Thomas Lindaman weighs in on the budget dealings. Here and Here.
I love how its suddenly 'Obama's spending crisis'. the tea party crapped in the middle of the room in full view of everyone then tried to say Obama did it. I wonder...do the shills realize how pathetic their attempts to control their little world really are?
I guess Standards and Poors now has a liberal bias, too.
Here's the Tea Party plan. Here is the donor section from their website: http://www.cutcapandbalanceact.com/sponsors.php
It's a stupid plan that doesn't even balance the budget: http://money.cnn.com/2011/07/18/news/economy/cut_cap_balance/index.htm
This was also a Tea Party downgrade. The polls reflect that, as well:
http://people-press.org/2011/08/09/views-of-tea-party-supporters-in-congress-grow-more-negative/
S&P's Chambers: Balanced budget amendment would do more harm than good.
Yeah, that silver bullet that Republicans will literally be campaigning on ended up in their own foot. They're not even trying anymore. They might as well defund the EPA and call it the 'Clear Skies Act' or lower the top tax bracket and call it a 'Fair Tax'. This facade is over, the curtain has been pulled back and everyone can see Big Business controlling the GOP puppet.
The bulk of the spending in the past few years came when the market and the banking system had to be bailed out. Wasn't that under a Republican party president? And didn't that president enter a war of choice, without raising revenue? In fact, didn't that president, with the support of a congress controlled by the Republican party, lower taxes in a time of war - a thing that has never before been done because it's, well, dumb? The statements released by the rating agencies didn't mention anything about "drunken" spending. Nope, they mentioned a willingness to default and an unwillingness to raise revenue - even through letting the "temporary" cuts expire or by closing loopholes. And which party did those two things? Why, I do believe it was the same party as that Republican President that spent all that money! Moral of the story: Never, ever vote for people from that party, or believe anything from people who support that party.
Three decades of GOP starve the beast fiscal sabotage produced an irresponsibly high debt to GDP ratio before Obama even took office. Reagan/Bush Sr. piled up $5 trillion in debt. But Clinton and the Democrats staunched the flow in 1993, when they passed what Republicans called the "worst tyranny of any kind whatsoever in history," a modest tax increase. Unfortunately, when the Republicans resumed power in 2001, they returned to Reagan style deficit spending, producing the above mentioned irresponsibly high debt to GDP ratio. When Obama and the Democrats took office in 2008, it was risky to deficit spend, because the GOP had already saddled the country with so much debt. But the alternative was letting the floor crash out of the economy, which would have produced an even deeper and more catastrophic recession than the one we are experiencing. Obama and the Democrats made the only responsible decision: they engaged in deficit spending to stave off total economic collapse. Even then, the debt downgrade could have been averted. But the Republicans took America's full faith and credit hostage. Worse, high profile Republicans indicated they didn't care whether America met its obligations. Even then, the debt downgrade could have been averted. But the Republicans refused to compromise even on a deal very favorable to their values, and one which would have satisfied S&Ps. The final nail was the Republicans' refusal to compromise until the very day of default. As S&Ps indicated, the most egregious conduct leading to the downgrade was committed by the GOP. What S&P did not do, was put the whole debacle into historical context.You can spout that Obama and the Democrats "spent like drunken sailors" all you want. But divorcing that spending from the economic realities that necessitated it only shows the weakness of your argument.
The downgrade was the Tea Party downgrade, and the stock market reaction was the GOP crash. The Republicans own the downgrade, and they own any weak economy following it.
As S&Ps indicated, the most egregious conduct leading to the downgrade was committed by the GOP. What S&P did not do, was put the whole debacle into historical context.You can spout that Obama and the Democrats "spent like drunken sailors" all you want. But divorcing that spending from the economic realities that necessitated it only shows the weakness of your argument.
The debt downgrade, and the ensuing economic chaos are:
The Republican Party's fault.
The entire Republican Party's fault, not just the Tea Party's.
Only the Republican Party's fault.
The downgrade was the Tea Party downgrade, and the stock market reaction was the GOP crash. The Republicans own the downgrade, and they own any weak economy following it.
http://www.voanews.com/english/news/economy-and-business/Standard--Poors-Says-5-Pillars-Was-Basis-for-New-US-Credit-Rating--127244253.html
"Given the nature of the debate currently in the country and the polarization of views around fiscal policy right now, we do not see anything immediately on the horizon that would make this the most likely scenario - an upgrade back to AAA again," Beers said.
The S&P downgrade of the United States can be seen as political commentary from a financial perspective, according to the head of California-based PIMCO global investment company, Mohamed El-Erian, who spoke on Bloomberg Television.
"The S&P downgrade is not really about the ability of the U.S. to meet its [debt] payments," El-Erian explained. "No one doubts the ability of the U.S. to meet its payments. It is about the ability of its policymakers to get their arms around the problems, and put the country back on the path of growth, jobs, and prosperity. And until they do that, we [the United States] risk further downgrades."
In other words, the head of the S&P reiterated that it's the Republicans and their shitty excuse for governance that are to blame for the downgrade.
