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The Spectacle Blog
Republican leaders, including most of the 2012 presidential field, have responded forcefully to the S&P downgrade. Of course, Bush-era Republican spending helped set the table for Obama’s borrow-inflate-and-spend feast and the leadership of neither party has seemed equal to the task of confronting our worsening debt crisis. The one silver lining is that we will longer be able to pretend that mounting deficits and debt have no consequences for the United States.
Liberals will try to pin this on Republican unwillingness to raise taxes. And it’s true that the major credit rating agencies don’t care if the federal government tries to address the deficit on the spending or revenue side. But our tax code has never consistently raised the 25 percent of GDP now consumed by federal spending. Despite the president’s talk of a “balanced” deficit reduction package, tax increases cannot bring the budget into balance. Serious spending cuts are necessary, tax increases are a choice.
I’ve also seen a few liberal bloggers trying to score points by saying the Democrats cut $500 billion from Medicare and imposed health care cost controls, only to be attacked for it by Republicans in 2010. I think the GOP’s version of “Mediscare” was indeed counterproductive, but let’s look at the facts. The Medicare cuts, assuming they were ever actually going to materialize, were to pay for a new entitlement and the cost controls are all based on the highly debatable assumption that Obamacare was going to work.
Blame the dysfunction of divided government if you will, but there seems to be a lot of unity on borrowing, spending, and inflating the United States into a banana republic.
View all comments (29) | Leave a comment
More Blog Posts by W. James Antle, III
http://spectator.org/blog/2011/08/06/the-downgrade-and-never-ending
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TruthSayer| 8.6.11 @ 1:35PM
The morons, idiots, losers, and fools (MILFs) in Washington just don't get it and never will. Both Democrats and Republicans are scum of the earth and are leading this country to the abyss. Bush was an idiot, but not on the scale of the current microbe in the oval office.
The only solution is to dissolve the current Federal government, fire ALL federal employees immediately, and kick ALL of the 80 million parasites on the federal dole to the curb. All Federal power should be divested to the states. A weak domestic federal government can be formed who's sole function is the defend the states from outside enemies.
This will happen. It can be an orderly process, or it will happen violently after economic collapse. You choose.
buckeyeman| 8.8.11 @ 9:27AM
"MILFs"...
I didn't think that was... Oh, never mind.
Oldefarte| 8.6.11 @ 1:43PM
'.... Boehner Blames Democrats for Credit Downgrade Saturday, August 6, 2011 10:59 AM
By: Dave Eberhart....U.S. House Speaker John Boehner, R-Ohio, reacted to the news of Standard & Poor’s downgrade of the U.S.’s credit rating on Friday night, saying, “This decision by S&P is the latest consequence of the out-of-control spending that has taken place in Washington for decades." He added that “the spending binge has resulted in job-destroying economic uncertainty and now threatens to send destructive ripple effects across our credit markets.” Boehner issued the following statement in a press release after the long-term credit rating slipped to AA+:“This decision by S&P is the latest consequence of the out-of-control spending that has taken place in Washington for decades. The spending binge has resulted in job-destroying economic uncertainty and now threatens to send destructive ripple effects across our credit markets.“Republicans have listened to the voices of the American people and worked to bring the spending binge to a halt. We are no longer debating how much to spend, but rather how much to cut. Unfortunately, decades of reckless spending cannot be reversed immediately, especially when the Democrats who run Washington remain unwilling to make the tough choices required to put America on solid ground. “The Administration and Democrats in Congress had sought an increase in the debt limit without any spending cuts or reforms. Republicans made clear the American people would not tolerate that and fought for the largest spending cuts possible. With the Budget Control Act, we made a positive first step toward reducing the debt, but much more must be done.
“In May, I warned, ‘if we don't act boldly now, the markets will act for us very soon.’ It is my hope this wake-up call will convince Washington Democrats that they can no longer afford to tinker around the edges of our long-term debt problem. As S&P noted, reforming and preserving our entitlement programs is the ‘key to long-term fiscal sustainability.’“Republicans remain committed to ensuring the United States always meets its obligations. Though we are outnumbered in Washington, we will continue to press Democrats to join us in taking meaningful steps to rein in our debt and deficecit....'
