Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Republican Deficit Hawks Go Silent After S&P Upgrades America’s Credit Outlook

Posted by on Jun. 11, 2013 at 1:15 PM
  • 11 Replies

Republican Deficit Hawks Go Silent After S&P Upgrades America’s Credit Outlook

boehner-cantor-mcconnell

Remember back when every conservative ran to their mother hen media outlet, Fox News to attack President Obama and progressives when the United States’ credit rating was downgraded. Well, S & P (Standard and Poor’s) issued their latest outlook for America and stated they are upgrading America’s credit outlook from negative to stable. So where are the conservatives applauding this? Nowhere! You would think that being the patriotic politicians and people they are they would view this would be great news for our country.

According to the report by Reuters,

Standard & Poor’s on Monday revised its credit outlook on the United States government to stable from negative, citing Congress’s avoidance of the year-end 2012 “fiscal cliff” and the higher-than-expected tax receipts that followed.

Additionally, the ratings agency, the only one to have cut the United States from the coveted AAA status, said it does not expect the debate later in 2013 regarding a raising of the debt ceiling to result in “a sudden unplanned contraction in current spending – which could be disruptive – let along debt service.”

The latter part of the paragraph above regarding contraction of spending is particularly interesting, and may be why conservatives don’t want to talk about this news. S&P doesn’t want austerity spending contraction because it would have a negative effect of the economy which is steadily growing and in turn increasing tax revenue.

America’s deficit has been steadily declining, the treasury is reporting multiple months of surpluses this year already because the economy is substantially stronger, more people are working, and taxes on income above 400,000 dollars are up.

The bottom line is this disrupts the conservative narrative about out of control spending that Republicans used as the reason for the downgrade in the first place.

by on Jun. 11, 2013 at 1:15 PM
Add your quick reply below:
You must be a member to reply to this post.
Replies (1-10):
grandmab125
by Gold Member on Jun. 11, 2013 at 9:27 PM
2 moms liked this

 News flash.....The only time in the history of credit ratings that the US's was lowered is/was under King Obama.

survivorinohio
by Rene on Jun. 11, 2013 at 9:38 PM
1 mom liked this


Quoting grandmab125:

 News flash.....The only time in the history of credit ratings that the US's was lowered is/was under King Obama.

Because of Bushes war.  I think it funny that you call him king.  If he were king we would have universal healthcare.

How far you go in life depends on your being: tender with the young, compassionate with the aged, sympathetic with the striving and tolerant of both the weak and strong.  Because someday in life you would have been one or all of these.  GeorgeWashingtonCarver


grandmab125
by Gold Member on Jun. 11, 2013 at 10:02 PM
1 mom liked this

 The "it's Bush's fault' train left the station a long time ago.  Obama is the only president in modern history to constantly blame his predecessor for every bad thing that happens in his term.

Why S&P lowered our credit rating in 2011:

Credit rating agency Standard & Poor's (S&P) downgraded its credit rating of the U.S. federal government from AAA (outstanding) to AA+ (excellent) on August 5, 2011.

"This was the first time the government was given a rating below AAA. S&P had announced a negative outlook on the AAA rating in April 2011. The downgrade to AA+ occurred four days after the 112th United States Congress voted to raise the debt ceiling of the federal government by means of the Budget Control Act of 2011 on August 2, 2011."

Note the part below about significant deficits in Obama's budget for 2012-2021.

"Both Democratic and Republican politicians criticized S&P's decision, as well as placing blame with the other party. Few blamed themselves despite bi-partisan Congressional responsibility for passing budget deficits from 2002 onward[15] and significant deficits for the 2012–2021 periods in U.S. President Barack Obama's 2012 federal budget.[16]"

The downgrade was criticized by the U.S. Treasury Department, both Democratic and Republican Party political figures, and many businessmen and economists.