The reason the country's credit rating has been downgraded is because the Republicans basically said "Default? Sure, fuck it." Their politics have always been toxic, it's just that now they can't pretend their way out of this. Life sucks when you don't have the ability to say 'this no longer exists' and pretend to be underdogs still.
Let's start by revoking Medicare's ability to purchase motorized scooters for the obesity disabled. How far do you think that will go in the Tea Party crowd?
Republicans are trying to destroy the economy, they will are not going to let any rational solutions to reform the economic problems be adopted because their constituency (corporations) will profit from a collapsed American economy. They should not be listened to, and in fact should be shunned and shamed for their nihilistic philosophy and apocalyptic behavior.
If you are still a supporter of the Republican party after the embarrassment of this Summer you are either malevolently evil or suffering from Stockholm Syndrome. They're out to stop Obama no matter the cost.
Here's the GOP solution: Tax cuts for the holy and blessed job creators! Never mind the fact that they aren't creating them, even though they actually have no reason not to now.
The Bush economic collapse caused the record deficits, not "Obama spending".
1. Bush fucked this country by plunging us into debt over two stupid failed foreign policy operations the current administration is stuck cleaning up
2. Bush fucked this country over by allowing a continued deregulation of Wall Street, and when the festival of greed was over, our economy got fucked.
Obama was not there when both of these things happened.
It was your "Grand Old Party" thinking they could do no wrong, all while bragging about how "fiscally conservative" they were.
Strange thing about that "lowering corporate taxes and they'll create jobs" bullshit... remember the last time corporations got a tax holiday? 2004? Corporate tax rates went all the way down to 5.25%, lower than most state sales taxes. The theory behind this was that jobs would be created, companies would invest in new machinery and other things, the economy would be stimulated from within, and more taxes would be paid to close some gaping holes in the budget.
Wanna know what really happened? Guess.
The corporations took all that money, all those billions.
No new jobs.
No new investment.
Same old tax revenues as before.
Peals of derisive laughter from the shareholders' meetings all the way to the bank.
Lowering corporate tax rates does not work.
It's all bullshit rhetoric designed to do just what it did in 2004.
Look at right-wingers. I mean, really. Look at them. They bitch and whine and try to divert the conversation, but it's just not working for them. It's not even hubris at this point, it's a mental condition. They really do believe they can change reality because they say so, like the entire world is some game of pretend that requires talking over people.
2011 has been the worst year ever for Republicans. They have completely lost their mind where they're crapping all over their major voting blocks to hold onto the psychos. It's hard to see these sacks of slime holding onto any power at the rate they're going. And it's for the best: the world really doesn't need these people.
I love how its suddenly 'Obama's spending crisis'. the tea party crapped in the middle of the room in full view of everyone then tried to say Obama did it. I wonder...do the shills realize how pathetic their attempts to control their little world really are?
I guess Standards and Poors now has a liberal bias, too.
Here's the Tea Party plan. Here is the donor section from their website: http://www.cutcapandbalanceact.com/sponsors.php
It's a stupid plan that doesn't even balance the budget: http://money.cnn.com/2011/07/18/news/economy/cut_cap_balance/index.htm
This was also a Tea Party downgrade. The polls reflect that, as well:
http://people-press.org/2011/08/09/views-of-tea-party-supporters-in-congress-grow-more-negative/
S&P's Chambers: Balanced budget amendment would do more harm than good.
Yeah, that silver bullet that Republicans will literally be campaigning on ended up in their own foot. They're not even trying anymore. They might as well defund the EPA and call it the 'Clear Skies Act' or lower the top tax bracket and call it a 'Fair Tax'. This facade is over, the curtain has been pulled back and everyone can see Big Business controlling the GOP puppet.
The bulk of the spending in the past few years came when the market and the banking system had to be bailed out. Wasn't that under a Republican party president? And didn't that president enter a war of choice, without raising revenue? In fact, didn't that president, with the support of a congress controlled by the Republican party, lower taxes in a time of war - a thing that has never before been done because it's, well, dumb? The statements released by the rating agencies didn't mention anything about "drunken" spending. Nope, they mentioned a willingness to default and an unwillingness to raise revenue - even through letting the "temporary" cuts expire or by closing loopholes. And which party did those two things? Why, I do believe it was the same party as that Republican President that spent all that money! Moral of the story: Never, ever vote for people from that party, or believe anything from people who support that party.
Three decades of GOP starve the beast fiscal sabotage produced an irresponsibly high debt to GDP ratio before Obama even took office. Reagan/Bush Sr. piled up $5 trillion in debt. But Clinton and the Democrats staunched the flow in 1993, when they passed what Republicans called the "worst tyranny of any kind whatsoever in history," a modest tax increase. Unfortunately, when the Republicans resumed power in 2001, they returned to Reagan style deficit spending, producing the above mentioned irresponsibly high debt to GDP ratio. When Obama and the Democrats took office in 2008, it was risky to deficit spend, because the GOP had already saddled the country with so much debt. But the alternative was letting the floor crash out of the economy, which would have produced an even deeper and more catastrophic recession than the one we are experiencing. Obama and the Democrats made the only responsible decision: they engaged in deficit spending to stave off total economic collapse. Even then, the debt downgrade could have been averted. But the Republicans took America's full faith and credit hostage. Worse, high profile Republicans indicated they didn't care whether America met its obligations. Even then, the debt downgrade could have been averted. But the Republicans refused to compromise even on a deal very favorable to their values, and one which would have satisfied S&Ps. The final nail was the Republicans' refusal to compromise until the very day of default. As S&Ps indicated, the most egregious conduct leading to the downgrade was committed by the GOP. What S&P did not do, was put the whole debacle into historical context.You can spout that Obama and the Democrats "spent like drunken sailors" all you want. But divorcing that spending from the economic realities that necessitated it only shows the weakness of your argument.
