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The Spectacle Blog
When I heard that Standard & Poor’s had downgraded the United States’ credit rating from AAA to AA+ it took me back two decades to when I was still living in Canada.
In 1991, S & P, Moodys and other credit rating agencies did the same thing to the Province of Ontario after the NDP government of Bob Rae chose to spend its way out of a recession. The provincial deficit went from $3.3 billion to $9.7 billion in one fell swoop. By today’s standards these numbers might look small but the NDP’s deficit spending and inability to balance the books played a significant role in them being tossed out of office in 1995 in favor of Mike Harris’ Progressive Conservatives after only a single term in office.
Now Ontario’s credit rating woes were largely unknown outside of Canada. But the downgrading of the U.S. credit rating is news the world over and is yet another a stain against our reputation abroad. However, the political implications might not be so clear cut. It’s well worth remembering that in Ontario (as in the rest of Canada) the legislature and executive are concentrated. The Premier and his cabinet ministers sit in the legislature. There is no separation of powers. So the NDP bore that cross all by itself.
The same, however, cannot be said here. While this development certainly doesn’t help President Obama’s prestige, Republicans won’t be unscathed given their past role in profligate spending and their present role in control of the House of Representatives. And with a President in possession of ample resources and a media that is largely still sympathetic to him no effort will be spared to minimize his role in this most unfortunate development and others which have preceded it and that will follow it. Even if the economy should continue to decline in the coming months, if enough voters still view President Obama as competent and have misgivings about his Republican opponent then we can look forward to another four years of a petulant, prickly presidency complete with corpulent expenditure.
It is thus incumbent upon us to convince people over the next fifteen months that President Obama has not performed competently and is not competent to lead this country a moment beyond his present term.
View all comments (40) | Leave a comment
More Blog Posts by Aaron Goldstein
http://spectator.org/blog/2011/08/07/thoughts-on-the-credit-downgra
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PCC| 8.7.11 @ 3:52AM
Mr. Goldstein,
I understand the point you are making, but I must say that I believe the political implications will be clear cut, viz., the downgrade occurred on Mr. Obama's watch and it will give voters another reason to give their support to his opponent.
Have you considered| 8.7.11 @ 8:31AM
PCC, I am not convinced that Obama will get all the blame, just because it was on his watch.
The propaganda put out by the Democrats and many in the MSM that it is the Republican's fault because they stubbornly refused to raise taxes, has appeared to work, especially amongst those who are inclined to vote Democrat. I visit many web sites, and the comments areas are replete with this talking point.
If we are realistic, I think we all know that it is the fault of Both parties over the years.
You can't deny that Speaker Boehner has not used the new majority as he promised he would (see Pledge for America)
You can make the 1/3 argument, but the power of the purse rests with the house.
He, and frankly many folks here at TAS, didn't want to use that power to shut the government down over the CRs due to Political reasons. He did not want to be painted as the bad guy in the press, so he caved to the pressure, and got a whopping 300Million in cuts.
I wonder if this downgrade would have occurred if they had gotten a better deal on the CRs...we will never know.
His efforts to avoid political blame instead of standing firm on the promised spending cuts, have certainly contributed to the credit rating downgrade IMO.
It seems obvious that they did not consider a downgrade very likely...if they had, they may have held the line, and insisted that Real spending cuts, not just meager reductions to future increases, get done.
It is to bad they didn't draw the line in the sand, and stand firm on their articulated convictions, and they chose to play politics instead.
JP| 8.7.11 @ 10:33AM
Nice try, but Obama has been warned by a number of "friendly" and "unfriendly" institutions for 2 years that his the downgrade was more than possible. Moodys and S&P both issued downgrade warnings last winter. The President knew exactly what he was doing. But politics trumps economics in the minds of Dems.
They pretty much figured what you scripted. They could always blame the downgrade on Bush, Boehner and Reagan (ie past Presidents are more to blame them him). As a matter of fact, a number of MSM and Left bloggers have been airing an absurd chart in recent weeks that show Obama is only responsible for 16% of the total debt.
However, reality is different. Any reasonable person can easily get factual information via the internet. The cable and cable news stations are becoming more irrelevant as time passes. Another thing to consider are the multitude of public appearances Obama has given over the last 2.5 years defending the $800 billion Stimulus, as well as his massive borrowing. Most recently was his demand that his very expensive pet project such as high speed rail ($250 billion) remian off limits.
