Drudge Retort: Red Meat for Yellow Dogs
Wednesday, January 13, 2010

Fitch Ratings has issued the starkest warning to date that the US will lose its AAA credit rating unless acts to bring the budget deficit under control, citing a spiral in debt service costs and dependence on foreign lenders.

Fitch expects the combined state and federal debt to reach 94pc of GDP next year, up from 57pc at the end of 2007. Federal interest costs will reach 13pc of revenues, meaning that an eighth of all taxes will go to service debt. Most fiscal experts view this level as dangerously close to the point of no return for debt dynamics.

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If it were anyone but Obama running the show, this type of headline would be cause for concern.

But no. The waters have ceased to rise, and the planet has begun to heal. What's a little income/debt problem, compared to all that?

Queue the reflexive, "yes, Obama is awful but it's only because of the mess Bush left him" screeds.

RIR is right. 1st time evuh!

Don't forget "Where were you when Dubya did this and Reagan did that?"

No story here, move along
--- Tax and spend liberals ---

Can't raise taxes.

Can't cut spending.

Tell us your magical 8 ball solution to the problem?

So tell us Kaboom,

Just where are the massive tax increases?

Oh yeah, tax rates are lower than under Saint Raygun.

Tax and spend liberals & librul media two myths the Raygunites will never let go of.

Can't cut spending.

Your words, not mine.

GObama!

I wish I could live long enough to read what historians will write about us 100 years from now.
It's hard to imagine my era being lumped in with history's most perplexing time-lines like the misguided and clueless people who once burned 'witches' or the common, accepted practice of owning slaves.
People of the future will scrunch up their foreheads and ask each other:
"How could intelligent, educated people just sit back and let that happen to themselves?"
"Surely they realized they were being played by their Gummit and pitted against each other as a distraction?"
"Can you imagine living like that and thinking it was normal?"
etc, etc, etc.
[sigh]
Well, I guess we'll never know.


Can't cut spending.

Your words, not mine.

#8 | Posted by IraqiBukkake at 2010-01-13 11:52 AM

Not my words... reality.

Try it sometime.

Not my words... reality.
Try it sometime.

Can't cut spending: your words

Won't cut spending: reality

Close, but no cigar.

Can't... Won't.

Whatever.

Can't... Won't.

Whatever.

#13 | Posted by 726 at 2010-01-13 03:53 PM

There's a significant difference.

There are plenty of areas where we could cut spending, but won't. Can't /= Won't

We could/should cut out government agencies like NPR (we need a partially federal funded radio company, really?), NEA (my tax dollars going to artists that can't sell their work), Cutting out excessive administrators from all agencies, Department of health and human services (come on give me a break), Department of housing and urban developement (the name says it), Fannie Mae and Freddie Mac (Unlimited checkbook just given, OMG), Department of labor (we have alphebet soup agencies to keep workers safe so we need to cut something here), The African Development Foundation (Gov't organization to help Africa), Federal Reserve (where our problems are currently arising), National Railroad Passenger Corporation and Amtrak (OMG really do I need to explain this one at all), etc
AND cut the retirement packages that Congress gets. That might impose term limits in a way.
Stop sending aid to countries that hate us. Hello DUH. Pulling any embassies from those countries as well.
Congress should not be allowed 'fact finding' missions to foreign countries.

ETC ET AL this listing could go on and on and on

Here's a link to a guy (who could stand to tone it down a little) that explains some of the above agency goofiness. See if you agree.

www.homelandstupidity.us

94 pc of gdp? wow.

until legal bribery (i.e. lobbying in gov't) is outlawed, this country will still continue to be run by cheats and crooks. you can't pass a decent bill of any kind because corporations have to protect their turf.

you will notice as this corruption goes deeper and deeper, the will of the people has less and less relevance.

Debt to GDP ratio since the Great Depression:

zfacts.com

35% and going down when Carter left office, 70% when Reagan/Bush era ended, went down during Clinton, and skyrocket to over 80% when W's last budget expired.

