So the S&P Down Graded US Credit Rating for the first time in History. You know, what we had to aviod by raising the Debt Ceiling. Was this NOT what the entire Show was about. The Last Man Standing Rumble in Washington between Boehner and Reid?
It was all a Show folks. We did not cut anything. We INCREASED Spending. Extended the Debt Ceiling, and now we have been Down Graded. Boehner's own words tells us this was all a show. More on that as the day unfolds. They did NOTHING but put us more in debt.
"S&P decided to lower the AAA rating, held by the United States for 70 years, to AA+ after a bipartisan debt deal signed into law this week failed to assuage concerns about the nation’s growing spending."
Meanwhile,
NEW YORK (CNNMoney) -- Nearly 15% of the U.S. population relied on food stamps in May, according to the United States Department of Agriculture.Experts are talking about the possibility of Unemployment reaching 50 percent. Thank you Obama and Crew. Thank you Liberal Policies.
The number of Americans using the government's Supplemental Nutrition Assistance Program (SNAP) -- more commonly referred to as food stamps -- shot to an all-time high of 45.8 million in May, the USDA reported. That's up 12% from a year ago, and 34% higher than two years ago.
Hi. How are ya. Welcome to the Big Sunday Edition of the OPNTalk Blog. Glad to have ya. You can also find me at Facebook, Twitter, occasionally at Tom Sullivan Radio Facebook Page, and if YOU want to be a part of the OPNTalk Blog, or just say Hi, the Email is opntalk@gmail.com.
Coming right up Today?
FAA Back to Work. Energy Jobs?
Russia Up To Dirty Tricks Again.
School Schedules / Summer Vacation.
DLA For Sunday 080711
IWA For Sunday 080711
All that coming right up in just a few. So we had this Show in Washington that was suppose to rid us of the possibility of the Down Grade. It was suppose to cut spending. It was suppose to help cut the Deficit and Debt. It did NOTHING but Increase Spending, Increase the Debt, and make us LESS stable and secure. They put on a great SHOW. But that is all it was folks. A Show.
Now we have this. According to Reuters - WRAPUP 9-World leaders confer on debt crises this weekend Sat Aug 6, 2011 7:12pm EDT By Paul Taylor and Stella Dawson
China, the largest foreign holder of U.S. debt, took the world's economic superpower to task for allowing its fiscal house to get into such disarray. It also revived its calls for a new stable global reserve currency to replace the U.S. dollar, gaining a sympathetic ear in the United Kingdom.The Good old days of Borrowing are over. Who OWNS most of our Debt? You guessed it. China. You know what Liberal NEVER think about is this. The Money WILL run out. They NEVER think about that. You see it in ALL their policies. Tax the Rich. What happens when you take all their money? Borrow and spend. What happens if there is no one left to borrow FROM? They never think about this. All they think about is more, more, more.
"The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone," China's official Xinhua news agency said in a commentary.
Xinhua scorned the United States for a "debt addiction" and "short sighted" political wrangling. China, it said, "has every right now to demand the United States address its structural debt problems and ensure the safety of China's dollar assets."
You have a Credit Score. Based on that, determines what kind of Loans, and how much you can borrow. The higher the Score the better of course. You have, lets say, a Mortgage, two Credit Cards, and a Car Loan. You make the payments on time and everything is cool. However, you miss a payment, get behind, or reach you credit limit on the Cards, now they are going to take a closer look at you.
For simple Math and a clear example, let say you make $50,000. Your Mortgage is $20,000, Car $5,000. Figure in there Electric, Phone, Insurance, ETC. Your Credit Limit on your Cards is $10,000 Each. What happens if you max out. You hit your limit. You now owe THEM $20,000. Unlike the Federal Government, you can NOT just call them and say raise my limit I need to spend more. Just because YOU declare your Credit limit is now $40,000, doesn't mean that your Creditors will go along with it. If they look at you and decide you no longer can afford to pay your debt, they will STOP giving you Money.
This is what our Government did. They just declared that our Credit Limit, or "Debt Ceiling" is not two TRILLION more. That doesn't mean that our Creditors will go along with that. Now that our Credit Score has been down graded, and we owe near or at one hundred percent of our Income, they are having serious issues with giving us MORE to throw away. Until we start showing the world that we are serious about cutting our spending, and controlling our Finances, we have a serious problem. One that may get a lot worse.
The message to our "Leaders" could not be more clear. After only TWO Years of Liberal Policies, we can see that they have FAILED and we need to do away with them. We need to REALLY cut spending, reduce the size of Government, and look at policies that WILL grow our Economy. The Government Control Model FAILS every time it is tried. The only thing that will save us is FREEDOM. Get Government out of the way, put the Power back in the hands of the People, and MAYBE we have a chance. Continuing down the SAME Path that put us here, is idiotic and insane.
Be right back.
Peter
Sources:
The Washington Post - S&P downgrades U.S. credit rating for first time
CNN Money - Food stamp use rises to record 45.8 million
Reuters - WRAPUP 9-World leaders confer on debt crises this weekend
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