Due to the unwillingness of our government to spend within our means, and no projected end in sight to trillion dollar deficits, S&P has lowered our nations credit rating for the first time in history.
Urgent: Credit rating agency Standard & Poor's on Friday downgraded the United States' credit rating for the first time in the history of the ratings.While the GOP certainly does NOT have a good record on spending from 2000 to 2006, at the worst point, their deficit was around $400 billion. This years deficit is four times that amount. No wonder S&P believes our debt to be riskier these days. I can't say that I blame them.
The credit rating agency said that it is cutting America's top AAA rating by one notch to AA-plus. The credit agency said that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.
A picture tells a thousand words. This picture clearly explains why S&P decided what it did.
This would be a perfect time to point out another recent government credit rating change made by S&P.
Standard & Poor's Ratings Services upgraded Ohio's debt rating just one day after it put the United States on "creditwatch negative" on what it calls a rising risk of policy stalemate in the debt limit negotiations.
For Ohio, the rating was revised from "negative" to "stable" after Gov. John Kasich signed a new budget the ratings agency says will essentially balance the state's finances for the next two years. S&P also said Ohio is experiencing a modest economic recovery which has stabilized revenue.
So, while Obama has been destroying our nation's credit rating, John Kasich has actually improved Ohio's outlook. I wonder how Ohio Democrats will spin this one.
Bytor on Twitter
Um, S&P didn't change our credit rating, and they sure as heck didn't change the outlook because of Kasich (although Kasich tried to take credit.)
ReplyDeleteThey upgraded the outlook to "neutral" due to the sustanined improvement of the State's unemployment rate and finances under... Governor Strickland and the fact that the State ended the fiscal year with a nearly billion SURPLUS that helped replenish the State's rainy day fund.
Since then, the State's unemployment rate went back UP for the first time in nearly two years and the State reported that it collected less revenues than expected under the first month under the Kasich budget.
What's one of the main reasons for the S&P downgrade? The political brinksmanship tactics of Speaker Boehner during the debt ceiling debate and the refusal of the GOP to consider revenue enhancers...
ReplyDeleteWow.
ReplyDeleteYou are truly shameless, Modern. I mean, I expected this reply, but you've even topped that.
Trying to give Strickland credit? Uh-huh. Thats why they waited until our new budget was passed. Kasich's budget. Because STRICKLAND is responsible for the upgrade. You truly have no fear of making a complete and utter fool of yourself, do you?
My God you are pathetic.
ReplyDelete-Deficits under Obama are FOUR TIMES the worst deficit EVER under Bush
-Beohner's House passed a plan with a BBA
-Boehner's House passed a budget that brings Medicare back into solvency.
-The Dem Senate blocked both of these plans
-The GOP House successfully got $2 trillion in savings (not enough).
And its BOEHNERS fault, for not raising taxes during a recession?
Obama is finished. The chart above is why we got downgraded. You can deny it without looking like the hack that you are.
PLEASE PLEASE PLEASE write a post on Plunderdumb blaming Boehner and absolving Obama and the Democrats for this. I BEG YOU.
Um, S&P didn't change our credit rating
ReplyDeleteThe rating itself, no. But the outlook was upgraded, which is still an improvement to our overall rating and will save the state money.
Nevertheless, I have edited the post to be more accurate re the outlook.
Happy?
Im reading your post with a warm cup of Chinese tea party. You know the Dagong credit reporting agency of the Chinese communist party downgraded its rating of the USA to A+ ahead of SP, without S&P's 2trillion calc
ReplyDeleteCalculation error (oops) and apparently ahead of the curve. The curve of falling USA treasury yields and BNY charging some customers to deposit cash at the bank. Wow people sure are pouring money into a freshly downgraded nation. Will the Stupid & Pathetic prediction be as good as the triple prime ratings S & P gave on subprime US Consumer mortgages? A nail biter. Interestingly, China is still growing... Maybe the effects of a government stimulus 3 times the size of ours on a GDP adjusted basis? I will be interested to see who gets blamed for this economic decline and whether the economy even begins to recover within 3 years 5 months.
Bytor-- I love how you say what I wrote is wrong, but NEVER provide any evidence to refute what I said... (and then admit that I was partially correct to boot.)
ReplyDeleteS&P upgraded the outlook after Ohio had shown months of a sustained economy and because it replenished its rainy day fund thanks to the Strickland surplus.
Again, NOTHING you've written in response refutes that point. S&P didn't credit Kasich, or the Kasich budget but the State's long history of strong handling of its finances, and the fact that it had shown consistent improvement in its economy. Neither of which is something Kasich can take credit for.
Stop the name calling and address the facts.
Trying to give Strickland all the credit, and Kasich none of it, is just plain foolishness.
ReplyDeleteS&P has it right. The problem is the spending and "wrangling" about what to do gave them no confidence that the fools in DC would get it right.
ReplyDeleteBottom line: we are on an unsustainable path and the left loves it. There is nothing else one needs to know. The unions who fund the Democrats are little more that parasites, and parasites that are so stupid that they won't stop sucking our blood until the host is dead.
If the unions prevail in Ohio and WI the republic is finished. We'll be sucked dry and the riots in athens will look like the macarena as we live through something out of MadMax.
Here's a debt reduction plan that will get Modern's attention: I call in R&R: Revolt and Repudiate. As angry as America is, and we're darned angry, if the right spark comes along the government will have its hands full.
it is also important to understand the mind of a true believer. Modern is one such. True Believers, according to Eric Hoffer HAVE to believe that their dogma explains everything. So giving credit to Strickland is something that Modern MUST do. Do even grudglingly aknowlege that Kasich's approach had a positive effect would be a violation of his beliefs and thus we see what amounts to cognitive dissonance.
This is the same dynamic that forces Lefties to believe that Gorbachov was the sole reason that the USSR fell. Why? Because Reagan Thatcher and JPII aren't liberals and therefore nothing they did could have worked.
It is just that simple.
Oh, one more thing: the left hates the fact that the House Republicans stood firm. Watch the film clip of George Will taking down that big mouthed liberal fool Rattner. Isn't it odd that more democrats voted against the deal than republicans? Hmmmm?
I give Strickland and not Kasich the credit because every factor S&P cited had to do with things that occurred on Strickland's watch (sustained improvement in the economy, growth in revenues, budgetary surplus.)
ReplyDeleteSorry, I let the facts get in the way of your partisan delusions.