Us Credit Rating Downgraded
| Good [+1]Toggle ReplyLink» Blisss replied on Sat Aug 6, 2011 @ 6:35am |
 Coolness: 129695 | Discuss... |
| I'm feeling sunshine right now.. | |
| Good [+1]Toggle ReplyLink» basdini replied on Sat Aug 6, 2011 @ 6:47am |
 Coolness: 145175 | bad for the US dollar... |
| I'm feeling surly right now.. | |
| Good [+1]Toggle ReplyLink» greatjob replied on Sat Aug 6, 2011 @ 10:42am |
 Coolness: 282430 | and the entire economy |
| Good [+1]Toggle ReplyLink» databoy replied on Sat Aug 6, 2011 @ 11:32am |
 Coolness: 106090 | Would be a great occasion do reduce military spending.
[ www.nytimes.com ] [ krugman.blogs.nytimes.com ] |
| I'm feeling shiraz right now.. | |
| Good [+1]Toggle ReplyLink» basdini replied on Sat Aug 6, 2011 @ 12:28pm |
| Coolness: 145175 | although I agree with you about the need to cut defense spending, the problem is that you can't get that much from it...for example, if you cut every cent from defense spending it would only get you about 700 billion dollars a year, which sounds like a lot but given that the deficit (budget short fall) for the united states in 2011 was over 1.5 trillion it only gets you about 40% of the way...and that is with ZERO spending on military...that's never gonna happen even 10% which would be a miracle if you could get that, would only get you 70 billion dollars a year, think about it, Clinton tried to cut it by i think something like 2% and he couldn't even get [ en.wikipedia.org ]
I don't wanna polarize in to right and left factions here by the real problem is entitlements, there are too many programs that there just isn't a good plan on how to pay for this, the gov in the states has just committed itself to too much without a plan to pay for it. A lot of people think the problem is social security, this is wrong it's not really social security, although there are things wrong with it and ways you can make it better and even more solvent (for example take the FICA cap off, so a percentage of earnings above 100 000 dollars goes to social security, currently this doesn't happen, but if it was changed social security would be solvent into the next century). One of the real bad ones for the US is Medicare part D (sometimes just known as medicare D). This is the prescription drug plan for seniors, and this is a mess it was implemented in 06 by Bush, and it's a hard thing to cut because seniors need it and they also vote a lot and have long memories for politicians who screw them. It doesn't need to be cut, all you have to do is just do it properly, get in on the Generic drugs (currently this isn't the way things work for many complicated reasons mostly having to do with the US's position on generic drugs in general with regards to the rest of the world) and you could drive the price down by 90% this would save a trillion dollars over the next ten years. But, above and beyond everything it's time for a sales tax on wallstreet, they currently do somewhere between 3-4 quadrillion (3-4 thousand trillion) dollars worth of turnover in the derivatives game. What you need is a 1% security transfer tax, everyone else is paying a sales tax (a lot higher than that 6-12%) wall street should pay too this would raise about 30 trillion a year, there goes your budget crisis (indeed you could re industrialize the US and the rest of the world with that ). Look into, it has lot's of names 'tobin tax, robin hood tax, securities transfer tax or Wall Street Sales tax. Get behind this idea because it really may be our only salvation. |
| I'm feeling surly right now.. | |
| Good [+1]Toggle ReplyLink» BonusBeats replied on Sat Aug 6, 2011 @ 12:31pm |
 Coolness: 30815 | What would be incredible: the US credit NOT downgraded. If my credit limit is 1430 billion dollars and then I ask the bank to raise my credit limit of a mere 210(or something) billion more then immediately proceed to eat up 60% of this amount in one day, what should happen to my credit rate?
Not surprising, but what the global effects will be, too early to say. Might be heavy, or not, depending on if other governments and corporations will actually care that much about that particular downgrade: South Korea already announced it would disregard the cotation and keep up with buying american stock as before. American economy weight more than 25% of the planet's global commerce so, it's not a textbook situation |
| I'm feeling your mother right now.. | |
| Good [+1]Toggle ReplyLink» Blisss replied on Sat Aug 6, 2011 @ 12:34pm |
| Coolness: 129695 | Its ironic that most of the US debt is from money they spent on wars and interest on the money spent on wars.