The downgrade was the Tea Party downgrade, and the stock market reaction was the GOP crash. The Republicans own the downgrade, and they own any weak economy following it.
As S&Ps indicated, the most egregious conduct leading to the downgrade was committed by the GOP. What S&P did not do, was put the whole debacle into historical context.You can spout that Obama and the Democrats "spent like drunken sailors" all you want. But divorcing that spending from the economic realities that necessitated it only shows the weakness of your argument.
The debt downgrade, and the ensuing economic chaos are:
The Republican Party's fault.
The entire Republican Party's fault, not just the Tea Party's.
Only the Republican Party's fault.
The downgrade was the Tea Party downgrade, and the stock market reaction was the GOP crash. The Republicans own the downgrade, and they own any weak economy following it.
http://www.voanews.com/english/news/economy-and-business/Standard--Poors-Says-5-Pillars-Was-Basis-for-New-US-Credit-Rating--127244253.html
"Given the nature of the debate currently in the country and the polarization of views around fiscal policy right now, we do not see anything immediately on the horizon that would make this the most likely scenario - an upgrade back to AAA again," Beers said.
The S&P downgrade of the United States can be seen as political commentary from a financial perspective, according to the head of California-based PIMCO global investment company, Mohamed El-Erian, who spoke on Bloomberg Television.
"The S&P downgrade is not really about the ability of the U.S. to meet its [debt] payments," El-Erian explained. "No one doubts the ability of the U.S. to meet its payments. It is about the ability of its policymakers to get their arms around the problems, and put the country back on the path of growth, jobs, and prosperity. And until they do that, we [the United States] risk further downgrades."
In other words, the head of the S&P reiterated that it's the Republicans and their shitty excuse for governance that are to blame for the downgrade.
The reason the country's credit rating has been downgraded is because the Republicans basically said "Default? Sure, fuck it." Their politics have always been toxic, it's just that now they can't pretend their way out of this. Life sucks when you don't have the ability to say 'this no longer exists' and pretend to be underdogs still.
Let's start by revoking Medicare's ability to purchase motorized scooters for the obesity disabled. How far do you think that will go in the Tea Party crowd?
Republicans are trying to destroy the economy, they will are not going to let any rational solutions to reform the economic problems be adopted because their constituency (corporations) will profit from a collapsed American economy. They should not be listened to, and in fact should be shunned and shamed for their nihilistic philosophy and apocalyptic behavior.
If you are still a supporter of the Republican party after the embarrassment of this Summer you are either malevolently evil or suffering from Stockholm Syndrome. They're out to stop Obama no matter the cost.
Here's the GOP solution: Tax cuts for the holy and blessed job creators! Never mind the fact that they aren't creating them, even though they actually have no reason not to now.
The Bush economic collapse caused the record deficits, not "Obama spending".
1. Bush fucked this country by plunging us into debt over two stupid failed foreign policy operations the current administration is stuck cleaning up
2. Bush fucked this country over by allowing a continued deregulation of Wall Street, and when the festival of greed was over, our economy got fucked.
Obama was not there when both of these things happened.
It was your "Grand Old Party" thinking they could do no wrong, all while bragging about how "fiscally conservative" they were.
Strange thing about that "lowering corporate taxes and they'll create jobs" bullshit... remember the last time corporations got a tax holiday? 2004? Corporate tax rates went all the way down to 5.25%, lower than most state sales taxes. The theory behind this was that jobs would be created, companies would invest in new machinery and other things, the economy would be stimulated from within, and more taxes would be paid to close some gaping holes in the budget.
Wanna know what really happened? Guess.
The corporations took all that money, all those billions.
No new jobs.
No new investment.
Same old tax revenues as before.
Peals of derisive laughter from the shareholders' meetings all the way to the bank.
Lowering corporate tax rates does not work.
It's all bullshit rhetoric designed to do just what it did in 2004.
Look at right-wingers. I mean, really. Look at them. They bitch and whine and try to divert the conversation, but it's just not working for them. It's not even hubris at this point, it's a mental condition. They really do believe they can change reality because they say so, like the entire world is some game of pretend that requires talking over people.
2011 has been the worst year ever for Republicans. They have completely lost their mind where they're crapping all over their major voting blocks to hold onto the psychos. It's hard to see these sacks of slime holding onto any power at the rate they're going. And it's for the best: the world really doesn't need these people.