Obama's legacy: First time in US history US credit rating downgraded (companies, economy)
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The U.S. Congress sets a federal budget every year in the trillions of dollars. Few people know how much money that is so we created a breakdown of federal spending in simple terms. Let's put the 2011 federal budget into perspective:
U.S. income: $2,170,000,000,000
Federal budget: $3,820,000,000,000
New debt: $ 1,650,000,000,000
National debt: $14,271,000,000,000
Recent budget cut: $ 38,500,000,000 (about 1 percent of the budget)
It helps to think about these numbers in terms that we can relate to. Therefore, let's remove eight zeros from these numbers and pretend this is the household budget for the fictitious Jones family.
Total annual income for the Jones family: $21,700
Amount of money the Jones family spent: $38,200
Amount of new debt added to the credit card: $16,500
Outstanding balance on the credit card: $142,710
Amount cut from the budget: $385
(janedeaux)
The U.S. Congress sets a federal budget every year in the trillions of dollars. Few people know how much money that is so we created a breakdown of federal spending in simple terms. Let's put the 2011 federal budget into perspective:
U.S. income: $2,170,000,000,000
Federal budget: $3,820,000,000,000
New debt: $ 1,650,000,000,000
National debt: $14,271,000,000,000
Recent budget cut: $ 38,500,000,000 (about 1 percent of the budget)
It helps to think about these numbers in terms that we can relate to. Therefore, let's remove eight zeros from these numbers and pretend this is the household budget for the fictitious Jones family.
Total annual income for the Jones family: $21,700
Amount of money the Jones family spent: $38,200
Amount of new debt added to the credit card: $16,500
Outstanding balance on the credit card: $142,710
Amount cut from the budget: $385
(janedeaux)
the spending has gotten crazy stupid.
wish liberal had your kind of sense!!! they dont call them useful idiots for noting, they are!!
We have arrived at the endgame of what was an untenable doctrine: to pay for the kind of entitlements that populations have been led to expect by their politicians, the wealth-creating sector has to be taxed to a degree that makes it almost impossible for it to create the wealth that is needed to pay for the entitlements that populations have been led to expect, etc, etc.
It takes two to not compromise, and last I checked there were a few others that kept walking away from the table......
This is a legacy of Obama, and the TEA party, and of us. Our infantile mentality that we should get our way all the time, and we should elect leaders that have that same mentality.
Interesting to see how many people apparently believe that S&P is still a credible concern after 2008. Toxic mortgages, anyone? Rated AAA! Hey, all is well with Greece, Ireland, etc!
Yes, S&P: a grand, credible corporation. Division of McGraw-Hill (lawbooks!)
You sure know how to attack people. I bet it drains you not to.
I AM SORRY , BUT YES it does!!! common sense out of people is all I look for. and liberals have none, HOW COULD IT NOT DRAIN ME. WE ARE SPENDING TO MUCH MONEY!!! REDICULOUSE AMOUNTS OF MONEY THAT'S THE PROBLEM, THERE IS NO OTHER PROBLEM BUT OUR SPENDING. YOU CAN THANK OBAMA FOR THE CREDIT DOWN GRADE AND NOBODY ELSE!
Ding ding! There are many people to blame for this downgrade, and President Obama and (most) of the Democrats are not included in that blame.
The spendaholics(Obama and the Dems) are not to blame? Simply LUDICROUS!!!
Quote:
The credit rating agency on Friday lowered the nation’s AAA rating for the first time since granting it in 1917. The move came less than a week after a gridlocked Congress finally agreed to spending cuts that would reduce the debt by more than $2 trillion — a tumultuous process that contributed to convulsions in financial markets. The promised cuts were not enough to satisfy S&P.
The drop in the rating by one notch to AA-plus was telegraphed as a possibility back in April. The three main credit agencies, which also include Moody’s Investor Service and Fitch, had warned during the budget fight that if Congress did not cut spending far enough, the country faced a downgrade.
S&P downgrades US credit rating from AAA - Boston.com (http://articles.boston.com/2011-08-06/business/29859269_1_credit-rating-aaa-rating-s-p-analysis - broken link)
The spendaholics(Obama and the Dems) are not to blame? Simply LUDICROUS!!!
S&P downgrades US credit rating from AAA - Boston.com (http://articles.boston.com/2011-08-06/business/29859269_1_credit-rating-aaa-rating-s-p-analysis - broken link)
The "informed" part of your name is not correct.
Republicans spend just as much. They give tax cuts, borrow, and spend.
Democrats tax and spend.
Quote:
Originally Posted by gysmo
I AM SORRY , BUT YES it does!!! common sense out of people is all I look for. and liberals have none, HOW COULD IT NOT DRAIN ME. WE ARE SPENDING TO MUCH MONEY!!! REDICULOUSE AMOUNTS OF MONEY THAT'S THE PROBLEM, THERE IS NO OTHER PROBLEM BUT OUR SPENDING. YOU CAN THANK OBAMA FOR THE CREDIT DOWN GRADE AND NOBODY ELSE!
I don't even need a response to show that you are crazy.
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