U.S. Credit Rating Downgraded by S&P
Bill O'Reilly: Is the Tea Party Self-Destructing?
Yesterday for the very first time Standard & Poors downgraded the United States' AAA rating for the first time ever in the history of this country. S&P downgraded the United States' credit rating to AA+. The United States had held the AAA rating for 70 years. The reasoning behind the credit downgrade was that the budget deal brokered in Washington D.C. earlier this week didn't do much to address the long-term financial situation for the United States. Congress hasn't done much to rein in spending. The first budget deal brokered in the Spring "cut" $352 million in spending, which is just a smidgen. I'm not certain that $352 million was cut from the budget. If there were any cuts from the Spring budget, it was very minimal, to say the least. The current crop of Republicans in the House and Senate like to label themselves as being the party of fiscal restraint. Consequently, their actions prove otherwise. The House has the ability to use their power to defund unconstitutional spending, which they've refused to do. They're all talk but no action. What will S&P's downgrade mean? It means that interest rates will increasingly become higher, for example. I also assume it will become more difficult to obtain loans due to a lower credit rating. The truth of the matter is this didn't have to happen. I believe this credit downgrade is all part of the master plan to destroy capitalism and make America equivalent to a third-world country. I look for the economy to continue worsening and I believe that a second great depression could be looming around the corner.
I can recall the Talking Points Memo of Bill O'Reilly on the O'Reilly Factor not too long ago. The subject of his Talking Points Memo was "Is the Tea Party Self-Destructing?" He was mentioning that the Tea Party has taken a hard-line stance on Congress raising the debt ceiling. O'Reilly mentioned that if Congress doesn't raise the debt ceiling, then there's a great possibility that Standard & Poors will downgrade the United States AAA rating. As it turned out, both houses of Congress voted to raise the debt ceiling, create a super committee, and President Obama signed it. What benefit was it to raise the debt ceiling? It didn't help. The Dow tumbled and yesterday S&P downgraded the U.S.'s credit rating to AA+. Congress is on recess and President Obama is partying away. He's having the time of his life on his 50th birthday bash. He's not done partying and raising money for his 2012 campaign yet. The media (including Fox News) and our elected elite have been stating that the U.S. would go into default if Congress didn't agree on a deal to raise the debt ceiling by August 2nd. I personally don't believe the U.S. would've went into default if we didn't meet that artificial deadline. My proposal was that the House should've defunded all kinds of wasteful spending first. Once all the necessary spending was eliminated, then the House could examine their budget to see if the revenue coming in would meet all the obligations necessary to our Senior Citizens and our veterans. Only in a worst-case scenario would I support raising the debt ceiling--and that is with all the wasteful spending eliminated first. If you're in business in the private sector and you wanted to borrow money, you would want to eliminate all unnecessary spending possible to increase your chances of the bank approving your loan. A business can't operate if it doesn't control its costs. Congress should've reined in spending first and then checked to see if the incoming revenue would've met the U.S.'s obligations. Consequently, their priorities were backwards. They wanted to raise the debt ceiling without reining in spending.
The truth is Congress nor the president desire to eliminate wasteful spending. President Obama wanted to raise the debt ceiling to continue Washington's wasteful spending ways. There's no way I could support raising the debt ceiling under those circumstances. President Obama, the Republicans and the Democrats acted like punks. The Republicans never utilize the right strategy in trying to stop the Obama agenda. The Republicans should've crafted their debate differently. But it wasn't part of the master plan, as far as I'm concerned. I've linked up this story about S&P downgrading the U.S.'s credit rating from Newsmax. Clink on the link above from Newsmax to read the story.
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