Obama and the tax cut issue

[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....

Originally Posted by AtLastHome

hold to the same damn things that caused the debt-limit mess- and brought on the S & P downgrade. We need more of this conflict???

[JustJo]

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....

Exactly....what's the old saying?

"When your outgo exceeds your income, then your upkeep becomes your downfall."

Yea, that one.

[Martina]

THe money we're wasting is the effing billions a day in interest. That makes me sick sometimes when cuts to important services are being discussed.

i agree that the issue is the stalemate. i do not think Obama could have done a lot about that. But i do think he could have and should have pursued the financial and corporate criminals who helped land us in this recession.

The first -- ending the stalemate -- is a thousand times more important. But it just burns -- it's so symbolically throw it in your face unfair -- that none of these bastards has gone to jail.

[citybutch]

This is an excellent read on the topic. Although there is one error. The US went on credit watch with S&P in April of this year and not June.

http://nutsandolts.com/2011/08/06/te...s-its-hostage/