Both Fitch Ratings and Moody's, designated like S&P as nationally recognized statistical rating organizations(NRSRO) by the U.S. Securities and Exchange Commission, retained the U.S.'s triple-A rating. Moody's, however, changed its outlook to negative on June 2, 2011 and Fitch changed its outlook to negative on November 28, 2011.[1][2]

 

survivorinohio
by Rene on Jun. 11, 2013 at 10:33 PM
1 mom liked this

If we can trace the housing crisis to Clinton and even further back then Bush can still be accountable for the wars he started.

joyfree
by Kat on Jun. 11, 2013 at 11:01 PM
1 mom liked this

Just because the stock market crashed in 2008 doesn't make the impact it had lessen with time... Many of us still remember what and who caused it. Otherwise, with your thought process, then is Bush Jr. totally to blame for 9/11? 


Quoting grandmab125:

 The "it's Bush's fault' train left the station a long time ago.  Obama is the only president in modern history to constantly blame his predecessor for every bad thing that happens in his term.

Why S&P lowered our credit rating in 2011:

Credit rating agency Standard & Poor's (S&P) downgraded its credit rating of the U.S. federal government from AAA (outstanding) to AA+ (excellent) on August 5, 2011.

"This was the first time the government was given a rating below AAA. S&P had announced a negative outlook on the AAA rating in April 2011. The downgrade to AA+ occurred four days after the 112th United States Congress voted to raise the debt ceiling of the federal government by means of the Budget Control Act of 2011 on August 2, 2011."

Note the part below about significant deficits in Obama's budget for 2012-2021.

"Both Democratic and Republican politicians criticized S&P's decision, as well as placing blame with the other party. Few blamed themselves despite bi-partisan Congressional responsibility for passing budget deficits from 2002 onward[15] and significant deficits for the 2012–2021 periods in U.S. President Barack Obama's 2012 federal budget.[16]"

The downgrade was criticized by the U.S. Treasury Department, both Democratic and Republican Party political figures, and many businessmen and economists.

Both Fitch Ratings and Moody's, designated like S&P as nationally recognized statistical rating organizations(NRSRO) by the U.S. Securities and Exchange Commission, retained the U.S.'s triple-A rating. Moody's, however, changed its outlook to negative on June 2, 2011 and Fitch changed its outlook to negative on November 28, 2011.[1][2]

 



grandmab125
by Gold Member on Jun. 12, 2013 at 1:33 AM

 Apparently, you don't remember what caused it.  Bill Clinton was the biggest reason for the housing crisis.  He repealed the Glass Steagall bill:

Starting in the early 1960s federal banking regulators interpreted provisions of the Glass–Steagall Act to permit commercial banks and especially commercial bank affiliates to engage in an expanding list and volume of securities activities.[3] By the time the affiliation restrictions in the Glass–Steagall Act were repealed through the Gramm–Leach–Bliley Act of 1999 (GLBA), many commentators argued Glass–Steagall was already “dead.”[4] Most notably, Citibank’s 1998 affiliation with Salomon Smith Barney, one of the largest US securities firms, was permitted under the Federal Reserve Board’s then existing interpretation of the Glass–Steagall Act.[5] President Bill Clinton publicly declared "the Glass–Steagall law is no longer appropriate."[6] Many commentators have stated that the GLBA’s repeal of the affiliation restrictions of the Glass–Steagall Act was an important cause of the late-2000s financial crisis.[7][8][9] Some critics of that repeal argue it permitted Wall Street investment banking firms to gamble with their depositors' money that was held in affiliated commercial banks.[10] Others have argued that the activities linked to the financial crisis were not prohibited (or, in most cases, even regulated) by the Glass–Steagall Act.[11] Commentators, including former President Clinton in 2008 and the American Bankers Association in January 2010, have also argued that the ability of commercial banking firms to acquire securities firms (and of securities firms to convert into bank holding companies) helped mitigate the financial crisis.[12]

Bill Clinton also signed the bill allowing subprime mortgages, and the Housing & Community Development Act which expanded the Community Reinvestment Act....allowing people with little or no credit to get mortgages.

