OBAMA CHANGE FOR THE WORSE!
We have only just started to pay for the policies of Obama and the Democratic party. This ride ain't over yet. Buckle up it's going to be a rough ride.
Friday, August 5, 2011
U.S. Credit Rating Downgraded: Thank Obama And The Democratic Party For Their Mindless Spending
OBAMA CHANGE FOR THE WORSE!
We have only just started to pay for the policies of Obama and the Democratic party. This ride ain't over yet. Buckle up it's going to be a rough ride.
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S&P said that in addition to the downgrade, it is issuing a negative outlook, meaning that there was a chance it will lower the rating further within the next two years. It said such a downgrade to AA would occur if the agency sees less reductions in spending than Congress and the administration have agreed to make, higher interest rates or new fiscal pressures during this period.
ReplyDeleteThe data is in and exposes the complete inaccuracy of President Obama’s main campaign theme that the Bush tax cuts largely benefited the rich at the expense of the poor. According to a report issued by the Congressional Budget Office (CBO), the Bush tax cuts significantly increased the share of federal income taxes paid by the highest-earning 20 percent of households compared to their levels in 2000, President Clinton’s final year in office.
Which senior Democrat will tell B H O that he must resign for the good of America?
Do any patriots exist in the Democrat Party or are they all socialists / communists like B H O?
A few things the S & P downgrade won't impact.
ReplyDeleteThe Presidents golf outings.
The White House Parties.
The way too many vacations Obama takes.
The shopping trips to Paris Michelle takes.
And Obambi continues to have a good time.
ReplyDeleteHappy Birthday, Mr. President.... your socialist dreams (of your father) are coming true! Try blaming Bush for THIS one!
ReplyDeleteThe S&P are carrying water for the GOP and the Far Right who blame all economic implosion to Obama so he gets defeated in 2012. Obama has been trying to cut spending and the Far Right wont have it. It's time that the Teabaggers get met head on and put away in Gitmo. This is 100% the Teabaggers fault and they must pay for it.
ReplyDeleteHow can you blame Obama for this?
ReplyDeleteAs the world waits for the Tokyo market to open at 8 p.m. on Sunday night, lots of people will be wondering what this means for the real economy and stock market. Here's a quick primer based on ABC News' extensive reporting on the possibility of a downgrade -- five easy to understand effects:
ReplyDelete1. The interest rates the government pays to finance the growing national debt will almost certainly rise as a result of the downgrade. That increases the amount of money Uncle Sam has to spend each year on "debt service." General market discussions have turned on an increase in rates that would up the annual tally by about $10 in the short-term and go up to $75 billion in additional costs in the coming years.
2. The interest rates YOU and YOUR EMPLOYER pay will go up. Basic credit facilities -- like mortgages, student loans and credit cards -- are all at least loosely tied to the rates the government pays. A half a percent increase in mortgage rates could increase the total cost of the average traditional mortgage by $19K (on a $172K home). Businesses would have to spend more money to finance expansions. Costs for borrowed money goes up, effectively raising the price of anything you're not paying for with cash.
3. Needless to say, increasing costs for consumers and businesses tends to slow their economic activity. Some estimates put a downgrade like this as likely to shave 1 percent off GDP. This slowing certainly increases the risks that the U.S. will have a second dip into recession. It also means less tax revenue, so the potential for additional debt increases.
4. As the economy slows, expect the stock market to react. After all, investors buy shares to get a piece of growing profits. A slowing economy means profits grow less rapidly or go down. The relative value of a share of anything will go down. Some experts predict a downgrade could force stocks to sell-off by 6 percent to 10 percent in short order. That's another 1,100 points on the Dow.
5. A slowdown in economic activity also means less demand for workers. The non-partisan group Third Way has published estimates that a simple 0.5 percent increase in interest rates could erase more than 640,000 jobs.
When there are riots you can thank the Teabaggers.
The Tea party were the ones who kept on saying the deficit cuts didn't go far enough and that the spending had to be cut more.. Standard and Poors downgraded because the cuts were not deep enough.
