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United States Loses S&P AAA Credit Rating
oxide7 writes with this excerpt from the International Business Times: "The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday in an unprecedented reversal of fortune for the world's largest economy. S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about the government's budget deficits and rising debt burden. The move is likely to raise borrowing costs eventually for the American government, companies and consumers."
"...the last okay politicians from the 90s are gone."
A typical example of the ignorance which dominates the political dialogue. Some fool ascribes a temporary bubble and government windfall to a do-nothing president when in fact it was the ongoing tech boom and the Reagan deregulation and lower taxation of the 1980s that fueled the boom.
Then, when Bush inherited the hangover of the dot com implosion as well as the 9/11 shock, he staved off recession for several years with a major tax cut, and yet the liberals still can't see past their noses.
Both the Democrats and the GOP are guilty of massive over spending, of course, but in the end it's the American people who are the instigators, with their insistence on cradle to grave coverage for their every failing. When people sign for a mortgage they could never afford, the government is expected to step in and bail them out. No retirement savings? No problem, Uncle Sam will hand you a check every month in perpetuity, courtesy of the people still employed. No health plan and unwilling to pay for hospital visits? That's okay; our great-grandchildren will be laboring to pay for that wonderful free healthcare that you deserve right now.
it's = "it is"; its = possessive. E.g., it's flapping its wings.
The tea party is evil because they oppose increased taxation. Right.
Raising taxes is proven not to work, and has a dampening effect on the economy. It's like killing and eating the family cow because you can't go one week without beef, and as a result you will never have milk or calves. It's killing the goose that lays golden eggs.
The only proven solution is to balance the budget through spending cuts, and get out of the way of businesses struggling to invest and grow.
America has become an expensive place to do business. Note the number of companies who have off shored much of their labor and services. Until we lower taxes and deregulate, this trend will continue until we are a completely defunct, obsolete economy like the Ottoman Empire or the Greeks and Spanish today.
it's = "it is"; its = possessive. E.g., it's flapping its wings.