Tea Party!! America Thanks You!!

http://articles.economictimes.indiatime ... erm-rating

WASHINGTON: The United States was dealt a severe blow Friday when lost its coveted triple-A credit rating as Standard and Poor's downgraded the nation's debt standing.

Here is the full text of the S&P statement:

"We have lowered our long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term rating.

"We have also removed both the short- and long-term ratings from CreditWatch negative.

"The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics.

"More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.

"Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics any time soon.

"The outlook on the long-term rating is negative. We could lower the long-term rating to 'AA' within the next two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case."

"Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act. Key macroeconomic assumptions in the base case scenario include trend real GDP growth of 3 percent and consumer price inflation near 2 percent annually over the decade."

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part of the blame is the fact congress is dysfunctional ... the tea party is partly to blame for that ... it's obviously not the sole reason ... but even the GOP were saying in public the negative role of the tea party in the negotiations ...

Parachute wrote:

David Axelrod called it the "Tea Party Downgrade".

It signals the Administration's plan to deflect blame off of Congress and the President, and blame 25 freshman Congressman who had the gall to suggest a Balanced Budget Amendment.

yeah ... the downgrade ... but not the debt ...

I guess the civil war hasnt ended for a large number of people, huh?

Que Cher's " if I can turn back time"

Anyone who doesn't believe in evolution or science need not chime in. America is held back by these individuals. Most come from states sucking on Americas tit anyway. They just don't get it. Fighting for billionaires when their broke ass is sacrificed for these tycoons. Economics should be, and is in fact the only issue that affects us all. The other stuff is distractions meant to divide

I'm sure Trump(mr. Bankruptcy) loves these idiots fighting for his next bailout or tax refund

I don't care anymore, ignorance is bliss.

Tea baggers, Tea baggers Tea baggers! So are you reporting

us to the head tea baggers! Do you think that any member of PJ would be involved with such a party? No way!

I think a "downgrade" is warranted for anyone who is loaned money that is unlikely to pay it back in a timely fashion.

Ever loan a friend of yours money, that you thought was good to repay the money, but they did a horrible job at it? Was that person not "downgraded" in your mind? "I'll never give that deadbeat another dime."

I believe this to be true of our government. The downgrade was deserved, and should have happened years ago. There has been plenty of news of other nations not wanting to use the dollar as the world reserve currency anymore, so a move away from US debt is likely. I don't wish for this at all. Any credit agency has to maintain some sort of credibility themselves, and if they can't downgrade the world's largest deadbeat when it truly deserves it, what purpose do they serve?

To blame this on the Tea Party OR Obama is short-sighted in my eyes. Sure, the circus that has been going on the last few months doesn't make this country look like it has its shit together at all. But, it is truly the banking system, all of the Congresses, Presidents, corporate cronies, and people who expect too many services out of the federal government for the past 100 years that has made this come to a head. I agree with Inlet that Keynesian Economics does not work in the long run at all. The government, if it really wanted to achieve full employment could force everyone to work tomorrow, create a bunch of jobs that do nothing, or get involved in some more war, and finance it all wiht deficits-- but what good would any of it do if the currency was rendered worthless, or resources would be far more improperly allocated than they would be under a true free market system?

Parachute wrote:

I hope KAT and SEA will enforce the posting guidelines fairly, and protect all PJ fans' rights to come on here and converse amiably and free from derogatory attacks, just b/c they have differing opinions and beliefs.

so says the instigator in chief...

you have done nothing but sought out my posts and attack me since your first day here.

at any rate, the partisonship in DC is what caused this.

Using labels in a derogatory way here is never ok and could cost posting privileges. If teabaggers is now offensive, it's not difficult to use the term teapartiers or some such. Some elements of some parties try to use the word Liberal as a derogatory slam. Some people use the word Gay as derogatory and a slam and we know that's bigoted. The word teabaggers is not ok now and I do remember when people in the Tea Party learned what it meant after using it themselves...so don't use it now please.

When a topic gets derailed by turning the focus on to the people instead of the topic, well, the topic is derailed so this one has no use and is over.

Come on. The high road has a nice view; stay off the low road in your discourse and discuss the problems without getting personal. Why do you keep forgetting that?

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