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China, the largest foreign holder of United States debt, said Saturday that Washington needed to “cure its addiction to debts” and “live within its means,” just hours after the rating agency Standard & Poor’s downgraded America’s long-term debt.
“International supervision over the issue of U.S. dollars should be introduced, and a new stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country,” the Xinhua commentary said.
Yes the Politicians have sold the US out and we are now Colonies of the Chinese, Japanese, Germans and Koreans. Driving down wages and knocking out Unions and Benefits have reduced us to a Third World Labor Force. Every time you shop at SlaveMart or buy a non union auto you are serving your Colonial Masters
Good for China! The Dim D@mn Dum Dems won't listen to the American people so someone else has to tell them STOP SPENDING MONEY YOU DON'T HAVE!!!!!
Obama: The President of the Downgrade
Hope-n-change: Hope to get a new president in 2012. We got change alright, AAA to AA+.
Yeah the downgrade that only came into play because the PREVIOUS president decided to enter into not one, but TWO wars... with only one of them being truly justified. The war in Iraq was nothing we had any business in, yet Bush decided to send out troops there, spend OUR tax money, and sacrifice our lives just because he needed more oil and revenge for his father. Obama has been doing nothing since he got in the white house but try to fix the wrongs that BUSH set on America while still attempting to do what he had campaigned to do.
And I don't know if you know this or not, but the HOR and the Senate are currently made up of a majority amount of Republicans who will ALWAYS continue to reject whatever Obama does, just because of who he is and the part he is with.
Don't blame Obama for anything because it's morons like you who voted the rest of the senates and Republicans into the other sections of the government and are now forcing Obama to constantly be at a struggle where he simple CAN'T help the country he swore to protect.
Don't blame Obama for anything because it's morons like you who voted the rest of the senates and Republicans into the other sections of the government and are now forcing Obama to constantly be at a struggle where he simple CAN'T help the country he swore to protect.
The USA needs to pass a balanced budget amendment otherwise we are headed for depression!!!
Tea party republicans are right! If anything what is going to cause a depression is Washington overspending into oblivion.
The Chinese are clearly warning us. The S&P downgrade is the canary in the coal mine.
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Yeah the downgrade that only came into play because the PREVIOUS president decided to enter into not one, but TWO wars... with only one of them being truly justified. The war in Iraq was nothing we had any business in, yet Bush decided to send out troops there, spend OUR tax money, and sacrifice our lives just because he needed more oil and revenge for his father. Obama has been doing nothing since he got in the white house but try to fix the wrongs that BUSH set on America while still attempting to do what he had campaigned to do.
Last I checked, Obama was FULLY SUPPORTING both wars. He even started yet another war we cannot afford. It needs to stop. If Obama wanted to stop the wars, he could but he hasn't, why? Its bad enough we went in there in the first place but its even worse to continue a failed policy. The USA cannot afford the war on terror and we cannot afford to police the world. I'd say we need to cut defense spending by ATLEAST 50%. ATLEAST.
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And I don't know if you know this or not, but the HOR and the Senate are currently made up of a majority amount of Republicans who will ALWAYS continue to reject whatever Obama does, just because of who he is and the part he is with.
Thats called politics.
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Don't blame Obama for anything because it's morons like you who voted the rest of the senates and Republicans into the other sections of the government and are now forcing Obama to constantly be at a struggle where he simple CAN'T help the country he swore to protect.
Lets not forget that the republican majority is only a recent change in Washington. The republicans are the ones saying we need to balance the budget just as china is telling us to do. It was obama and the democrat controlled congress that pushed through all this stimulus overspending which frankly hasn't done much for the economy and worse yet the overspending has now caused us to drop below AAA grade and our debt to GDP ratio is above 100%. It would be nice to do the stimulus spending IF we had budget surpluses, that is not the case. We are borrowing the money at interest to fund these projects.
At the end of the day BOTH republicans and democrats are going to have to make changes that they do not like:
Tax increases for the rich and the middle class.
Cuts to defense spending
Cuts to domestic spending
At this point, we have NO options left. We have to drastically cut spending and increase taxes otherwise we are headed for a depression. Mind you, it was only the tea party republicans who supported the balanced budget amendment.
I tni what we will see is redcution in corporate and busiess taxes to match thsoe of other countries that have been doig it for sometime. The txa base will be broaden and rates actully lower but mnay more will not escape paying taxes.Defense spending will not be the main cuts as since clinton their budget has stayed at about 4% while three things have risen to crisis status. SS(easy to fix) ;medicare and medicaid, Those are the increasing cost program that will consume 16% of the 18% that feds take in if they contimue to grow by 2040.Basically we need cuts to investment in technology and R&D becaquse as we saw from the Reagan and then the clinton days ;growth is the way to increrase revenues. Investing money in programs that only consume and provide no welth i return since the 60's has been our problem. Its end with too many dependent on too few.
At the end of the day BOTH republicans and democrats are going to have to make changes that they do not like:
Tax increases for the rich and the middle class.
Cuts to defense spending
Cuts to domestic spending
At this point, we have NO options left. We have to drastically cut spending and increase taxes otherwise we are headed for a depression. Mind you, it was only the tea party republicans who supported the balanced budget amendment.
Agree. If the only way GOP will accept revenue increases is across the board - so be it. The Bush tax cuts have to go. I'm willing to pay.
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Originally Posted by texdav
I tni what we will see is redcution in corporate and busiess taxes to match thsoe of other countries that have been doig it for sometime. The txa base will be broaden and rates actully lower but mnay more will not escape paying taxes.Defense spending will not be the main cuts as since clinton their budget has stayed at about 4% while three things have risen to crisis status. SS(easy to fix) ;medicare and medicaid, Those are the increasing cost program that will consume 16% of the 18% that feds take in if they contimue to grow by 2040.Basically we need cuts to investment in technology and R&D becaquse as we saw from the Reagan and then the clinton days ;growth is the way to increrase revenues. Investing money in programs that only consume and provide no welth i return since the 60's has been our problem. Its end with too many dependent on too few.
Agree. Smart investments that grow (not drain) the economy. Hope our myopic intransigent politicians can grasp the concept.
The Chinese are just blowing hot air, c'mon.....do you think they are buying US debt for our benefit? No, they need to buy our debt to manipulate their currency and keep their export sector strong.
Seriously......its an odd world when people think China's commentary on the US is anything but pure propaganda for internal consumption. If the Chinese say American should do X, its because X benefits China and hurts America.
I'm willing to pay too, but not until I know that the extra sacrifice is going to go to fixing the problem, and not into the DC blank hole to keep the status quo, and I think most people would agree with me. The first thing DC needs to do is make massive cuts and balance the budget. Not in 10 years, not in 5 years - right now! I would then inplement a 1% national sales tax on EVERYTHING, and a 1 cent per share tax on the purchase of stock. The revenue from these two taxes would be dedicated soley to paying down princicple on the national debt. First priority would be given to first paying off the IOUs that are owed to Social Security. These taxes would expire immediatley upon the succesfull retirment of the debt. Imagine how much money in interest payments would be saved long term with that kind of debt paydown! I would also seriously consider rliminating all foreign aid money that we send all over the world to countries who don't much like is for anything except the money we give them anyway. The hell with them, Americans come first.
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No, they need to buy our debt to manipulate their currency and keep their export sector strong.
Yes, they do. That's why they're not very happy with us flooding the world with it and making it worthless.
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