wasn't serious long before that. I really think the leaders of S & P did too.
No one in Washington is willing to support the kinds of cuts and tax increases that are necessary to bring the budget into balance. Who can blame them? We'd at least vote them out of office, if not run them out of town on a rail if they were to tell the truth and take decisive action. Too many people still expect a free lunch.
Of course the Democrats rejected both large spending plans...because Republicans refused to give on tax revenues of any kind.
Pundits continue to say we have a spending problem. While that's true, we also have a revenue problem only very few people dare to acknowledge that.
Republicans don't want to raise taxes or close tax loopholes
But now that the "full faith and credit of the U.S." has been downgraded, the one thing the President tried to avoid will now happen.
Bond interest rates will increase; morgtage, credit card and car loan rates will also increase.
Banks and private investors will find it harder to raise revenue. Small business owners will find it even more difficult to get loans. And for what? Because one side of the political divide didn't want to compromise under any circumstances even when they were getting over and above what they wanted.
Republicans offered $800 Bn; and yeah, after decades of falling for the "just raise taxes and we pretty promise we'll cut spending" trick, good on Republicans for failing to fall (again) for that canard, and raise taxes on an already anemic recovery.
our revnue problem is the result of our spending problem. Taxes did not drop to the lowest portion of GDP that we've seen in 60 years because of a tax cut - income tax rates didn't change. They did so because of a massive expansion of government.
guess you haven't been paying attention. In fact House Republicans have passed the only plan currently to have gone up before a legislative chamber to strip out the tax loopholes, credits, and shelters. That ludicrous "corporate jet tax break" that the President's OWN "stimulus" started (without a Single Republican Vote in the House), that he now finds anathema to humankind? Republicans voted to strip it and all it's buddies out entirely; the measure died in the Democrat Controlled Senate .
S&P said if we didn't have a $4T deal we would get downgraded. The President then came out and said his only condition was that it get us past November 2012. It would seem, that the "one thing the President tried to avoid" was having this politically damaging debate again before he was up for reelection.
ready for this?
GOOD.
If there is one thing Americans need, it is a period of deleveraging. We should be paying down debt, not going deeper into it.
and this would be the side that was offered $800 Bn in revenue increases and turned it down. Obama was given no less than three options that would have avoided a downgrade and he rejected them all. Now, you can say that that's because he should have demanded more taxes, and okay, I get where people would believe that, but if he rejected the plans that would have avoided downgrade in order to hold out for higher taxes, then HE is the one who chose through intransgience to put us here.
Republicans want to strip the tax loopholes and raise revenues? If you believe this is true, you are blinded by fake facts compliment of fox news or in just plain denial
Most members of the house have signed the holy anti-tax pledge, refusing to budge even if it means the destruction of the American economy. Several polls show Americans want a balanced approach to the budget, including tax revenues. For you to sit here and tell me Conservatives WANTED to diminish tax loopholes is just plain rediculous.
They ran away from the table as soon as it became time to raise taxes on the wealthy.
Why do you think our government was on the breaking point during the Washington Debt Ceiling negotiations?