The longterm unemployed remain Obama's biggest political liability. And we're not just talking about unemployed brick masons or TIG welders. Unemployment amongst professional women has been going up steadily since 2010. Unemployment of African Americans is as high as 30% in many areas of this nation, and millions of Hispanics have moved back to Mexico where unemployment is less than 5%. In Canada, a nation that got its fiscal house in order some time ago, has one of the strongest economies in the world. Thier secret was quite simple: massive cuts in entitlement spending, they lowered corporate and capital gains taxes, as well as encourage investments in thier agriculture, mining, and energy sectors. Canada now exports more oil to the US than any nation on earth.
The downgrading of the US credit rating will more than likely result in much larger interest payments (they could easily outstrip defense spending by 2020). The Dems will more than likely use the ratings crisis as a launching pad for new large taxes. It will fall on the GOP to articulate the position that this crisis has nothing to do with taxes (or lack thereof) and everything with spending.
Kingofthenet| 8.7.11 @ 5:10PM
Oh you mean THIS chart, from the White House.What is wrong with it exactly?
http://www.whitehouse.gov/info.....ional-debt
simon templar| 8.7.11 @ 11:40PM
It comes from your masters that have lied to us for nearly 10o years. Does that help answers your question?
martin j smith| 8.7.11 @ 7:44AM
The events in the last week or so have spoken for themselves. They simply underline what has been going on for decades and with even greater potency under Obama. It is HIS ECONOMY--and the Socialists.
Do I have a high five for the Republican party. Do not make me puke. The leadership generally makes me ill. Among other things McConnell and Boehner should been out there disputing the wisdom of Obama's economic policy--they should been out there talking to voters about the consequences of same policies and while signing on to the debt Ceiling deal given their lack of negotiating skills may have been necessary, they could have ben more assertive challenging Obama on his POLICIES. The Republican leadership is too intimidated to function as they should and should resign.
As for the down grade--it was well known that NONE of the debt ceiling plans under consideration by both parties were not going to satisfy S&P. The Socialist bruhahaha about the downgrade is phoney. And they want to raise taxes ? They are from beyond PLUTO.
In my view I side with those that see the down grade as a bucket of cold water in our faces. Lets wake up.
JimH| 8.7.11 @ 7:52AM
I wonder how much this will actually effect T bill prices. All things being being equal the price should ( and interest rates rise), but at the same time you have stock markets diving, countries at risk of default, instability of all kinds around the word. In that scenario people will still be buying US paper as a safe haven. I don't think there are yet to many other short term choices available.
JimH| 8.7.11 @ 7:53AM
Sorry, insert fall after 'price should' in the above post.
martin j smith| 8.7.11 @ 8:10AM
I think voters need t0 be able to question their representatives in Town Hall meetings. iI have heard that these rascals are trying to hide from the Tea Party. Those who refuse to allow Town Hall hearing should be un-elected. The American people should be given the facts to know what is going on, what possible ways of beginning to solve this are on the table , to put out their own views and to give their preferences. The main thing is that any plan should WORK. But first there needs to be a major resolution of this question: What kind of country to we want: Free Market or Socialism.
Aleck| 8.7.11 @ 9:05AM
"It is thus incumbent upon us to convince people over the next fifteen months that President Obama has not performed competently and is not competent to lead this country a moment beyond his present term." Yes. But you can't beat something with nothing. Jimmy Carter would have won a second term if the Republicans had fielded Gerald Ford or Nelson Rockefeller or George H. W. Bush or someone of their ilk, instead of the one they despised and ridiculed in the previous cycle, Ronald Reagan. It took an uprising in the Republican party -- resisted by the party establishment -- to make Reagan the candidate. Something similar has to happen this time around, or Obama will win a second term and the USA will continue its downward slide.
Clint| 8.7.11 @ 10:58AM
Surprise !
Ad Nauseam, The Democrats & Their Liberal Mainstream Media Propaganda Arm Are Attempting To Demonize & Marginalize We Tea Party Patriots.
This Time For The Credit Downgrading.
Actually,
"Major ratings firms -- namely Standard & Poor's and Moody's -- have said even if the country raises the debt ceiling and doesn't default, there's a strong likelihood that the triple-A bond rating will be cut to double-A unless a budget can be crafted that results in $4 trillion in savings, the result of the massive debt load the country has accumulated in recent years. The nation's outstanding debt is more than $14 trillion."
The Tea Party Is Ramping Up & Placing Our Candidates For The 2012 Elections.
Carpe Diem.
