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U.S. loses AAA credit rating from S&P

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posted on Aug, 6 2011 @ 08:33 AM
Evidently there really is a Global Test :-)

And we failed it.. miserably...

Thanks to the Bush Tax Cuts...

He pointed to the decision by Congress about whether to extend the 2001 and 2003 tax cuts as one crucial area. "If you let them lapse for the high-income earners, that could give you another $950 billion," he said.

posted on Aug, 6 2011 @ 08:36 AM

Originally posted by gimme_some_truth
Gee.... bet if I owed trillions of dollars my credit rating would not be so good and the government and banks would be quick to tear me a new one........ Why do we put up with this?
edit on 6-8-2011 by gimme_some_truth because: (no reason given)

Because you pay a fraction of the taxes that other countries pay while having lots of money to spend on luxury items.

The only way to claw it back is massive spending cuts, huge tax rises and an end to corporations bribing people for tax cuts.

Taxes would be something like this like they are in other countries.

10% up to 10k
20% up to 20k
30% up to 35k
40% up to 50k
50% over 75k earned

Sure you wont have the same money to spend but at least the country wont go down the crap hole.

posted on Aug, 6 2011 @ 08:40 AM
reply to post by Stormdancer777

Omg! I laughed so hard at that video I had tears!
Funny thing is I had some friends that were like "dude investing is easy" followed pretty much by how that vid played out.

posted on Aug, 6 2011 @ 08:48 AM

posted on Aug, 6 2011 @ 09:01 AM

Originally posted by ForeverDusk

Politicians are some of the worst stains on the planet's dirtiest laundry.

That is possibly the best thing I have ever read!!

posted on Aug, 6 2011 @ 09:11 AM

Originally posted by burdman30ott6
Well, it's official now. I feel like Charlton Heston when he discovered the Planet of the Apes was actually Earth. The bastards in DC did it, they finally blew us up.

Do not think about this as a bad thing. Even though it is bad for our government, the credit rating decline is a good thing. Now the government is forced to pay down the national debt. Owing $4.0 trillion to foreign countries compromises our national security, and it also puts the future of this country into question. Instead of pushing the bill onto the next generation, we can take some personal responsibility for our own problems.

edit on 8/6/2011 by Section31 because: (no reason given)

posted on Aug, 6 2011 @ 09:11 AM
reply to post by imherejusttoread

If Rothbard had been correct, the Bush tax cuts would have produced jobs, rather then 2 jobless recoveries.

posted on Aug, 6 2011 @ 09:18 AM
I do believe that this is a valid reason to call for the impeachment of the President. This is the first time in our nation's history where this kind of thing has happened, and it will affect everyone from the interest on our credit cards, to the interest on our mortgages. The Republicans shouldn't be singled out for blame, neither should the Democrats...both parties are responsible for what has happened and they have failed us miserably.

With that said, I am a firm believer in the "buck stops at my desk" approach to management, and the "buck" at this point should stop at the President's desk and he has failed us unforgivably.

posted on Aug, 6 2011 @ 09:26 AM
reply to post by burdman30ott6

yeah, and look at sie chinese commies go, calling for a world currency...

posted on Aug, 6 2011 @ 09:27 AM
reply to post by Wrath5639

Im from the UK and i don't understand what this means accept that its bad. Will this effect theUK in any way because i understand we are doing terribly financially too.

posted on Aug, 6 2011 @ 09:29 AM

Originally posted by 0zzymand0s
reply to post by imherejusttoread

If Rothbard had been correct, the Bush tax cuts would have produced jobs, rather then 2 jobless recoveries.

Rothbard also stated that the govt has to allow the malinvestments to be liquidated, the govt hasn't allowed the liquidation to happen. Instead it continuously props them up with taxpayer money. This depression will continue until the govt allows the market to correct itself.

Also if Rothbard was alive he wouldn't consider the Bush tax cuts, ``tax cuts``.
edit on 6-8-2011 by Rockdisjoint because: (no reason given)

posted on Aug, 6 2011 @ 09:29 AM

Originally posted by beezzer

Originally posted by SaturnFX
or we could simply keep having some effing tea and watch the country burn.

Let me pour you a cuppa'.
We can watch Rome burn together.

Actually Beez
My best (online) friend is from your homeland, and she is about as political as a turnip...yet last night she was ranting for ages on how england is making all sorts of craptastic moves, from a rise in all taxes straight across the board for the last 5 years, to now some new legislation passed allowing the UK to basically filter all websites not british owned due to piracy and a number of other legal issues.

My question is going on in that island? Is this a result of british cooperation (divided government)...and what the hell is with europe and the censorship kick as of late anyhow..

posted on Aug, 6 2011 @ 09:42 AM
As far as i am concerned America and its people are about to get everything she deserves.

If the vast majority of your people are not intelligent enough to be outraged or care at the ongoing mismanagement of your economy then you have no one to blame but yourselves.