Fanny Mae and Freddie Mac where up to their eyeballs in subprime mortgages.

FYI, I was totally against the bank bailouts.  And now thanks to Frank/Dodd and Obama, there is a law guaranteeing that certain banks are too big to fail.  So the taxpayers are on the hook until we can get that disastrous bill repealed.

I also didn't agree with the ridiculously low interest rates and little or no down payments required.

Nonetheless, Obama played a big part in our credit rating getting lowered.  He wouldn't comprimise with Congress on the budget.  As always, his budget proposals have always meant gross amounts of spending.

Don't forget Obama's 'American Recovery & Reinvestment Act' bill (2009), otherwise known as that monstrosity stimulus bill, that didn't stimulate anything other than his green companies and corporate cronies....to the tune of $831B over the next ten years.  We were coming out of the recession, and he and his Congress spend us into oblivion.

And now he will finish the job of pushing us over the fiscal cliff with Obamacare.  The original lie was that it would cost $940B over ten years.  The latest CBO projection is $1.85T. 

Quoting joyfree:

Just because the stock market crashed in 2008 doesn't make the impact it had lessen with time... Many of us still remember what and who caused it. Otherwise, with your thought process, then is Bush Jr. totally to blame for 9/11? 

 

Quoting grandmab125:

 The "it's Bush's fault' train left the station a long time ago.  Obama is the only president in modern history to constantly blame his predecessor for every bad thing that happens in his term.

Why S&P lowered our credit rating in 2011:

Credit rating agency Standard & Poor's (S&P) downgraded its credit rating of the U.S. federal government from AAA (outstanding) to AA+ (excellent) on August 5, 2011.

"This was the first time the government was given a rating below AAA. S&P had announced a negative outlook on the AAA rating in April 2011. The downgrade to AA+ occurred four days after the 112th United States Congress voted to raise the debt ceiling of the federal government by means of the Budget Control Act of 2011 on August 2, 2011."

Note the part below about significant deficits in Obama's budget for 2012-2021.

"Both Democratic and Republican politicians criticized S&P's decision, as well as placing blame with the other party. Few blamed themselves despite bi-partisan Congressional responsibility for passing budget deficits from 2002 onward[15] and significant deficits for the 2012–2021 periods in U.S. President Barack Obama's 2012 federal budget.[16]"

The downgrade was criticized by the U.S. Treasury Department, both Democratic and Republican Party political figures, and many businessmen and economists.

Both Fitch Ratings and Moody's, designated like S&P as nationally recognized statistical rating organizations(NRSRO) by the U.S. Securities and Exchange Commission, retained the U.S.'s triple-A rating. Moody's, however, changed its outlook to negative on June 2, 2011 and Fitch changed its outlook to negative on November 28, 2011.[1][2]

 

 

 

 

grandma B

joyfree
by Kat on Jun. 12, 2013 at 2:36 AM

Yes, I agree that he had a hand in it, too.


Quoting grandmab125:

 Apparently, you don't remember what caused it.  Bill Clinton was the biggest reason for the housing crisis.  He repealed the Glass Steagall bill:

Starting in the early 1960s federal banking regulators interpreted provisions of the Glass–Steagall Act to permit commercial banks and especially commercial bank affiliates to engage in an expanding list and volume of securities activities.[3] By the time the affiliation restrictions in the Glass–Steagall Act were repealed through the Gramm–Leach–Bliley Act of 1999 (GLBA), many commentators argued Glass–Steagall was already “dead.”[4] Most notably, Citibank’s 1998 affiliation with Salomon Smith Barney, one of the largest US securities firms, was permitted under the Federal Reserve Board’s then existing interpretation of the Glass–Steagall Act.[5] President Bill Clinton publicly declared "the Glass–Steagall law is no longer appropriate."[6] Many commentators have stated that the GLBA’s repeal of the affiliation restrictions of the Glass–Steagall Act was an important cause of the late-2000s financial crisis.[7][8][9] Some critics of that repeal argue it permitted Wall Street investment banking firms to gamble with their depositors' money that was held in affiliated commercial banks.[10] Others have argued that the activities linked to the financial crisis were not prohibited (or, in most cases, even regulated) by the Glass–Steagall Act.[11] Commentators, including former President Clinton in 2008 and the American Bankers Association in January 2010, have also argued that the ability of commercial banking firms to acquire securities firms (and of securities firms to convert into bank holding companies) helped mitigate the financial crisis.[12]

