When the S&P downgraded our credit rating last Friday one of the reasons they gave was the inability of Congress to raise revenues, IE tax increases. That’s rather interesting given the Republican front-runner’s handling of credit ratings in the past: Gov. Mitt Romney lobbied the credit ratings agency Standard & Poor’s in 2004 to raise […]
Yesterday’s big sell off wasn’t due to the recent down-grading of the U.S. credit rating. Sure it played a very minor part in it, but if you look at the markets yesterday there is something very interesting the sticks out. Investors still rushed to buy treasury bonds, which drove the 10 year interest rate below […]
There is no doubt that the Tea Party has become hell bent on destroying America. Proof of that can be seen in this video from Wisconsin, where members of the Tea Party Express cheered the downgrade of the United States credit rating: Yes, let’s cheer on something that can cost our nation an additional $100 […]
Tonight Standard and Poors reduced the credit rating of the Untied States from AAA to AA+. Their main reasoning (see report here – PDF) is that our spending is still high and we are not increasing revenue. As matter of fact the report really unleashes on the revenue part: Compared with previous projections, our revised […]
A new poll by the New York Times finds very bad news for Congress: A record 82 percent of Americans now disapprove of the way Congress is handling its job — the most since The Times first began asking the question in 1977, and even more than after another political stalemate led to a shutdown […]
Signs are pointing to us entering the dreaded double-dip recession: Friday’s news on GDP shows the double dip has arrived — an expansion of only 1.3 percent and consumer spending up 0.1 percent in the second quarter. Astonishingly low by any account. The debt ceiling trouble and lack of a longer term resolution to the […]
With the deal announced to raise the debt ceiling and instill trillions in cuts during a recession, it is time to declare the that the right owns the economy. So just how bad is this deal? Here’s Paul Krugman’s take: For the deal itself, given the available information, is a disaster, and not just for […]
Something going around Facebook right now really got me thinking: Entitlement? I PAID cash for Social Security insurance! Our benefits aren’t charity or a handout! Congressional benefits—premium federal health care, outrageous retirement packages, 67 paid holidays, three weeks paid vacation, unlimited paid sick days—now THAT’S welfare! And they have the nerve to call retirement an […]
Monday night, House Speaker John Boehner took to the airwaves to taught his deficit reduction plan. Of course the left didn’t like this plan, but they aren’t alone: The debt ceiling deal introduced by Speaker John Boehner (R-Ohio) would save, by one measure, roughly $850 billion over the course of ten years and just $1 […]
The Tea Party is planning legislation to force the President to pay Social Security and defense if the debt ceiling isn’t raised: Members of the Senate Tea Party Caucus have met with House freshmen to discuss a plan to pressure House Speaker John Boehner (R-Ohio) to bring the Full Faith and Credit Act to the […]