WAKE UP AMERICA! You cause this with your vote on 11/4/2008. Vote Republican next year unless you want this country to continue its slow economic death resulting from DEMOCRATS!!!!
Sean| 8.6.11 @ 2:28PM
Boehner is part of the problem. "We are no longer debating how much to spend, but rather how much to cut. " This is false. He is not debating how much to cut he is debating whether to spend a little less than the Democrats want. The result from either is higher debt. The Responsible thing to have done was to not extend the debt ceiling and to force government to cut spending to meet revenue.
Oldefarte| 8.6.11 @ 3:13PM
See the following reactions from Democrats and Republicans. You're partially correct in that Boehner is part of the problem.....THE PART THAT IS TRYING TO SOLVE THE GD PROBLEM, AS OPPOSED TO THE DEMOCRATS WHO ARE THE PART THAT IS TRYING TO SPEND EVEN MORE MONEY TO MAKE THE PROBLEM WORSE. Read their words and decide which political side you'd prefer now as to a possible solution:
'....Saturday, 06 Aug 2011 06:31 Reaction to the first-ever downgrade of the nation's AAA credit rating:
"The dysfunctional status of Washington has resulted in the first ever downgrade of the credit rating of the United States' debt by Standard and Poor's. Only time will tell whether this will have an adverse effect on prevailing interest rates paid on new U.S debt. If it does, it will only serve to compound our current economic challenges and longer-term fiscal outlook." — Former Comptroller General David Walker.
"The action by S&P reaffirms the need for a balanced approach to deficit reduction that combines spending cuts with revenue-raising measures like closing taxpayer-funded giveaways to billionaires, oil companies and corporate jet owners. This makes the work of the joint committee all the more important, and shows why leaders should appoint members who will approach the committee's work with an open mind — instead of hardliners who have already ruled out the balanced approach that the markets and rating agencies like S&P are demanding." — Senate Majority Leader Harry Reid. [DEMOCRAT]
"This is a wake-up call for Washington to get serious about fixing our debt problem. Many of us have long argued that Congress must make the hard choices to address this issue immediately, and I can only hope this helps others in Washington and around the country understand our urgency. Substantial, meaningful reform that results in a pro-growth tax system, entitlement reforms and spending reductions must be implemented as soon as possible." — Republican Sen. Chris Chambliss of Georgia. [REPUBLICAN]
"The deal Congress just passed over conservative objections has already had its obvious effect, the loss of America's credibility around the world. The deal was not a serious attempt to solve our spending and debt problem, it was a political solution meant to kick the can down the road. The only real solution to our spending and debt crisis was Cut, Cap & Balance that the president rejected out of hand." — Republican Sen. Jim DeMint of South Carolina. [REPUBLICAN]
"As S&P stated, 'The transparency and accountability of institutions bear directly on sovereign creditworthiness because they reinforce the stability and predictability both of political institutions and the political framework.' The American people are watching to see if the bipartisan Joint Committee will develop a plan to responsibly reduce the deficit in a balanced way while promoting economic growth and creating jobs." — House Democratic leader Nancy Pelosi. [DEMOCRAT]
"Tonight's decision by S&P to downgrade our credit rating to AA+ is a historically significant and serious event for the United States. The United States has had a AAA credit rating since 1917. That rating has endured the great depression, World War II, Korea, Vietnam and the terrorist attacks on 9/11. This president has destroyed the credit rating of the United States through his failed economic policies and his inability to control government spending by raising the debt ceiling." — GOP presidential candidate Michelle Bachmann, a Minnesota congresswoman. [REPUBLICAN]
"America's creditworthiness just became the latest casualty in President Obama's failed record of leadership on the economy. Standard & Poor's rating downgrade is a deeply troubling indicator of our country's decline under President Obama. His failed policies have led to high unemployment, skyrocketing deficits, and now, the unprecedented loss of our nation's prized AAA credit rating." — GOP presidential candidate Mitt Romney, former Massachusetts governor. [REPUBLICAN]
Oldefarte| 8.6.11 @ 3:18PM
PS: It didn't matter wether or not the debt ceiling was extended, since the credit rating has retroactively been downgraded. If not for the Democrats insistence upon spending and taxing, the Republican [at the proding from tea party movements] would have cut the defecit/debt by three times or more the level that was only accompolishable through compromise. Everyone has to understand that....IT'S THE DEMOCRATS, STUPIDS!!!!!!