Oldefarte| 8.7.11 @ 10:58AM
Excellent point Aaron and pure truth. No politician is above used-car-salesmen's status, but there's always been dramatic differences between Rs and Ds, and voters sadly have failed to recognize same [especially in November of 2008 when this Chicago street hustler in chief was elected]. I'll always be with the tea party is wanting to purge the Republican Party of it RINO used-car-salesmen, BUT the most essential task for all of us conservatives is to defeat as many Democrats as possible [the Pilosi's will sadly never be defeatable as long as the California loons are living]!!!!!
Lullabys, Legends and Lies| 8.7.11 @ 12:01PM
"It is thus incumbent upon us to convince people over the next fifteen months that President Obama has not performed competently and is not competent to lead this country a moment beyond his present term."
Well you convinced me!! He's not, nor has he ever been competent, but then again neither is his entire Party. We've got to get rid of as many Democrats, wherever we possibly can in 2012 (continuing the slaughter started in 2010).
This week, the Recall Elections in Wisconsin will be a clear statement of which way the winds are blowing. I pray that common sense Citizens out there come out in full force, and ignore all the lies and nonsense that the Unions and the Democrats are trying to sell them. Remember, the Democrats fled across State lines, but the Republicans stayed and did their jobs!! Big difference!! Republicans work, and Democrats don't!!
Please Vote Republican, even if they're not exactly "your cup of tea". That's because the alternative is just more of the same, from the same liars that have been running that State for Decades, who will continue the slow death decline of Wisconsin, on the way to becoming the next Detroit (or even worse,... the next California!!). Wherever the Democrats take root, the Electorate gets poisoned by their vile destructive handouts, the Economy runs away or dies a slow death by taxes and regulations, and the Media provide cover for them by blaming some unseen Boogeymen (In this case the Tea Party). It's the Democrats Wisconsin, it's always been the Democrats!! They're doing it!! They're to blame!! Vote them out whenever you get the chance!! Don't let the Recall Elections go to the Commie Democrats, it'll be the final nail in Wisconsin's coffin.
Democrats: They not only Suck, they Blow too!!
simon templar| 8.7.11 @ 12:07PM
But I thought the repubs were on some "ith' of the government and they were so limited in actually doing anything..so they HAD to make great compromises with the tax and spend democrats. No, wait a minute, I think the narrative is the Tea party got what it wanted, massive cuts and reduced spending the very same thing the rating agencies insisted on. No, wait, got it wrong, in reality the cuts were miniscule and a sham and spending was slowed a bit but still enormous. No, wait, the Bam Bam administration said there was not going to be a downgrade because the deficit limit was raised. But wait, there was.
Well at any rate, one thing is for sure. Bush and the GOP, conservatives, and republicans ARE TO BLAME no matter what. Even so-called conservative talking heads go along with that.
Lets see if Boehner and the boys have enough brains to put together among themselves to counter this spin and get the truth out there as to who has primarily brought us to this point.
Take any bets?
Oldefarte| 8.7.11 @ 2:23PM
Yeah right, it's all those GD Republicans [WAKE UP, FOOLS!]:
"....Axelrod: Tea Party to Blame for S&P Move
Sunday, August 7, 2011 12:18 PM By: Amy Woods Congressional supporters of the tea party were the driving force behind S&P’s downgrading of the U.S. credit rating, David Axelrod said Sunday on CBS’ “Face the Nation,” according to Politico.
“If we had defaulted on our debt, the consequences would have been dramatic and lasting,” President Barack Obama’s re-election campaign strategist said. “It was the wrong thing to do to push the country to that point.”While the president pushed for compromise, “the tea party brought us to the brink of default,” Axelrod said.“It was something that should never have happened that clearly is on the backs of those who were willing the see the country default, those very strident voices in the tea party,” he added. “This is essentially a tea-party downgrade.”
Axelrod defended the nation’s full faith and credit and said the United States remains “the safest place to put your money.”
“We can debate the strength of the analysis they did,” Axelrod said, referring to S&P’s downgrade. “They made an egregious error here, but theirs was largely a political analysis, and that is what we should focus on.” '
Oldefarte| 8.7.11 @ 2:25PM
PS: WAKE UP AND REALIZE THAT.....ITS THE DEMOCRATS [ie Axelrod, Obama, Reid, Schumer, Conyers, Pilosi etc] STUPIDS!!!!!!
Oldefarte| 8.7.11 @ 2:31PM
Still unconvinced, try this then:
'..... Obama Has 50th Birthday Bash as Markets Slide Friday, August 5, 2011 01:32 PM
By: Martin Gould
In the middle of the massive stock market slide, President Barack Obama did the electric slide at the White House as he partied the night away his at his celebrity-filled 50th birthday bash.