Debt service payments are going to mean deficits for years to come - in the hundreds of billions a year, more than the entire national debt was when Carter left office and the 'Deficits Don't Matter' era began under St. Ronnie and restarted during the 'Ronald Reagan proved Deficits Don't Matter' Cheney/Bush administration. Facts.

http://zfacts.com/p/318.html

"35% and going down when Carter left office"

I paid $15,000 cash for a house and waterfront-with-a-dock on Lake Travis in November of 1977.

Sold it a decade later to put my kids through private school on Ronald Reagan's credit card.

HAHAHAHAHAHAHAHAHAHAHA

I guess Obama is going to bankrupt us then.

#17 | Posted by AMERICANUNITY

You do realize that laws passed by one president take some time to filter into the debt scenario. It's not a microwave dinner.

But nevertheless ANY more debt at this point is STUPID and should be removed from the 'budget'

Read my #15 Are there any agencies that you think could be entirely done away with?

But nevertheless ANY more debt at this point is STUPID and should be removed from the 'budget'

As I pointed out in my previous post hundreds of billions are 'debt service' payments on the national debt the GOP Congress and Bush/Cheney more than doubled (while nearly doubling the national budget) in eight short years, and other things like paying for unfunded Medicare Part D and two wars while giving the wealthiest Americans TWO tax cuts. There's your trouble.

The Dept. of Education is probably the best candidate for elimination.

Medicare Part D was crazy to think that was a good idea. Bush was/is a progressive Republican. Not what I want in office. But that is beside the point. (kinda, It does point out that this crud has taken place on all 'watches', Social Security was also just a profound debt maker, MediCare itself as well. MediCare outstriped it's projected budget by a factor of almost 10.)

DoE would be a great one. That is one agency that should only be controlled at local level.

Bush didn't sponsor a single bill during the GOP Congress. He just signed all of them.

Bush didn't sponsor a single bill during the GOP Congress. He just signed all of them.

#24 | Posted by AMERICANUNITY

So with all the spending by Bush you must be totally pissed off at Obama?

Hoax and chains provided by the liberals and Obama..

Chad Morris is a child molester.

Ya, MURPHY, Obama created the mess and all the debt. Sure he did.

ETC ET AL this listing could go on and on and on

Go ahead and add 98% of our military bases and half of our military budget...

"We could/should cut out government agencies like NPR ... (and) ... NEA."

Well, that'll save about 21 cents apiece.

At most

Ya, MURPHY, Obama created the mess and all the debt. Sure he did.

#28 | Posted by AMERICANUNITY at 2010-01-13 09:55 PM

Uh oh. Looks like we have a partisan POS only interested in one side's failures. Anything but hold the current president accountable for his actions. Anything.

Add to the list of funding to delete: The National Endowment of the Arts. Not something needed when so in debt. Many programs fundings like this should be stoped until out debts are less.

A little here, a little there and after awhile we're talking real money - JASONSMILES has the right idea.

Over the last 5 years we sent 5 billon dollars to Hatti, they don't have paved roads or basic trach picup, but they have a Ferrari dealer ship.

Looks like another place to start.

Eliminating the 2 tax cuts to the wealthy would go quite a ways in decreasing revenue shortfalls. With unemployment so high our tax revenues have taken a major hit. It's not being a "POS partisan" to point out the trillions in liabilities created under the last administration that weren't paid for. Now, we're also on the hook for hundreds of billions in debt service payments on the national debt too.

No one increased the size of our expenditures in such a short time as the GOP controlled Congress and the Bush/Cheney administration while increasing debt on a credit card that sucks hundreds of billions a year as well. America's budget rose from 1.9 trillion to 3.1 trillion, and the national debt from 5.7 to 12+ trillion in 8 short years. We need all the revenues we can get right now. Cuts in spending won't solve a trifle of our deficit and debt problem.

Where were all those 'cuts in government spending' when the GOP had total control? Massive spending increases were what we got. And what did we get for them that helped the average Joe? Presently, with falling tax revenues and massive liabilities created by the GOP I'd think no one would purport Obama is responsible for the fact we're running deficits. The GOP left revenue shortfalls and massive liabilities just as the economy collapsed. It's hardly being partisan to point that out. Just the facts. ma'am.

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