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Originally Posted by transjen
BECAUSE CUT CAP BALANCE DOES IT ALL ON THE BACKS OF THE SENIORS POOR AND LOWER MIDDLE CLASS WHILE THE TOP 10 PERCENT INCOME MAKERS GET EVEN MORE TAX CUTS
CAP CUT BALANCE IS A TYPICAL GOP FU TO MOST OF AMERICA WHILE TAKING CAR OF THE RICH
 JG J |
I guarantee you that Cut Capt and Balance does nothing like this:
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What happens if the US credit rating is officially downgraded from AAA status?
Standard and Poor?s warning, combined with long-term bond holder recent sentiment, clearly indicates the highest level of risk to the Treasury market since the great depression. The world knows that if we lose our AAA credit rating, America?s ability to run its government on borrowed money will be compromised. As the Fed found out, bond yields didn?t behave as expected with the implementation of QE2. Instead of falling because of QE2, bond yields rose. If we lose our AAA credit rating, bond yields will rise dramatically as prices continue to fall. In short, we will have to pay through the nose to keep borrowing money from the Chinese. Consequently, taxes would then have to be dramatically increased and draconian budget cuts would filter down to the municipal level. The Fed would also have to print money like never before, which would further devalue the dollar and probably end its reserve status. If that happens, oil will no longer be priced in dollars and the price of gas would skyrocket to current levels in Europe; around the $8 per gallon. Local governments would also be in serious trouble. For example: Many may consider raising occupational license fees for small businesses from $125.00 to over $500.00. States many have to implement new and higher highway tolls, and increase the price for an automobile tag by several hundred dollars. In short, the burden of the ensuing budget shortfalls will be passed along to the public. Prices for everything would increase dramatically across the board; food energy, you name it. Finally, all of the associated increased austerity will abort the current hyper-anemic economic recovery and usher the United States into a second Great Depression.
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Before Obama became president, i.e. $4 trillion ago, the seniors, poor and lower middle class have been doing relatively ok. Certainly better than they will be when the above happens. And we haven't even got to the part where medicare goes bankrupt because fiscal responsibility is not a trait of democrats. It is your party that will break the backs of seniors, the poor and lower middle class as well as at least the upper middle class. Pat yourself on the back libs.
p.s. you know that the necessity to raise the debt ceiling has been known since at least before last November right? And did you know that Harry Reid and Nancy Pelosi could have easily raised it back then before the newly elected GOP took office? They chose not to because they wanted the GOP to share the blame of raising the debt ceiling. Not that that would have kept us from losing our credit rating, we still need to cut all that debt that the dems added in the last 3 years.