Obama, with Rahm Emmanuel at his 50th birthday party in Chicago. (AP) But he celebrated quietly. The White House press corps was dismissed at 4 p.m. and guests, including Tom Hanks, Whoopi Goldberg and Hillary Clinton started arriving at 5.Rapper Jay-Z, NBA legends Charles Barkley and Grant Hill, football great Emmitt Smith and comedian Chris Rock were also there to mark O’s Big 5-0.Herbie Hancock and Stevie Wonder were among the musicians who played in the East Room. Guests ate grilled chicken, burgers, Chicago-style hot dogs and ribs washed down with American wines. They danced barefoot in the Rose Garden, according to the blog Obama Foodorama.The event was casual – “there was not a tie in sight” – reported the blog’s Eddie Gehman Kohan. At one point Obama challenged his guests to dance.First Daughters Sasha and Malia Obama were allowed to stay up for the bash and the president’s mother-in-law Marian Robinson was also among the 200 revelers.
Politicians present included the Democratic leaders in the House and Senate, Nancy Pelosi and Harry Reid former governors Bill Richardson and Tim Caine, White House chief of staff Bill Daly and campaign fundraiser Andy Spahn.
Obama’s big day came on the same day when there was little to celebrate – the Dow Jones Industrial Average slipped by more than 500 points, the biggest one day decline since December......'
Oldefarte| 8.7.11 @ 2:53PM
Conclusion: It ain't the tea party's fault and it ain't the Republicans' fault [since they were the only ones in the political discussions talking SPENDING REDUCTION, as opposed to the Democrats' desired INCOME TAX/REVENUE INCREASES]; according to S&P:
'....Just before 9 p.m., a Treasury spokesman told reporters S&P had made a $2 trillion error.The firm’s reply came a few minutes after midnight with an e-mailed statement saying the rating was unaffected by the “change of assumptions.”Debt Trajectory“The primary focus remained on the current level of debt, the trajectory of debt as a share of the economy, and the lack of apparent willingness of elected officials as a group to deal with the U.S. medium-term fiscal outlook,” S&P said. “None of these key factors was meaningfully affected by the assumption revisions to the assumed growth of discretionary outlays and thus had no impact on the rating decision.”On a conference call yesterday with reporters, John Chambers, chairman of S&P’s sovereign ratings committee, and Beers said that in their analysis, the “extremely difficult” political discussions in Washington over how to reduce the more than $1 trillion budget deficit carried more weight in their decision than the nation’s outstanding debt.........'
Mimi| 8.7.11 @ 9:05PM
O F..... What is wrong with their way of thinking...How can they turn it around like that...UNBELIEVABLE! The Tea Party carried signs for over 2 years ....STOP THE SPENDING!
They DID the monstrous spending...all by themselves. Because the TP wanted more cuts in the spending...The DEBT to go on hold...The S&P rating change was their fault....What absolute here is their mind and character are flawed they always see WHITE and reality it is BLACK...You cannot do business with such dishonest players.
simon templar| 8.8.11 @ 12:01AM
OF, when I said that GOP, Bush, etc, was to blame I was being sarcastic and trying to point out that this is and always will be the kneejerk response of the Left and the democratic party. The projection and shifting of blame that the Left does is actually astounding and sometimes just leaves you speechless. I think you have misunderstood my comments.
The other point I was trying to make is that as a citizen and just an ordinary guy like all of us out here, I have been bombarded via the media with such contradictory versions of reality it leaves me dazed and confused. If anyone actually pays close attention to everything they have been listening to just this past month, it is a wonder anyone still has their sanity. This is getting worse every year. Can anyone just give an honest assessment of the good, the bad, and the ugly without a hidden agenda and without political propaganda? We live in the age of the narrative. Many feel no moral obligation to tell the whole story and the truth and nothing but it.
Lastly, many of our GOP leaders and republicans just seem to fall into the same traps despite all their good intentions and efforts. This is all I am saying.
We need to have enough humility to admit when we have been played, hoodwinked, and cornered. We also need to be willing to change and try something new and reinvent ourselves. Sometimes we are bouncing about and around like the keystone cops when we are dealing with the opposition. Perhaps it is going to take a new generation. Breitbarts and the following generations of conservatives to cut a new path and approach.
simon templar| 8.7.11 @ 12:13PM
In fact, do you think we will ever see a day or instance where the GOP is not played, set up, and can out manuever those that seek the destruction and transformation of this country into a socialist state?
