Was Standard & Poor's right to downgrade the US credit rating?

skylinefirepest 1 year, 9 months ago

Once again, since we have a president and administration that thinks we can simply raise taxes and ignore the unbridled spending I'm actually surprised that it wasn't lower than that.

CaddieMaster 1 year, 9 months ago

Actually, S & P said they downgraded the US because the divided Congress and President demonstrated they can't work together and compromise to come up with a solution that didn't go down to the wire. The eventual solution they came up with at the last minute only cuts about, what, $2.5T, and doesn't include tax cuts. As I remember it, the President (and some Republicans agreed), that we should cut $4.5T, which included some entitlements but also included about $1T in new taxes on the wealthy. Thus, Republicans gave up $2T in spending cuts, some entitlement reform they wanted, and probably our AAA rating, all to save some marginal tax increases in the wealthy (excuse me, "job creators"). I don't think the country got a very good deal, and expect the majority of Americans agree (if you're not a wacko Liberal or Tea Partier anyway - neither who would be satisfied with anything but their position).

Seniormom 1 year, 9 months ago

The entitlement cuts Obama suggested were a joke, the president refused to consider tax REFORM (50% of folks pay NO taxes). The only thing the president wanted was to extend the debt ceiling until after the election. The credit rating has been in jeopardy for a couple of years and since real spending cuts were not made, S&P gave us a warning. Don't forget, Obama wanted no spending cuts and a clean debt ceiling raise. S&P also mentioned that the Ryan plan would have been a good start. And that was proposed back in March and slapped down by the senate and Obama.

CaddieMaster 1 year, 9 months ago

Wow, really got in every Republican talking point you could there, despite the facts? I don't think Obama is against tax reform - that seems to be supported by a majority of both parties. But completely reform our tax system in two weeks?? Plans have been talked about for years - you can't do anything that wouldn't have made the problem worse in a few weeks. Yes, Obama wanted a clean debt ceiling raise - like the previous 12 or so, because a long term budget deal should be independent of a "standard" debt ceiling raise that has nothing to do with our budget processes. The two shouldn't have really been tied together, as it shouldn't be necessary to seriously fix our long term financial system with a gun to your head - particularly when it's at the head of both parties. I don't think the Tea Party or Republicans in general really got much here anyway using this strategy - a few Trillion in savings is chickenfeed to what we ultimately need to agree on. I envision a Republican President gets elected next year and all they will have done is talk the Democrats how to play the terrorist as the new minority, threatening to blow up everything they want to do and not compromising on anything either. And that's Obama's fault I'm sure you'll say when it happens...

Seniormom 1 year, 9 months ago

Your turn..liberal talking points..scare the folks, call names. Obama is the president and has voted present for almost 3 years.

Arestorer 1 year, 9 months ago

They should also lower all the politicians credit scores by 400 points.....