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When your net worth is -$34 trillion, and your P&L statement shows an annual operating loss of -$1T and growing, you're lucky to even have a credit rating. Even AA+ is too high. If you look at just the financials, US treasuries wouldn't be worth the paper they're written on.
We need to cut government spending and do it yesterday. Start at a 50% + 25% tax cut. Start with a 100% pay and benefits cut for all elected politicians until such time the debt is back to a manageable level.
Read their analysis. It has nothing to do with debt levels. They are mostly focused on political division in the US government, dysfunction, brinkmanship over the debt limit and the prospect of a mild recession this winter.
The threat of default by the GOP is the cause of this. We will see this repeat when the budget comes up.
The GOP's position in the default standoff was that they would consider not paying bills incurred; they would not pay creditors. that is the reason for the downgrade. If someone has a worthless bond, why would it not be downgraded.
COVID cost this nation dearly. All those checks that went out so people had a little money during the lockdowns that democrats demanded... Where do you think that money came from? Were you under the impression it would not have to be paid pack?
It's a shame with all that money we were forced to borrow, democrats put their foot down on the idea of building a border wall. We just couldn't afford 5 billion for a wall... But we can afford to give perhaps a trillion to Ukraine, military weapons and equipment, tanks and airplanes, etc etc. But a border wall??? Heck no, everyone knows those are racist
The lockdowns were bipartisan. Many GOP governors locked down their states. Trump said he wanted businesses open but yet shut down federal agencies like the IRS.
Trump wanted the debt incurred. He added $7.8 trillion on his watch. But he himself bragged that he was the king of debt.
As for the border wall, Trump promised Mexico would pay for it. Of course, as the Romans and Chinese found out, walls don't work.
The lockdowns were bipartisan. Many GOP governors locked down their states. Trump said he wanted businesses open but yet shut down federal agencies like the IRS.
Trump wanted the debt incurred. He added $7.8 trillion on his watch. But he himself bragged that he was the king of debt.
As for the border wall, Trump promised Mexico would pay for it. Of course, as the Romans and Chinese found out, walls don't work.
It would help if the wall was finished. If walls don't work, why are their barriers surrounding the White House? Why was a barrier installed at President Biden's Rehoboth Beach beach house? And, why has the Border Patrol been requesting a barrier on our southern border for the last twenty years, if walls don't work?
Read their analysis. It has nothing to do with debt levels. They are mostly focused on political division in the US government, dysfunction, brinkmanship over the debt limit and the prospect of a mild recession this winter.
Yes it does
Quote:
…fiscal deterioration over next 3 years, high and growing general govt debt burden & erosion of governance relative to ‘AA’ & ‘AAA’ rated peers over last 2 decades that’s manifested in repeated debt limit standoffs & last-minute resolutions.”
The threat of default by the GOP is the cause of this. We will see this repeat when the budget comes up.
The GOP's position in the default standoff was that they would consider not paying bills incurred; they would not pay creditors. that is the reason for the downgrade. If someone has a worthless bond, why would it not be downgraded.
The reckless spending of liberals (Democrats and RINOs) is the cause of this.
Our credit rating should be C. We have no possibility of paying off all our debt. Default (D) is inevitable unless interest rates drop back down to near zero and spending is drastically cut and tax revenue is increased.
In the mean time, I'm enjoying my 5% interest revenue on my money market mutual funds. Doesn't keep up with inflation, but at least I won't lose anything in the stock market, which is headed toward implosion.
Preparing for the left to blame their orange nemesis in 3...2...1...
For once this isn’t Orange One’s fault. This is the Tea Party’s fault. Read the analysis- it’s crystal clear what caused this. If you went around proclaiming you may default on your debts, your credit rating would be downgraded too.
For once this isn’t Orange One’s fault. This is the Tea Party’s fault. Read the analysis- it’s crystal clear what caused this. If you went around proclaiming you may default on your debts, your credit rating would be downgraded too.
Fitch threatened this back during the debt standoff when the so-called Freedom Caucus and Republican leaders (including Trump) were calling for letting the US and global economies collapse rather than vote for the US to pay our bills.
Last edited by Ponderosa; 08-01-2023 at 08:03 PM..
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