08-06-2011, 10:41 AM
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#47
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Infamous Member
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Follow your heart; it knows things your mind cannot explain.
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Quote:
Originally Posted by citybutch
The downgrade was brought by the fact that Republicans are not willing to raise taxes and the Democrats are not willing to cut spending.... and not the debt limit "mess". In order to make for a healthier financial outlook either one of those two things or both need to happen. Just like when I am working with my clients who are spending more than they are making (which is what is happening in the country right now) we work on increasing revenue and/or decreasing expenses. It's that simple. This is a problem that has been brewing with the rating companies long before the debt limit stalemate came along... THAT "mess" was created, in my very humble opinion, by politics... although frankly it needed to come to the forefront at some point. The debt limit was raised 8 (?) times under GW Bush... and 4 times thus far (well, 5 now... kinda) under Obama... There just comes a time where one has to stop increasing the amount one can borrow... and start to work on the systemic problems of overspending when revenues are reduced... Something had/has to change....
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Exactly....what's the old saying?
"When your outgo exceeds your income, then your upkeep becomes your downfall."
Yea, that one. 
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