@okie,
okie wrote:
Cycloptichorn wrote:Let me ask you, oh economic genius: why do you think S&P put that warning out yesterday? Explain in detail.
2nd question: do you know what the last time they issued a similar warning, re: gov't bond rating downgrades?Cycloptichorn
I do not know to question number 1, but I believe it is mostly because they believe the situation is dire.
Incorrect. It's because they believe the Republicans are going to play games with the debt ceiling.
None of this should surprise you. After all, it's your side that likes to talk about 'uncertainty' and how it harms business. Right? Well, threatening to make the US default on their debt is the ultimate uncertainty. It is terribly destructive to our business to be making threats like that, and it's idiotic anyway, not even regarding that.
Quote:2nd question, I heard it was December 1941 when the Japanese attacked Pearl harbor.
Wrong. The last time was in 1996 - when the Republicans, under Gingrich in the House, were threatening to not vote to raise the debt limit.
Quote:By the way, we should not need this debt warning to know we are in big trouble.
Yes - and that's why we should raise taxes immediately. Not just on the rich, on everyone. Returning to Clinton-era tax rates would reduce the deficit by 75% within 5 years - without a single spending cut. If we raise taxes AND cut spending modestly, the budget can be balanced in 5 years.
If you really think we are in 'big trouble,' this is the plan we should get behind. If you think taxes shouldn't be raised - you don't really think we are in trouble and are unserious abou the topic.
Cycloptichorn