To not act upon a government whose response to bank failures is to throw YOUR money back at the men who mismanaged peoples savings in the first place. Not only that, they did so in front of your faces while the majority did and said nothing.

They will start caring when no one has jobs. They will start caring when they cannot feed themselves or their families.

And when they do start caring, they will look to the same people who are responsible for putting them in this situation to get them out of it.

It is a sick joke and YOU americans are willing participants.

posted on Aug, 6 2011 @ 09:47 AM

Originally posted by the titor experience
As far as i am concerned America and its people are about to get everything she deserves.

You are correct. We are going to get what we deserve.

As a result of the reduced credit rating, we will be forced to deal with it at full force. Instead of pawning it off to the next generation, my fellow Americans will preserve the future by taking care of the past.

Its time to pay down the debt.

Its time to take some personal responsibility.

I am an American citizen, and I am not afraid of the wind.

edit on 8/6/2011 by Section31 because: (no reason given)

posted on Aug, 6 2011 @ 09:51 AM
reply to post by SaturnFX
To be blunt and broad, Rome IS burning. T'is funny. The Euro (and pound) have followed the NYSE far better than the dollar. Exchange rates over here are completely backwards. The rise in taxes is nothing but a stop-gap measure to forestall a global collapse.

Entitlements just don't work. In any system, in any country.

Of course, this is just my humble.

Spend just a couple minutes on the video. (He could be castgating Obama instead of the PM in this)

posted on Aug, 6 2011 @ 10:01 AM
reply to post by beezzer

posted on Aug, 6 2011 @ 10:03 AM
most of you have read about the 2 places where china, america's biggest loan provider, wanted cuts, Social services and military expenditure.
A few of you agree on cutting social services costs.
Most agree on cutting military expenditure(as far as i know(afaik)).
i am inclined to disagree with those who think the US should decrease the military budget. Why? one simple word: Jobs.
most of you are like :" wut?!?! "
the problem is that already there are less jobs than required. if the military stop the war and send the guys back home, it will create a big problem. even more jobless people. still no jobs.
the unfortunate truth is this.
not enough job --> can't add more jobless people by getting the army home --> more expenditure --> more debt.

(forgive the lack of proper punctuations)

posted on Aug, 6 2011 @ 10:08 AM
Why is every one shocked about this? It seems like everybody, from those in the government all of the way down to the person on the street are fully shocked about the loss of the credit rating, and the funny thing is that for as long as I can remember, the debt has been something to be concerned about. For the past few years the warning signs were there, Moodys and other credit rating agencies have been stating that this was coming, that something needed to be done about the debt and no one listened, or appeared to be listening. Then those who did, were pretty much called every name in the book, from fear mongering to being racist to even anti american, using harsh language and rhetoric to try to demonize and slander them. Now the clock has struck midnight and the ball is over, and cinderella has turned back to a girl, not a princess, and every one is shocked that this has happened. It was going to happen, no one was sure when it was, but most knew it was going to happen.
The facts are that the country can no longer go on the way it has been, the government at all levels can no longer afford to spend money like there is an infinite supply, contracts that have ridicoulous pay outs at the end can not be supported and in the long run, just maybe something good will come from this. The government at all levels need to learn fiscal responsiblity, and if this is what it takes to learn it so that way in the future, it is more wise about the money is spends, then so be it, let this be the generation that deals with such. If today we learn anything, it is that you save and not live beyond your means, as so many have done such. Credit was abused and now we have to pay up. We can only hope that the country changes its way and turns itself around before sliding down further that path.

posted on Aug, 6 2011 @ 10:21 AM

Originally posted by beezzer
Entitlements just don't work. In any system, in any country.

Except that they work well


List of totally safe AAA rating countrys:
1) Austria
2) Canada
3) Denmark
4) Germany
5) Holland
6) Norway
7) Singapore
8) Sweden
9) Switzerland

Funny, isn't it...all of the above are considered heavy socialist style capitalism countrys...all of them are also happy areas in the world (education, general happiness in life according to many surveys...people generally enjoy living their)

Following is the list of at risk AAA ratings:

1) Austria (they walk the line...its forecasted they basically have a risk of going in danger, so they were added, but not really)
2) France
3) Finland
4) UK
5) USA

Now, the USA can possibly be removed from this (we still got 2 outta 3, but that may change)...will leave it up there for now though just to be hopeful.

Point is, your only half right
Unfunded entitlements don't work.
I think its time we get our head out of our arses and look at the top 9 and try to mirror them to the best of our ability, from programs, to tax rates, etc...and part of this also means stop being the worlds biggest military power X10..
But to say entitlements don't work and no nation makes it work is not even stretching or spinning truth...thats just a flat out huge pants on fire lie

posted on Aug, 6 2011 @ 10:28 AM
reply to post by SaturnFX

To adopt a european model just won't work. (square peg/round hole) A fair tax, say 10% across the board would. No exceptions, no loopholes. If you make 10,000 or 10 million, you pay.
Then, and only then, would I even consider talking entitlements, funded or otherwise.

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