Bill Clinton also signed the bill allowing subprime mortgages, and the Housing & Community Development Act which expanded the Community Reinvestment Act....allowing people with little or no credit to get mortgages.

Fanny Mae and Freddie Mac where up to their eyeballs in subprime mortgages.

FYI, I was totally against the bank bailouts.  And now thanks to Frank/Dodd and Obama, there is a law guaranteeing that certain banks are too big to fail.  So the taxpayers are on the hook until we can get that disastrous bill repealed.

I also didn't agree with the ridiculously low interest rates and little or no down payments required.

Nonetheless, Obama played a big part in our credit rating getting lowered.  He wouldn't comprimise with Congress on the budget.  As always, his budget proposals have always meant gross amounts of spending.

Don't forget Obama's 'American Recovery & Reinvestment Act' bill (2009), otherwise known as that monstrosity stimulus bill, that didn't stimulate anything other than his green companies and corporate cronies....to the tune of $831B over the next ten years.  We were coming out of the recession, and he and his Congress spend us into oblivion.

And now he will finish the job of pushing us over the fiscal cliff with Obamacare.  The original lie was that it would cost $940B over ten years.  The latest CBO projection is $1.85T. 

Quoting joyfree:

Just because the stock market crashed in 2008 doesn't make the impact it had lessen with time... Many of us still remember what and who caused it. Otherwise, with your thought process, then is Bush Jr. totally to blame for 9/11? 


Quoting grandmab125:

 The "it's Bush's fault' train left the station a long time ago.  Obama is the only president in modern history to constantly blame his predecessor for every bad thing that happens in his term.

Why S&P lowered our credit rating in 2011:

Credit rating agency Standard & Poor's (S&P) downgraded its credit rating of the U.S. federal government from AAA (outstanding) to AA+ (excellent) on August 5, 2011.

"This was the first time the government was given a rating below AAA. S&P had announced a negative outlook on the AAA rating in April 2011. The downgrade to AA+ occurred four days after the 112th United States Congress voted to raise the debt ceiling of the federal government by means of the Budget Control Act of 2011 on August 2, 2011."

Note the part below about significant deficits in Obama's budget for 2012-2021.

"Both Democratic and Republican politicians criticized S&P's decision, as well as placing blame with the other party. Few blamed themselves despite bi-partisan Congressional responsibility for passing budget deficits from 2002 onward[15] and significant deficits for the 2012–2021 periods in U.S. President Barack Obama's 2012 federal budget.[16]"

The downgrade was criticized by the U.S. Treasury Department, both Democratic and Republican Party political figures, and many businessmen and economists.

Both Fitch Ratings and Moody's, designated like S&P as nationally recognized statistical rating organizations(NRSRO) by the U.S. Securities and Exchange Commission, retained the U.S.'s triple-A rating. Moody's, however, changed its outlook to negative on June 2, 2011 and Fitch changed its outlook to negative on November 28, 2011.[1][2]

 



 



Carpy
by Platinum Member on Jun. 13, 2013 at 8:25 AM
It was raised do to the sequester.
nanaofsix531
by Platinum Member on Jun. 13, 2013 at 10:06 AM

Then you would think they would be taking credit for it and shouting it from the roof tops.

Quoting Carpy:

It was raised do to the sequester.


JakeandEmmasMom
by Gold Member on Jun. 13, 2013 at 10:28 AM

 They don't want to draw attention to any positive news while Obama is still in office.

Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)