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Thanks for knocking the US credit rating from AAA to AA+

Discussion in 'Fred's House of Pancakes' started by Chuck., Aug 6, 2011.

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  1. Chuck.

    Chuck. Former Honda Enzyte Driver

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    Hope this does not get in Fred House of Politics for a few hours

    S&P downgrades U.S. credit rating - Aug. 5, 2011

    Couple of weeks ago, it was reported if a debt-ceiling plan could trim $4 trillion over the next ten years, the US credit rating of AAA could be preserved. All that needed to happen was add some revenue with the trimming...it would have happened 30 years ago, even with an arch-conservative President named Ronald Reagan...he would have pushed for all he could, but not go for broke....debt-ceiling increased 18 times on his watch. Back then he was influenced by Jack Kemp, who made a effort to expand the GOP to conservative Democrats and minorities. He got elected in 1980 by distancing himself from the Rushes of his day, was civil to the Democrats. He did not get rid of Medicare or Social Security as fearmongers tried to say, yet today he would be disowned by the TEA party...if Reagan were alive today, they would be at odds with him even though he is treated like a patron saint.

    Stable democracies know how to compromise, as the US did until about 20 years ago - fringe parties take the "my way or the highway stand."

    The GOP is different now - they were trying to expand their ranks. Now, as the white population is headed towards minority status later this century, the GOP is telling many of it's members they are RINOs...trying to figure out how I had a reputation as an arch-conservative but now I'm leaning socialist? :confused::confused::confused: I get this picture while the GOP is the minority party, the leaders want to run many of those members off, get angrier and more militant....I do not understand their math by subtraction in winning elections or encouraging a working environment many of their constituency lose their jobs.

    Talk shows and special interest groups have encouraged polarization and no compromise - the dysfunctional atmosphere that led to an inadequate budget-ceiling bill prompting S&P to knock down the US credit rating down.

    The TEA party is supposed to be all about not having tax hikes, yet they made the credit rating downgrade happen....how is that not a tax hike for everybody? This accelerates the movement from the dollar as the cornerstone of the world's currency, the day Chinese stop loaning on us. I hear a few cynically saying the TEA party wanted to hurt the economy, but the pubic is stupid enough to blame Obama because it's on his watch - are they? Should I say the tax hike is actually an elimination of a tax cut?

    Why didn't the TEA party get what they could two weeks ago and just press hard the next time? The courts and government move slowly.

    The US budget is so out of hand hard choices have to be made and will get even harder...pet programs for both Democrat and Republicans will have to be cut

    I'm a conservative, never will be a Democrat, but don't think I'm a Republican anymore - why are they eager to hurt the economy for partisan politics?
     
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  2. SPEEDEAMON

    SPEEDEAMON Professional Car Nut

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    I believe this is unpatriotic and classifies as a traitor act.Thanks a lot for ruining everyone's future.
     
  3. GrumpyCabbie

    GrumpyCabbie Senior Member

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    Play by the rules guys.

    Why should the US be any different to any other Country out there? Want to tell the people of Ireland or Greece that they should suffer hardship because of mismanagement by their Governments, but the US should be a special case?

    Perhaps it's a wake up call to get your own house in order. I'm not an economist but even I can see that the longer you leave the problem the harder it will be to correct in the future.
     
  4. Flaninacupboard

    Flaninacupboard Senior Member

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    The UK is in debt, and we charge 20% tax on your earnings (unless you earn over £40k, and then we charge you 50% on your earnings) plus 20% VAT/sales on all luxury items (such things as biscuits and sausages), then insurance tax, something like 100% tax on petrol, tax on electricity, tax on gas for your heating, tax on your inheritance, tax when you sell your house, council tax just for owning a house, it goes on and on.

    The people of america (especially those earning far more than they need to live more than comfortably) need to pay more tax. end of. isn't the debt equivalent to about $50,000 per person?
     
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  5. TonyPSchaefer

    TonyPSchaefer Your Friendly Moderator
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    I copied this thread to Fred's House of Politics.
    I left this one here so you'd all know the thread wasn't deleted but rather relocated. You can try to argue that "we weren't going to get political" but I checked with the Department of Future-Crime and they said otherwise.

    I would only wish some of our international members would get into FHoPol to occasionally remind some of them that there's more than one country in the world. And more than one news channel on TV.
     
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