Occam's Tool| 8.7.11 @ 8:08PM
Simon,
Not until we get Allen West on 1600 Pennsylvania Avenue.
Talked to two Libtard clowns in Eastham this week---they were blaming this on Bush (no shit!). They weren't my patients, and I don't have a license to practice in MA, but they were clearly delusional.
Clint| 8.8.11 @ 6:44AM
Allen West Voted RINO-CINO for The Debt Ceiling Scam.
And Your Boy West Badmouthed We Tea Party Patriots.
He's Toast.
The Tea Party Rebellion Ramps Up For The 2012 Elections.
Carpe Diem.
Ken (Old Texican)| 8.8.11 @ 7:53AM
Clint,
I would like to see a quote of West "badmouthing "
the Tea-party.
Thank you.
Have you considered| 8.8.11 @ 8:46AM
Ken, tis true. See here: http://www.youtube.com/watch?v=Bw10euwJY3g
He was on with Laura Ingraham, and Laura asked him what he thought about one of the Tea Party groups calling him a traitor for supporting the Boehner plan.
He said in effect that the Tea Party's saying this is schizophrenic.
Margie| 8.8.11 @ 11:04AM
FYI: It was probably the Paul-bot faction of the TEA party, like Clintypoo*/Tim*'s ilk.
The anti-American, anti-semitic blame America First scum who considers everybody (including the excellent Allen West) "traitors to conservatism" except their disgusting ilk.
Put that in your pipes and toke it.
It's the truth.
The Paul-bots do NOT represent the majority of the TEA partiers.
Occam's Tool| 8.8.11 @ 1:45PM
And your boy wants to legalize ganja with Frank. So? Everybody's human. Except you.
martin j smith| 8.7.11 @ 12:59PM
Simon Templar that is my worry exactly that WE are being set up. I think if Boehner and McConnell do not come out swinging in the next week or two or even less time you will have your answer. Forget a week or two, Monday or no later than Weds. Their leadership ( or is it shit ) or lack of same will tell the truth.
martin j smith| 8.7.11 @ 1:02PM
our nation is entering from my perspective unknown territory and my guess is that people are scared. Obama's leadership is non existent. We need Leaders not on November 2012, we need leadership NOW. By leadership I mean to not only respond to Socialist spin but to challenge it and offer the nation a new perspective. I would bet on half of a stale bagel eaten by a rat that is as far as my betting is concerned.
gearjammer| 8.7.11 @ 6:35PM
First, give money to run ads so we can fight back on the air war. I have seen and heard some good stuff that will have to continue-more and better. By the way, remind the people that the rating agencies do not give a crap how we lower our deficit and debt-if we do it by growth fine and dandy. In fact on Cavuto the S/P guy spoke of our low growth rate specifically-not low tax rates ! He also spoke of all guvmint debt-states and municipalities. These are 99 per cent blue states and districts. California and the madness there is enough alone to sink us. We need to be ready monday to throw it all back in their faces-give em one shit sandwich after another . Facts-facts-facts. The people are paying attention and they are teachable. That jackass Reid gave us a golden opportunity-when he ragged on about yachts. The dildo forget we already had a luxury tax and who go t hurt-the average worker. This is made to order this little example of their abject idiocy. Also, look at the Simpson Bowles and all that-they want fewer and lower rates for less loopholes. Do not jump the gun against this idea. First the loophole elimination will hurt rich democrats, like in hollywood and tv and trial lawyers and academia more that us. Plus, it makes Washington weaker-no loopholes mean the pols have nothing in their quiver for extorting campaign cash and support. Finally, regulation as a job killer-concrete examples are needed. New ones daily. And, go after the lawyers are actually working as managers ? Too many-that is not what they are about-like Mick told Rocky-" your need management kid", and so does the government. I tell you the people are ready for a real economics lesson-this is the republican moment-and please harsh trash talking so called conservative rhetoric and attitude is no the key-the teacher needs to be calm and well spoken-but able to hit and hit hard when some democrat goon sticks a broken bear bottle in their face. When that happens break their face.
Red Uctio| 8.7.11 @ 11:16PM
By the way, remind the people that the rating agencies do not give a crap how we lower our deficit
Not true. In their explanation of the downgrade S&P specifically pointed out Republican resistance to any tax increases. They've also said that if Congress doesn't get it's act together another downgrade could be coming in as little as six months. Obviously S&P has a liberal bias but that's what they're demanding to see.
