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Posts Tagged ‘Standard & Poors’

We need to get serious about our fiscal situation

August 9, 2011 Leave a comment

While President Downgrade and a do-nothing Democratic leadership in Congress sit around calling fellow Americans terrorists for wanting lower taxes and lower government spending, some people are actually stepping up to the plate, and being brave about what needs to be done:

…[W]e need to get serious about our deficit. No more accounting gimmicks. No more cuts in “out-years” that never materialize. The permanent political class in D.C. might be fooling themselves with these Enron-like accounting games, but they’re not fooling the world’s capital markets. And we don’t need any more happy talk from the White House about “investing” in solar shingles and really fast trains. The White House shouldn’t even bother floating these new spending programs. We can’t afford them. Period.

We need to stop this deficit spending, balance our budget, repeal Obamacare, cancel all unused stimulus funds, and reform our entitlement programs. We have to have an adult conversation about our spending commitments; circumstances have changed, and we must adapt.

I know none of this will be easy, but, “thick” or not, the average American outside the D.C. politico bubble knows that we no longer have a choice! We will have entitlement reform and a balanced budget; it’s just a matter of how. We can do it ourselves in a calm, methodical, and responsible manner, or we can wait for the world’s capital markets to ram it down on us.

That’s from Sarah Palin’s new Facebook post, which is well worth reading in its entirety, especially in the light of the recent S&P downgrade, and volatility in world markets.

S&P downgrades US credit rating to AA+

August 5, 2011 Leave a comment

Dear Mr. President, happy birthday and thanks for nothing:

A cornerstone of the global financial system was shaken Friday when officials at ratings firm Standard & Poor’s said U.S. Treasury debt no longer deserved to be considered among the safest investments in the world.

S&P removed for the first time the triple-A rating the U.S. has held for 70 years, saying the budget deal recently brokered in Washington didn’t do enough to address the gloomy long-term picture for America’s finances. It downgraded U.S. debt to AA+, a score that ranks below Liechtenstein and more than a dozen other countries, and on par with Belgium and New Zealand.

The unprecedented move came after several hours of high-stakes drama. It began in the morning, when word leaked that a downgrade was imminent and stocks tumbled. Around 1:30 p.m., S&P officials notified the Treasury Department that they planned to downgrade U.S. debt and presented the government with their findings.

Nearly four years of full Democratic control of our government, and we have 9% unemployment, anemic GDP growth, longer unemployment lines, record numbers on food stamps, and now, our credit rating is in the toilet. 

Heckuva job guys. 

 

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