US AAA credit rating downgraded

[DGuller]

"Pox on both houses" is all the rage these days.  You're not cool if you're not blaming both sides equally.

[Razgovory]

Good job, Rebublicans. 

To bad we lost our archive.  I could have sworn that either you ore Dps said they wanted Congress to obstruct Obama.

[Admiral Yi]

Yi, do you think the Standard and Poor would have reduced the US credit rating today had their not been a big debt ceiling fight that lasted months and was only resolved at the 11th hour?

I don't know.  But I do know that if the Republicans hadn't put a gun to the debt limit's head we wouldn't have even had the 2 trillion in deficit reduction that S&P considers inadequate.  I also know that we started this whole thing off with Ryan's proposal to cut 6.2 trillion.  I also know that our ratings outlook was lowered to negative before the debt limit came in to play.

[Scipio]

This is a summary paragraph from the full S&P report if anyone's interested:

"We lowered our long-term rating on the U.S. 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, or on reaching an
agreement on raising revenues is less likely than we previously assumed and
will remain a contentious and fitful process. We also believe that the fiscal
consolidation plan that Congress and the Administration agreed to this week
falls short of the amount that we believe is necessary to stabilize the
general government debt burden by the middle of the decade."

So essentially they are saying that the Congress is a bunch of retarded kids.

"Suppose you were an idiot.  And suppose you were a member of Congress.  But I repeat myself."
-Mark Twain

[Razgovory]

Yi, do you think the Standard and Poor would have reduced the US credit rating today had their not been a big debt ceiling fight that lasted months and was only resolved at the 11th hour?

I don't know.  But I do know that if the Republicans hadn't put a gun to the debt limit's head we wouldn't have even had the 2 trillion in deficit reduction that S&P considers inadequate.  I also know that we started this whole thing off with Ryan's proposal to cut 6.2 trillion.  I also know that our ratings outlook was lowered to negative before the debt limit came in to play.

6.2 trillion of what time period?  A decade?

I guess you couldn't really know, but I'm going to make a guess.  I'm going to guess they would not have.  Do you know if they were threatening to do this back in say January or March?  Usually they give a warning before hand.

[Admiral Yi]

6.2 trillion of what time period?  A decade?

Yes.

I guess you couldn't really know, but I'm going to make a guess.  I'm going to guess they would not have.  Do you know if they were threatening to do this back in say January or March?  Usually they give a warning before hand.

Who was threatening to do what?

[Faeelin]

I don't know.  But I do know that if the Republicans hadn't put a gun to the debt limit's head we wouldn't have even had the 2 trillion in deficit reduction that S&P considers inadequate.  I also know that we started this whole thing off with Ryan's proposal to cut 6.2 trillion.  I also know that our ratings outlook was lowered to negative before the debt limit came in to play.

Is it? Obama supported the Simpson deficit reduction plan before then, no? And as far back as 2009 Summers was talking about raising the age for Medicare.

[Razgovory]

Standard and Poor.

6.2 billion over ten years.  Would S&P have found that adequate?

[Razgovory]

I don't know.  But I do know that if the Republicans hadn't put a gun to the debt limit's head we wouldn't have even had the 2 trillion in deficit reduction that S&P considers inadequate.  I also know that we started this whole thing off with Ryan's proposal to cut 6.2 trillion.  I also know that our ratings outlook was lowered to negative before the debt limit came in to play.

Is it? Obama supported the Simpson deficit reduction plan before then, no? And as far back as 2009 Summers was talking about raising the age for Medicare.

I am curious how he knows this.

[dps]

I'm not sure that 'entitlement reform' is anything more than a buzzword.

It's not a buzzword--it's a political impossibility.

Which probably means that the deficits are just going to get worse, even if Congress cuts military spending and raises taxes.

To bad we lost our archive.  I could have sworn that either you ore Dps said they wanted Congress to obstruct Obama.

I don't recall if I ever said that in those exact words, but of course I want them to oppose his policies when I'm opposed to them.  D'oh.

I don't want them to be obstructionist just for the sake of being obstructionist, though.  But that's the way the game is played in Washington.

[Razgovory]

I get you and Derspeiss confused.  Entitlement reform is very much a buzzword.  People will say they want "Entitlement reform", but will be against changing Social Security and Medicare.  Not even a majority of people who Identified themselves as Tea Party members wanted to cut either of those.  Entitlements are what other people get.  Poor people you don't know.  Social Security is what your own grandma gets.

[Legbiter]

So...none of the Rebublican posters have any issues with which your party has conducted itself?


Really?

[Razgovory]

So...none of the Rebublican posters have any issues with which your party has conducted itself?


Really?

I imagine they do a little bit, but they are up against liberals.  So most of it is justified.

[Legbiter]

I imagine they do a little bit, but they are up against liberals.  So most of it is justified.

And so the ship will sink.

[Berkut]

I am with Yi. I think without the brinksmanship our overall situation in regards to the debt mess would be worse, not better.