Gold Member
- Apr 26, 2011
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Obama can add one more ‘unprecedented’ accomplishment to his list: America’s credit rating has been downgraded (Egan Jones cuts US rating, cites high debt load | Reuters) and for the most part this headline has been lost in the debt limit debate. What are the reasons cited for this action?
“The agency said the action, which cut U.S. sovereign debt to the second-highest rating, was not based on fears over the country not raising its debt ceiling.
Instead, the cut is due the U.S. debt load standing at more than 100 percent of its gross domestic product. This compares with Canada, for example, which has a debt-to-GDP ratio of 35 percent, Egan-Jones said in a report sent on Saturday.”
Since 2008 many agencies have threatened the credit downgrading of the US government, and every time—EVERY TIME—unsustainable spending and burdensome debt during a time of painstakingly slow economic growth was cited as the cause.
Not one liberal has explained how raising the debt limit will advert the downgrading of America’s credit rating, yet thread after moronic thread has been posted bemoaning this supposed fact. Where are the stories saying that $2 trillion dollars in additional debt to will ensure America’s AAA credit rating?
The fact of the matter is raising the debt limit by $2 trillion, what Obama desperately wants, is only going to hasten the imminent destruction of America’s credit rating, and this is definitive evidence of that. This $2 trillion is the largest hike in the debt limit ever, and it is preceded by the largest hike in spending ever, all during a time when tax revenues are down and the economy has stalled.
Liberal constantly preach that during a recession we must spend more. When are we going to see the results? The Democrats had complete control for the beginning of this administration and achieved the legislation they told us was going to secure economic success, and none of its stated objectives were met.
“Shovel-ready wasn’t as shovel-ready as we expected (audible laugh)” President Obama
“The agency said the action, which cut U.S. sovereign debt to the second-highest rating, was not based on fears over the country not raising its debt ceiling.
Instead, the cut is due the U.S. debt load standing at more than 100 percent of its gross domestic product. This compares with Canada, for example, which has a debt-to-GDP ratio of 35 percent, Egan-Jones said in a report sent on Saturday.”
Since 2008 many agencies have threatened the credit downgrading of the US government, and every time—EVERY TIME—unsustainable spending and burdensome debt during a time of painstakingly slow economic growth was cited as the cause.
Not one liberal has explained how raising the debt limit will advert the downgrading of America’s credit rating, yet thread after moronic thread has been posted bemoaning this supposed fact. Where are the stories saying that $2 trillion dollars in additional debt to will ensure America’s AAA credit rating?
The fact of the matter is raising the debt limit by $2 trillion, what Obama desperately wants, is only going to hasten the imminent destruction of America’s credit rating, and this is definitive evidence of that. This $2 trillion is the largest hike in the debt limit ever, and it is preceded by the largest hike in spending ever, all during a time when tax revenues are down and the economy has stalled.
Liberal constantly preach that during a recession we must spend more. When are we going to see the results? The Democrats had complete control for the beginning of this administration and achieved the legislation they told us was going to secure economic success, and none of its stated objectives were met.
“Shovel-ready wasn’t as shovel-ready as we expected (audible laugh)” President Obama
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