US Credit rating Downgraded

[mandym]

The US credit rating was downgraded today by S&P. Do you agree this should have happened? Why or why not? Is Obama the first President that this has ever happened under? What could have been done to stop the downgrade?

 

[Arbo]

Given the way things have been handled in Washington the last few years, I am of the opinion that it was inevitable.

Oh yes,

 

[HankD]

Prognostication of a statement soon forthcoming from the Whitehouse:

It was Bush's Fault!!!

HankD

 

[Borneol]

I believe one key area that would have stopped the credit rating down grade is reform of our entitlement programs. Enjoyed economist Thomas Sowell's article about this issue:

"How Images Of 'Poor,' 'Elderly' Distort Reality"

/www.investors.com/NewsAndAnalysis/Article/580251/201108021818/How-Images-Of-Poor-Elderly-Distort-Reality.htm

excerpt:

It is great political theater. But, the most fundamental reality is that the average wealth of the elderly is some multiple of the average wealth owned by people in the other age brackets.

Why should the average taxpayer be subsidizing people who have much more wealth than they do?

If we are concerned about those particular elderly people who are in fact poor — as we are about other people who are genuinely poor, whatever their age might be — then we can simply confine our help to those who are poor by some reasonable means test. It would cost a fraction of what it costs to subsidize everybody who reaches a certain age.

But the political left hates means tests. If government programs were confined to people who were genuinely poor in some meaningful sense, that would shrink the welfare state to a fraction of its current size. The left would lose their human shields.

It is certainly true that the elderly are more likely to have more medical problems and larger medical expenses. But old age is not some unforeseeable misfortune. It is not only foreseeable but inevitable for those who do not die young.

It is one thing to keep people from suffering from unforeseeable things beyond their control. But it is something else to simply subsidize their necessities so that they can spend their money on other things and leave a larger estate to be passed on to their heirs.

People who say they want a government program because "I don't want to be a burden to my children" apparently think it is all right to be a burden to other people's children.

Among the runaway spending behind our current national debt problems is the extravagant luxury of buying political rhetoric.

 

[HankD]

It is certainly true that the elderly are more likely to have more medical problems and larger medical expenses. But old age is not some unforeseeable misfortune. It is not only foreseeable but inevitable for those who do not die young

Don't worry, the new Eugenics Bill (which we weren't allowed to read until after it was passed) will take care of all the Grandmas and Grandpas who refuse to die shortwith:

http://www.newsmax.com/Headline/obama-death-panels-medicare/2010/12/26/id/381043

HankD

 

[targus]

What could have been done to stop the downgrade?

They could have enacted some real spending cuts.

 

[preachinjesus]

There is no elected official in Washington who deserves to keep their jobs.

All the incumbents need to be vacated from their positions. We need a complete, systematic change in order to rebuild the shattered American invention.

Our leaders have failed us. We deserve this.

 

[targus]

Don't worry, the new Eugenics Bill (which we weren't allowed to read until after it was passed) will take care of all the Grandmas and Grandpas who refuse to die shortwith:

http://www.newsmax.com/Headline/obama-death-panels-medicare/2010/12/26/id/381043

HankD

The Obama Health Care slogan is: "Call us when you're shovel ready!"

 

[HankD]

The Obama Health Care slogan is: "Call us when you're shovel ready!"

Gross!!

But cool.



HankD

 

[freeatlast]

Prognostication of a statement soon forthcoming from the Whitehouse:

It was Bush's Fault!!!

HankD

Much of what we are experiencing is President Bush's fault although that is not to suggest this president has not added to it abundantly.

 

[NaasPreacher (C4K)]

Much of what we are experiencing is although that is not to suggest this president has not added to it abundantly.

I agree. This is the natural consequence of decades of spending more than you have. Payday someday.

 

[freeatlast]

The US credit rating was downgraded today by S&P. Do you agree this should have happened? Why or why not? Is Obama the first President that this has ever happened under? What could have been done to stop the downgrade?

Nothing could have been done. While i wish that they had taken steps to cut the budget instead of this mockery of effort the downgrade would still have happened since the steps to fix the problem will kill the country just like the steps they took Monday with the only difference being if they had taken the steps we would have fell much faster.
In fact the downgrade should have happened many moons before. The only reason it is has not is because the US has been the big boy on the street and politics. The S&P had the guts and took the steps that the other rating entities have not had. While I do think that there will be one more upswing in the markets it will not be able to sustain itself and we will fail in our obligations and lose just about everything we have.

 

[freeatlast]

I agree. This is the natural consequence of decades of spending more than you have. Payday someday.

Yes absolutely and it saddens me greatly to see this nation fail but our reckless attitudes and sinful ways has brought this on ourselves.

 

[freeatlast]

There is no elected official in Washington who deserves to keep their jobs.

All the incumbents need to be vacated from their positions. We need a complete, systematic change in order to rebuild the shattered American invention.

Our leaders have failed us. We deserve this.

I scream things like that all the time, but I actually believe the only way out of this is repentance of the church and even then we would not come away un-scorched.

 

[HankD]

Much of what we are experiencing is President Bush's fault although that is not to suggest this president has not added to it abundantly.

A few months ago, I thought Obama couldn't lose the upcoming election due to his popularity but this changes everything.

It is indeed a shared responsibilty but no matter, the sitting president will take the brunt of it "It happened on his watch" will be the Republican mantra.

Actually this probably gaurantees a Republican victory.

HankD

 

[Arbo]

Hank, I agree. I thought a few months into BO's term he'd be a one-termer, but began to have doubts a few months ago. Frankly, now I think it's almost a done deal that he will be out Jan 2013. ...But the election is a long ways off.

 

[targus]

Obama will probably still win reelection - no matter what has happened or will happen.

Don't forget that it's "Bushes fault".

Besides Obama's supporters drank the koolaide a long time ago and aren't going to give up now - no matter the reality of the situation.

 

[NaasPreacher (C4K)]

Obama will probably still win reelection - no matter what has happened or will happen.

Don't forget that it's "Bushes fault".
Besides Obama's supporters drank the koolaide a long time ago and aren't going to give up now - no matter the reality of the situation.

It certainly is not President Obama's fault alone. This day has been coming for decades. It is the free spending big government policy of the Republicrates which has brought about.

There is plenty of blame to go around.

 

[targus]

It certainly is not President Obama's fault alone. This day has been coming for decades. It is the free spending big government policy of the Republicrates which has brought about.

There is plenty of blame to go around.

True.

However my point is that in the context of Obama's reelection the Democrats, both in Washington and the average Democrat voter, as well as the media are going to say "It's Bush's fault" and Obama will be given credit for "it's not as bad as it would have been".

 

[NaasPreacher (C4K)]

True.

However my point is that in the context of Obama's reelection the Democrats, both in Washington and the average Democrat voter, as well as the media are going to say "It's Bush's fault" and Obama will be given credit for "it's not as bad as it would have been".

Gotcha. You may be right there.