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Real GDP increased at an annualized rate of 4.0% in Q1 2011, following an increase of 3.5% rise in the prior quarter. Personal consumption expenditures, exports, and nonresidential fixed investment contributed positively to growth during the quarter. Meanwhile, imports rose sharply. In the March 2011 quarter, trade in goods and services resulted in a deficit of $562B, many because of the high price of petroleum. However, the major factor driving credit quality is the relatively high level of debt and the difficulty in significantly cutting spending. We are taking a negative action not based on the delay in raising the debt ceiling but rather our concern about the high level of debt to GDP in excess of 100% compared to Canada's 35%. Nonetheless, since the US's debt is denominated in dollars, a hard default is unlikely.
The Debt Ceiling was only a proxy for the real issue: spending. Yes, we have an enormous spending problem, with debt over 90% of GDP. That isn't sustainable.It's ABOUT DEBT TO GDP!
Egan-Jones Downgrades US From AAA To AA+ | ZeroHedge
Real GDP increased at an annualized rate of 4.0% in Q1 2011, following an increase of 3.5% rise in the prior quarter. Personal consumption expenditures, exports, and nonresidential fixed investment contributed positively to growth during the quarter. Meanwhile, imports rose sharply. In the March 2011 quarter, trade in goods and services resulted in a deficit of $562B, many because of the high price of petroleum. However, the major factor driving credit quality is the relatively high level of debt and the difficulty in significantly cutting spending. We are taking a negative action not based on the delay in raising the debt ceiling but rather our concern about the high level of debt to GDP in excess of 100% compared to Canada's 35%. Nonetheless, since the US's debt is denominated in dollars, a hard default is unlikely.
The debt ceiling is a red herring! It is the SPENDING that is the problem! HOLY FUCK come on people!!!!!!!!
No... we have a revenue problem. More and more people are dropping out of the middle Class tax bracket and into lower brackets, which pay less in taxes. Combine that with all the loopholes that the rich can take advantage of that everyone else cannot.... and you have one hell of a drop in revenue.
Yes.. we spend a lot. I am not denying that. But to sit there and blame one end of the spectrum alone is just partisan bullshit.
No... we have a revenue problem. More and more people are dropping out of the middle Class tax bracket and into lower brackets, which pay less in taxes. Combine that with all the loopholes that the rich can take advantage of that everyone else cannot.... and you have one hell of a drop in revenue.
Yes.. we spend a lot. I am not denying that. But to sit there and blame one end of the spectrum alone is just partisan bullshit.
No... we have a revenue problem. More and more people are dropping out of the middle Class tax bracket and into lower brackets, which pay less in taxes. Combine that with all the loopholes that the rich can take advantage of that everyone else cannot.... and you have one hell of a drop in revenue.
Yes.. we spend a lot. I am not denying that. But to sit there and blame one end of the spectrum alone is just partisan bullshit.
The bullshit is sitting around accusing others of spouting partisan bullshit, then spouting class warfare partisan bullshit.No... we have a revenue problem. More and more people are dropping out of the middle Class tax bracket and into lower brackets, which pay less in taxes. Combine that with all the loopholes that the rich can take advantage of that everyone else cannot.... and you have one hell of a drop in revenue.
Yes.. we spend a lot. I am not denying that. But to sit there and blame one end of the spectrum alone is just partisan bullshit.
No... we have a revenue problem. More and more people are dropping out of the middle Class tax bracket and into lower brackets, which pay less in taxes. Combine that with all the loopholes that the rich can take advantage of that everyone else cannot.... and you have one hell of a drop in revenue.
Yes.. we spend a lot. I am not denying that. But to sit there and blame one end of the spectrum alone is just partisan bullshit.
If revenue drops, spending needs to drop too. Revenue is down because of the recession. The recession has continued because the Democrats have pursued anti business policies. Raising taxes is a good example of anti business anti growth policy.
No... we have a revenue problem. More and more people are dropping out of the middle Class tax bracket and into lower brackets, which pay less in taxes. Combine that with all the loopholes that the rich can take advantage of that everyone else cannot.... and you have one hell of a drop in revenue.
Yes.. we spend a lot. I am not denying that. But to sit there and blame one end of the spectrum alone is just partisan bullshit.
If revenue drops, spending needs to drop too. Revenue is down because of the recession. The recession has continued because the Democrats have pursued anti business policies. Raising taxes is a good example of anti business anti growth policy.
No... we have a revenue problem. More and more people are dropping out of the middle Class tax bracket and into lower brackets, which pay less in taxes. Combine that with all the loopholes that the rich can take advantage of that everyone else cannot.... and you have one hell of a drop in revenue.
Yes.. we spend a lot. I am not denying that. But to sit there and blame one end of the spectrum alone is just partisan bullshit.
No... we have a revenue problem. More and more people are dropping out of the middle Class tax bracket and into lower brackets, which pay less in taxes. Combine that with all the loopholes that the rich can take advantage of that everyone else cannot.... and you have one hell of a drop in revenue.
Yes.. we spend a lot. I am not denying that. But to sit there and blame one end of the spectrum alone is just partisan bullshit.
If revenue drops, spending needs to drop too. Revenue is down because of the recession. The recession has continued because the Democrats have pursued anti business policies. Raising taxes is a good example of anti business anti growth policy.
Bullshit. Cutting Spending is a good example of anti-American, Hard Hearted Policy. You keep putting all this on people that can't afford to cope with it(which is most families from say.... $100k on down), you will further wreck the economy because they can't afford to buy the shit that "business" creates.
But you idiots can't see that, can you? Your precious business community can't get blood from a stone. Destroying the buying power of the people isn't going to do a damned thing for the economy.
Gee, I have an idea. Let's stop importing oil, nationize the oil we have in the gound and require it to be refined and sold in the United States alone. Then we add a deficit reduction tax of .25 cents to each gallon for all none commercial use of gas and diseal, provide a tax credit to consumers who must commut to work using public transportation - on a dollar for dollar basis - and build new transportation systems for people, frieght and electricity.
No... we have a revenue problem. More and more people are dropping out of the middle Class tax bracket and into lower brackets, which pay less in taxes. Combine that with all the loopholes that the rich can take advantage of that everyone else cannot.... and you have one hell of a drop in revenue.
Yes.. we spend a lot. I am not denying that. But to sit there and blame one end of the spectrum alone is just partisan bullshit.
If revenue drops, spending needs to drop too. Revenue is down because of the recession. The recession has continued because the Democrats have pursued anti business policies. Raising taxes is a good example of anti business anti growth policy.
Bullshit. Cutting Spending is a good example of anti-American, Hard Hearted Policy. You keep putting all this on people that can't afford to cope with it(which is most families from say.... $100k on down), you will further wreck the economy because they can't afford to buy the shit that "business" creates.
But you idiots can't see that, can you? Your precious business community can't get blood from a stone. Destroying the buying power of the people isn't going to do a damned thing for the economy.