If they hadn't gone over to Iraq & Afganistan to spend a ton of money on bombing people, they'd probably be ok today. |
| I'm feeling sunshine right now.. | |
| Good [+1]Toggle ReplyLink» basdini replied on Sat Aug 6, 2011 @ 12:51pm |
| Coolness: 145175 | they would be better off certainly, but not by much, the real problem is the bailouts. No more fucking bailouts for the New York banks, if they need to go bust so be it. |
| I'm feeling surly right now.. | |
| Good [+2]Toggle ReplyLink» Blisss replied on Sat Aug 6, 2011 @ 1:07pm |
| Coolness: 129695 | True, but the wars had already cost 3 trillion by 2008, add compounded interest and all costs since then you're probably up to 5 trillion spent on waring by 2011
The US currently owes 14 trillion total, so thats about a third of their debt they could have easily avoided by chilling out |
| I'm feeling sunshine right now.. | |
| Good [+2]Toggle ReplyLink» databoy replied on Sat Aug 6, 2011 @ 2:12pm |
| Coolness: 106090 | They should legalize and tax drugs in the u.s. |
| I'm feeling shiraz right now.. | |
| Good [+1]Toggle ReplyLink» Max_x2 replied on Sat Aug 6, 2011 @ 6:44pm |
 Coolness: 33875 | Originally Posted By BONUSBEATS
What would be incredible: the US credit NOT downgraded. If my credit limit is 1430 billion dollars It's actually is 14 300 billions =P And having soldiers in afghanistan cost USA about 2 billions a week. So even if you take 'em back, you only save 104 billions a year. Pi selon les économistes, chaque % de l'économie américaine perd, signifie 1/2% de perte pour nous autres. Aussi, le dollar amèricain qui drop = le dollar canadien qui monte = moins d'exportations pour le canada |
| I'm feeling master kush'd right now.. | |
| Good [+2]Toggle ReplyLink» Screwhead replied on Sat Aug 6, 2011 @ 6:45pm |
 Coolness: 685565 | Originally Posted By BASDINI
they would be better off certainly, but not by much That's what someone would think at first..  |
| I'm feeling like a drama magnet right now.. | |
| Good [+1]Toggle ReplyLink» AlienZeD replied on Sat Aug 6, 2011 @ 6:59pm |
 Coolness: 509535 | wall street tax makes sense, buying and selling money has always been fishy to me |
| I'm feeling psyfun right now.. | |
| Good [+2]Toggle ReplyLink» Lady_A replied on Sat Aug 6, 2011 @ 11:01pm |
 Coolness: 96625 | They fucking need to raise the fucking taxes. |
| I'm feeling visualizing visuals right now.. | |
| Good [+1]Toggle ReplyLink» Psykotropik replied on Sun Aug 7, 2011 @ 2:44am |
 Coolness: 37870 | Originally Posted By DATABOY
They should legalize and tax drugs in the u.s. +1. I suggest: 1) Raise taxes on the rich (e.g. the "Robin Hood" tax). 2) Legalise, regulate, and tax all drugs. 3) Get out of Afghanistan and Iraq. 4) Reduce all other foreign military spending as much as possible. 5) Add a federal sales tax. |
| Good [+1]Toggle ReplyLink» basdini replied on Sun Aug 7, 2011 @ 3:03am |
| Coolness: 145175 | Originally Posted By SCREWHEAD
That's what someone would think at first..
i just want to make it clear, I agree that all efforts should be made to cut military spending. However i'm just trying to underline the fact that if you just say 'we need to cut the military' we lose the thread of the story... beyond the military spending during the bush years was all the tax cuts for isanely rich people. The idea was 'we'll give tax cuts to these people, then they'll create jobs' this never happened. And cause obama is a tool he renewed them when they expired...stupid , stupid, stupid, No more tax cuts for these people for a promise to create jobs, we wanna check that you do, if you don't no tax cut. I think this is fair. |
| I'm feeling surly right now.. | |
| Good [+1]Toggle ReplyLink» nothingnopenope replied on Mon Aug 8, 2011 @ 8:45pm |
 Coolness: 201200 | Biggest part of the US Federal Budget is medicare/medicade mainly due to exceptionally high health and drug costs in the USA afaik.
Canada got downgraded to AA+ in 1992 I believe and it took 10 years to get back to AAA... This will affect the USA for a long long time. |
| I'm feeling meow right now.. | |
| Good [+1]Toggle ReplyLink» MtGreylock82 replied on Wed Aug 10, 2011 @ 12:43am |
 Coolness: 28290 | It's another sign of the impeding decline of the American Empire. America overstretched itself in too many wars it had no business participating in. Now the bill is due and we cannot pay it. Another factor is the total dysfunction of our political leadership. S&P explicitly stated that they have no faith that Washington can design a credible financial plan. Obama is seen as a pushover because he's been outmaneuvered time after time by the Tea Party/Republicans. He didn't have the balls to sunset the Bush Tax Cuts when he possessed huge majorities in Congress which would have taken a significant chunk of the deficit away. Now when the Tea Party a few weeks ago told him point blank "Unless you take out the tax increases, we are willing to take this economy down" Obama as always capitulated. Obama's problem is simple...he's trying to reason with people who have no interest in seeing him succeed. And people like Jim Demint and Mitch McConnell have said as much.
And don't expect Social Security and the military to be slashed anytime soon. The military provides hundreds of thousands of jobs and is basically the only major industry in many (mostly Southern) states. It's no coincidence that most of our powerful Senators come from those very states. As for Social Security, many a politician have seen their careers terminated because they dared to touch this "middle class" social program. If further cuts are made, expect Medicaid and other low income programs to receive the chop. The poor generally don't vote in large numbers here...which makes the politician's job easier to cut and not have to worry about losing their next election. |
| I'm feeling carrefour right now.. | |
| Good [+1]Toggle ReplyLink» Max_x2 replied on Wed Aug 10, 2011 @ 4:05pm |
| Coolness: 33875 | Originally Posted By DRTAKO
Biggest part of the US Federal Budget is medicare/medicade mainly due to exceptionally high health and drug costs in the USA afaik. Canada got downgraded to AA+ in 1992 I believe and it took 10 years to get back to AAA... This will affect the USA for a long long time. I believe their credit rate is still AAA... And wanna know what's funny? Medicare/medicaid dept ain't even considered in the 14.34 trillions $ dept xD |
| I'm feeling master kush'd right now.. | |
| Good [+1]Toggle ReplyLink» BonusBeats replied on Wed Aug 10, 2011 @ 5:02pm |
| Coolness: 30815 | Their credit rate has been downgraded to AA+ it's all over the news |
| I'm feeling your mother right now.. | |
Us Credit Rating Downgraded
[ Top Of Page ] |
Post A Reply |
You must be logged in to post a reply.
[ Top Of Page ] |