Sean| 8.7.11 @ 1:44AM
Sure all Democrats are bad, but a great majority of Republicans are also terrible on the debt.
buckeyeman| 8.8.11 @ 9:34AM
The Republican controlled House of Representatives (sic) could have refused to raise the debt ceiling. Boehner could have led them to this historic stand. Instead he played deal maker with the enemy and now just look at the "deal" that he midwifed. He is a traitor with zero residual credibility.
DRed| 8.6.11 @ 1:52PM
The best way to deal with the deficit is to get more Americans working. Any ideas?
farmboy| 8.6.11 @ 2:38PM
Start by undoing the regs and restrictions put in place the last 3 years.
W| 8.6.11 @ 5:33PM
get rid of Obam and the lefty Democrats.vote them out,replace them with true economic conservatives.
Warrior | 8.6.11 @ 8:23PM
To start, immediately balance the federal budget, eliminate the minimum wage, end unemployment benefits, repeal Obamacare, remove 90% of the EPA and Dept of Commerce's budget, eliminate the NLRB, raise the age for social security and medicare and include a means testing formula, end section 8, reduce welfare and food stamps by 10% each year, end subsidies for airlines, ethanol, farmers and oil companies, remove the tax advantages for GM and sell of all government holdings, sell off and privatize the Post Office, reduce foreign military bases in "friendly" countries 10% each year, take our oldest nukes and turn the Taliban and Al Queda held areas into parking lots (double advantage as we do not need to dismantle and store the old weapons and we would be able to draw down Afghanistan and Iraq) shut down Fannie Mae and Freddie Mac, put the country back on the gold standard and reduce the corporate tax rate by at least half. Remember this is just to start.
Mimi| 8.6.11 @ 8:23PM
Dred ...You want jobs? Drill for oil and gas, fire EPA...get rid of regulations, get rid of Obamacare, If we see "O" doing this we have some hope. If not, .....GOOD then we'll know for sure its cloward & Piven! At that point you will see the top-dog Dems take that "march" to the Whitehouse . It will be pack your bags time!
JOBS ?....More JOBS you'll see so many JOBS, you won't know what to do with them all!!!
simon templar| 8.6.11 @ 10:25PM
DRed, Why don't you start answering your own questions. Come up with something besides raising taxes on the rich and spending more. Can your liberal commie brain stretch any farther than the parrotted bullshit you picked up from your public teacher who was an ex-hippie? You really do not expect me to believe that was a sincere question, do you? You are not interested in any possible answers coming from anyone that posts here.
Jeff Perren| 8.7.11 @ 11:22AM
Many, but none you would accept. Here are just a few:
1. Lower uncertainty by refraining from bashing business and threatening tax increases.
2. Remove restrictions that forbid developing natural resources in Alaska, the Gulf, Colorado, and elsewhere.
3. Raise interest rates to allow small investors to once again make profits from savings. They will then have money to hire workers.
4. Eliminate useless (and unconstitutional) Federal departments like the Dept of Education, HUD, Agriculture, etc.
5. Repeal Sarbanes-Oxley, ObamaCare, Dodd-Frank, and the Wagner Act
I could go on all day, but the basic theme is clear: GET THE FEDERAL GOVERNMENT OUT OF THE WAY AND OFF OUR BACKS.
Solo| 8.6.11 @ 2:35PM
I like Harry Reid's conclusion from this downgrade:
More taxes!
Let me see....the democrats openly assert that taxes on cigarettes discourage smoking.
The democrats openly assert that taxes on trans-fats discourage obesity.
What are taxes on business designed to discourage?
You get less of what you tax and more of what you subsidize.
The democrats are designing to tax business and subsidize unemployment.
Do the math.
Pecos Pete| 8.6.11 @ 3:58PM
Solo: That's a very perceptive explanation. I like it.