This is great news for the Tea Party. A handful of Republican Congressmen had Boehner on the ropes. They essentially forced him to reject any deal that raised taxes in spite of S&P threats to downgrade the credit rating.
They can do it again, rejecting any deal that raises taxes and insisting on entitlement cuts that Democrats won't be able to support. That would virtually guarantee another downgrade.
How could Obama get re-elected with TWO downgrades on his record? He'd be lucky to avoid impeachment.
Kingofthenet| 8.7.11 @ 10:58PM
At no time in our history has lowering taxes increased revenue. Not one. I defy you to prove otherwise. In fact as taxes have declined steadily since the 50's and he Republican mantra is lower taxes and the "job creators" will hire.. where are the jobs? A little history for you. The effective tax rate for business in the 50's was 49%, the 60's it was 38%, the 70's it was 33%, the 80's it was 25%, today's effective tax rate is between 11-13% so where are the jobs if lowering taxes stimulates job growth. The only growth that has occurred is the disparity of wages versus the profit margin for the wealthy. Do some research instead of parroting party rhetoric. That is if you have that capability.
simon templar| 8.8.11 @ 12:18AM
Go away, you are an ignorant ignoramus, useful idiot, and a liar. You make so much crap up it is not worth responding to...
For those interested and reasonable:
Try Calvin Coolidge who cut taxes nearly by 50 percent or more and cleaned up Woodrow Wilson economic mess. Calvin's tax cuts resulted in one of the largest economic booms of a decade (the 1920's) ever seen in the history of this country.
The jackass's tax statistics above are made up. The tax burden on all Americans has continued to rise since it was established in early 20th century with short reductions in rates at particluar times such as the Coolidge, Kennedy and Reagan periods where economic booms soon followed.
What else would you expect from a communist dupe like KingoftheusefulIdiots above?
Kingofthenet| 8.7.11 @ 11:40PM
Standards are Poor concedes there is no more reliable or liquidable assets on earth than US treasuries, yet downgrade their rating. How is this defensible?
simon templar| 8.8.11 @ 12:24AM
Gee, you do not have an anwser for this? Try checking with the Politburo. Perhaps, it has something to do with your class warfare paradigm, or the greedy capitalist running dogs. Hey, if all else fails just blame it on Bush.
axbucxdu| 8.8.11 @ 1:11AM
What S&P is saying is that while we're the best of the worst, we're still in the worst category.
Or as much as this may pain you, analyze Sammy Swindle's math. USG unfunded liabilities have been estimated to be as high as $200 Trillion. That's right, at least four years worth of global GDP. Numbers like these do not inspire much confidence in a potential lender.
Solo| 8.8.11 @ 8:38AM
I would like to state a self-evident truth relating to this issue:
Until we solve the problem of deficit spending, the tax revenue side of the equation is irrelevant.
We could effectively DOUBLE tax rates (thus completely destroying the economy--what's left of it) but if we continue to spend more than that generates in revenue, the problem will just continue to get worse.
And this is precisely what the democrats have done, time and again.
They promised Reagan budget cuts in exchange for increased tax rates. The taxes got raised but the spending cuts never materialized.
They promised Bush 41 spending cuts in exchange for tax increases. The taxes got raised but the spending cuts never materialized.
And...in both cases, the democrats then crowed about how Reagan and Bush "raised taxes".
The democrats (and their RINO enablers) are dishonest players.
The tax increases always happen "right now" and the heavy lifting of the spending cuts are always pushed out to a future Congress--who then proceeds to ignore them and spend even more so as to get themselves re-elected.
By the way...Reagan's tax cuts doubled revenues to the Treasury. Look it up, it's irrefutable.
Despite this, the democrats in Congress spent ALL of those revenues...and then some.
The problem is not the revenue. The problem is the deficit spending.
Pete| 8.8.11 @ 9:56AM
Fron on online TIME article: "Having Standard & Poors downgrade the creditworthiness of the United States, and warn it about further downgrades, is a little like having the Catholic Church lecture scout leaders on the proper behavior toward boys. The moral authority seems to be wanting. S&P, you may recall, is one of the ratings agencies, the others being Moody's and Fitch, that greased the skids of the financial crisis by awarding AAA ratings to tranche after tranche of mortgage bonds called collaterized debt obligations, or CDOs." This is the kind of crap being spun out by the White House. Truly pathetic.
Cuffs| 8.8.11 @ 11:41AM
Hello, Hello--
This "failure" is actually success.
The global elites have been working
for this since 1913. They are almost
home. Good Night America.