Bush Tax Cuts Caused S&P U.S. Debt Downgrade

or to be more precise, the Bush tax cuts, along with expected inaction from Congress to do anything about it, caused S&P to downgrade U.S. debt.

But if Congress gets its act together...

http://www.standardandpoors.com/ser...lobwhere=1243942957443&blobheadervalue3=UTF-8

 

Bumpity...

 

I thought the official talking point was 'S&P did it', then 'the Tea Party did it' and new we are back n the 'Bush did it' fantasy world...

Must be worse for the dems than it appears.

 

No, the S & P ITSELF, is to blame for the downgrade, according to the Obama White House:

WASHINGTON (Reuters) - A top White House economic adviser slammed Standard & Poor's on Saturday for having stuck with its decision to downgrade the U.S. credit rating despite having made a $2 trillion mistake in its fiscal projections.

"The magnitude of their error combined with their willingness to simply change on the spot their lead rationale in the press release once the error was pointed out was breathtaking," National Economic Council head Gene Sperling said in a statement.

"It smacked of an institution starting with a conclusion and shaping any arguments to fit it," he said.

S&P, a major credit rating agency, cut the long-term U.S. credit rating by one notch from AAA to AA-plus on Friday on concerns about the government's budget and rising debt burden.

The U.S. Treasury said the rating agency's debt calculations were wrong by some $2 trillion. S&P has confirmed it changed its economic assumptions after discussion with the Treasury Department but said that did not affect its decision to downgrade.


http://news.yahoo.com/white-house-adviser-slams-p-u-downgrade-012457897.html

Letting the Bush tax cuts expire would raise the tax rates of the Evil Rich (ver $250,000 annual income), a whopping 3%, as a 3% CUT is ALL THEY GOT UNDER THE BUSH CUTS, from 39%, to 36%.

However the MIDDLE CLASS got a 13%- 20% tax cut, that you think repealing will HELP MATTERS? Upping the tax burder of the middle class by 13-20%?

Funny , how it's NEVER CUTTING SPENDING, but ALWAYS taking EVEN MORE MONEY TO BLOW FROM THE AMERICAN PUBLIC, is always the answer, in Leftworld.

 

its not the left's fault or the right's fault....its "ALL" americans fault as you expect too much from your government...too much military, too many entitlements, too many tax cuts, too many new fancy roads, too many salary increases for civil servants etc......its all of your fault.

 

Give us any sass an' we'll downgrade yer butts again...

S&P: Further US Credit Downgrade Possible
August 07, 2011 - The U.S. government’s credit rating could be downgraded even further, according to the rating agency that removed the United States from a list of top-tier creditworthy nations.

See also:

Geithner: S&P Showed ‘Terrible Judgement’ in Cutting US Credit Rating
Sunday, August 7th, 2011 - U.S. Treasury Secretary Timothy Geithner says the Standard & Poor's credit rating agency used “terrible judgment” when it downgraded the U.S. rating last week.

 

Is this really Obama campaigning again? It is everybody's fault execpt Barack!

Laughable!!!

 

The fact of the matter is the S&P specifically mentions playing politics with the statutory debt ceiling AND notes a failure to raise revenues.

It doesn't mention anything about entitlements being to high, or too much infrastructure spending.

IN FACT, entitlement spending is on the low end, and the size of government is also small, for a Western industrialized country compared to other nations.

Also saying our "civil servants" are paid too much is just pure right wing B.S.....They are paid more in most western industrialized nations.

The budget could be balanced by modest increase in the wealthy's tax rates and modest cuts to defense.

 

it dont matter what they said.....its "ALL" americans fault for expecting too much from your government!

 

You're a victim of right wing brainwashing. Rambling on about how middle class programs are the cause of our predicament. And how we expect too much.

The budget could be balanced by modest increase to the wealthy's tax rates and modest cuts to defense. PERIOD. NO NEED TO TOUCH ENTITLEMENTS

Learn something.

http://www.nytimes.com/interactive/2010/11/13/weekinreview/deficits-graphic.html

 

you do realize that you can tax the rich at 100% and it still wont balance the budget right?

 

Bullcrap.





RationaleWe lowered our long-term rating on the US because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements,

http://www.guardian.co.uk/business/2011/aug/06/sandp-debt-rating-downgrade-statement


Only the most deluded Leftninnies are even PRETENDING that spending isn't the problem...

 

What don't you get about modest cuts to defense? I've said it twice now.

Modest cuts to defense along with modest increase in taxes on the wealthy.

Your stupid right wing propaganda "you do realize you can tax the rich at 100% and it stlll wont balance the budget right?"......LOL

Actually that is exactly false....but only true because your political puppet masters defined what "rich" is ...so it would be a small enough group to make it so.

Give us the math on your silly talking point and I'll explain it to you so you can understand how foolish you are.

 

Tea Partiers support the Bush tax cuts. Really - an elementary school child could figure that out.

 

Rightwing cultists presented with objective information that the budget could be balanced by cuts to defense and modest raises in the wealthy's tax rates. No touching entitlements.

What do they do with the facts don't fit their ideology?

Mutter something about ...bullcrap....LOL

 

cuts in defence alone is not enough! Scrap the new healthcare reform and save a few more hundred billion!

 

The budget could be balanced by reducing the federal government to those duties enumerated in their job description. Entitlements are beyond the purview of Congress.

Learn something.

http://www.usconstitution.net/const.html

 

Ummmm, did you even read the document? Obviously not.

That may, or may not be true, but the budget deficit isn't the only problem, it's the debt. And no amount of taxing of the rich will solve that growing problem.

 

Boy you are sloooooow......LOL

Let's take it again from the top.

1) Modest cuts to defense.

AND

2) Modest increases in the tax rates on the wealthy.

No need to cut entitlements.

Anybody can "do" this for themselves here.

http://www.nytimes.com/interactive/2010/11/13/weekinreview/deficits-graphic.html

 

Same thing actually. But the fact is the GOP has been called out by the markets for refusing to raise taxes. Read it and weep

 

how about a small 5 cent per gallon tax on gasoline purchases?

 

Not surprising since most people on the left have the intellect of elementary school children
The problem is now and always has been spending. And who are the biggest spenders of American tax dollars? That's right, the leftists.

 

Oh come now, partisan. Repubs showed that when they control Congress and the presidency, they can spend just as good as dems.

 

I guess the S&P rule the world now, since the American economy and future completely depend on their opinions?

Who is the S&P and why are we tied to this enigma?

 

At least they passed budgets for their spending.