Pete| 8.6.11 @ 2:38PM
How soon before S&P is called racist for downgrading the U.S. credit rating when a Negro is president???
D delaney| 8.7.11 @ 12:26AM
I don't know Pete, but you have just shown yourself to be one.
beebop| 8.6.11 @ 4:13PM
Where is the same outrage from the MSM regarding the silence from the great communicator? Bush got nothing but shit for sitting in a classroom in Florida while he got the news about 9-11. For me, this is a thousand percent worse as this is an ATTACK mounted by dimocraps on this soverign nation. I hope the American public sees what a spineless imbecile he is!
Glein| 8.6.11 @ 5:20PM
This country is falling apart and the Rebublicans and Democrats in Congress are still patting each other on the bach for selling out the American people with a deal that cost us out AAA+ rating for the first time in our history! Sweep them all out of office! Obama, the Rebublicans, and the Democrats have been able to do more harm to this country in 3 years than the Soviets, Chinese, and Islamic terrorists could do in 40 years!
Conservative View| 8.6.11 @ 6:50PM
DEPOSE THE INCUMBENT
If I had the money, I would but that header on every bill board in the country. It's time we depose, kick out, push out of office, vote him to Neverland or Oz, every professional politician in Washington. It isnt the Democrats, it isn't the Republicans, it really isn't the President. It's the culture stupid.
We have a culture in Washington of purchasing seats in Congress with tax dollars. Professional politicians have been doing this forever. It must be stopped, and stopped now. There is only one way to do that, vote the PP's out of office, from top down. Put in their place professional buisness men, CEO's, even dentists would be an improvement. Though I might exclude professional dance instructors unless they looked like Jullian Hough. (slaps himself for the sexest comment).
Our only hope now is to put into office people that will question the very core beliefs of our present government. Beliefs like; it's the governments job to feed the poor, to provide health care for women, to provide health care for the country, to provide pay checks so artists won't starve, and funding for radio stations.
Anyone who believes for an instant that the Tea Party is a dieing institution needs to wake up. This last bit, this downgradeing of our credit, can only fuel the ranks.
Ho Chi Mihn| 8.6.11 @ 6:52PM
Did not Antle support the deal? I thought the deal was supposed to avoid this? Fuck you Antle.
alanwillingham| 8.6.11 @ 7:35PM
This is so simple… Everyone knows when you spend so much the Bank notifies you you spent past your Credit Limit, the real problem is your spouse who obviously isn't earning enough money! ; )
martin j smith| 8.7.11 @ 7:50AM
This article shows why many people feel that the Socialist and Crony Capitalists are basically the same--= AND THEY ARE!!!!!!!!!!!!!. That is why both of these factions HATE THE TEA PARTY. They are spoiling their PARTY at the expense of the AMERICAN PEOPLE. From a purely strategic point of view first priority GET RID OF OBAMA --UN ELECT HIM and UN ELECT OTHER SOCIALISTS be they UNDER THE D OR R. Then maybe in this country we can have a serious conversation about how to get ourselves out of this mess.
Clint| 8.7.11 @ 10:18AM
" The National Inflation Association released the following debt ceiling report to its NIA members:
NIA hasn't written about the whole debt ceiling issue over the past few weeks because in our minds it is completely irrelevant. Our elected representatives in Washington along with the mainstream media have been wasting thousands of hours of time and hundreds of millions of dollars debating a topic that has no meaning at all. The President, Senate, and House of Representatives are putting on a show to make it look like they care about cutting spending and balancing the budget. Except for a select few elected representatives like Ron Paul who care about protecting the U.S. Constitution and preserving what little purchasing power the U.S. dollar still has left, every other politician in Washington is putting on a complete charade in order to trick their constituents into believing there is a difference between the proposals from the Republicans and Democrats."
jgo| 8.7.11 @ 12:48PM
It's not just never-ending federal government over-spending, but ever-more-rapidly-increasing federal government over-spending.
martin j smith| 8.7.11 @ 1:08PM
Boehner is too fixated on being outnumbered in DC.
What he should be focused on are the VOTERS who I believe out number the Socialists and want a re-do
to and undo the electio0n of 2008.