ReplyDeleteSo I guess that the Tea Party was correct!
Obama told us this downgrade wouldn't happen. This is a big f%ck up if you ask me. sd211 said it. A lot more people are going to stop listening to obama and start listening to the tea party since they are always right and obama is always wrong.
ReplyDeleteI just picked up 10oz of gold today. You may want to do the same.
The most historic downgrade in the History of the US and WHERE is the POTUS.
ReplyDeleteHe made NO mention of the S&P d/g in his weekly address. none! nada! Nothing!!
He must've had a hot date in Camp David.
I understand that the grass in Camp David leans in the opposing direction as O walks by.
I, for one, am very tired of the Three Stooges approach to runnin' this Country.
Michele Bachmann is correct.
The President needs to address the Nation before the markets open on Monday.
Now can they get him off the golf course in time?
BEIJING -- China, the largest foreign holder of U.S. debt, demanded Saturday that America tighten its belt and confront its "addiction to spending" in the wake of Standard & Poor's decision to downgrade the U.S. credit rating.
ReplyDeleteChina currently owns $1.2 trillion of U.S. Treasury debt, the largest stake of any central bank. The commentary carried by the state-run Xinhua News Agency was Beijing's first official response to the S&P decision.
"The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone," Xinhua said.
It said the rating cut would be followed by more "devastating credit rating cuts" and global financial turbulence if the U.S. fails to learn to "live within its means."
"China, the largest creditor of the world's sole superpower, has every right now to demand the United States to address its structural debt and spending problems and ensure the safety of China's dollar assets," it said.
Xinhua said the U.S. must slash its "bloated social welfare costs" and accept international supervision over U.S. dollar issues.
Last month, China's top general, Chen Bingde, also linked America's financial woes to its military budget and asked whether paring back on defense spending wouldn't be the best thing for U.S. taxpayers.
Such comments reflect Beijing's desire that Washington reduce its military presence in Asia. The U.S., rattled by China's military buildup, also routinely chides Beijing for its fast-growing defense spending.
Xinhua also suggested a new global reserve currency might be necessary to replace the dollar, a position China has frequently advocated.
"Mounting debts and ridiculous political wrestling in Washington have damaged America's image abroad," Xinhua said. "To cure its addiction to spending, the United States has to re-establish the common sense principle that one should live within its means."
Jitters over the U.S. handling of its debt problems were also being felt elsewhere in Asia, said Kishore Mahbubani, Singapore's former ambassador to the United Nations.
The dean of Singapore's Lee Kuan Yew School for Public Policy said the last-minute agreement by the U.S. Congress to lift the debt limit and avoid default has policymakers in Asia questioning the stability of U.S. global leadership.
"It's definitely undermined U.S. credibility," Mahbubani said late Friday. "Everyone is wondering if you have such a dysfunctional political process, how can you provide global leadership. It's very dangerous for the world."
___
Associated Press writer Alex Kennedy in Singapore contributed to this report.
Where is JoeC? Hell, where is our president? I'd hide if i was them too.
ReplyDeleteLet's watch the president and the Democratic Party go after S&P rather then take care of the real problem. All I know is We the People will pay for this and everything Obama and the Democratic Party has done. Everyone of Obama's "friends" got a bailout and we got screwed. It's time we start listening to the Tea Party since they have called it every time. The Obama admin has been clueless for the last time, I hope.
ReplyDeleteThe House had done more then their "fair share" of passing legislation on the debt ceiling issue. But the Senate and veto threats by the President got in the way of REAL reductions. Lay the AA+ at their feet! The Tea Party didn't want it raised and wanted MORE cuts then the one that got signed in to law. More then what S&P had told congress and the Whitehouse was needed to avoid a down grade. If the Left need to place blame, they need only to look in the mirror!
ReplyDeleteNow we see who the real terrorists are. It isn't the Tea Party for not wanting to raise the debt ceiling.
ReplyDelete