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Old 08-01-2020, 08:22 AM
Hoot Gibson Hoot Gibson is offline
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Default U.S. Gets a Debt Warning From Fitch as Stimulus Battle Rages
The Republican and Democrat Parties are racing to collapse our economy. Democrats are winning the race but both parties are taking us toward the same finish line.

As bad as Trump and the Republicans have been on handling the nation's finances, Joe Biden is promising worse to come with huge tax hikes and even more deficit spending than Trump. When hyperinflation hits this country, there will be no place for any of us to hide and hyperinflation is in our future. We have a culturally and academically semi-literate electorate that have proven themselves to be more gullible with each election combined with candidates who are willing to promise anything to hang on to their fiefdoms. It is a lethal combination.

Quote:
U.S. Gets a Debt Warning From Fitch as Stimulus Battle Rages

(Bloomberg) -- One of the world’s major credit-rating companies fired a warning shot regarding the U.S.’s worsening public finances on Friday, just as lawmakers in Washington contemplate spending more to combat the economic fallout from the coronavirus pandemic.

Fitch Ratings revised its outlook on the country’s credit score to negative from stable, citing a “deterioration in the U.S. public finances and the absence of a credible fiscal consolidation plan.” The country’s ranking remains AAA.

“High fiscal deficits and debt were already on a rising medium-term path even before the onset of the huge economic shock precipitated by the coronavirus,” Fitch said. “They have started to erode the traditional credit strengths of the U.S.”

Unemployment has skyrocketed and the U.S. economy just notched up its worst quarter on record, with pandemic-related shutdowns helping drive an annualized gross domestic product contraction of 32.9% in the three-month period through June. And with infections still spreading rapidly in many states, the virus’s damaging impact on output looks set to continue.

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  #2  
Old 08-01-2020, 04:21 PM
jetpilot jetpilot is offline
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Dan Bongino put it best, most predictable bankruptcy in the history of the world.
I will add no matter which party is in control.
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Old 08-01-2020, 04:31 PM
jetpilot jetpilot is offline
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Originally Posted by Hoot Gibson View Post
The Republican and Democrat Parties are racing to collapse our economy. Democrats are winning the race but both parties are taking us toward the same finish line.

As bad as Trump and the Republicans have been on handling the nation's finances, Joe Biden is promising worse to come with huge tax hikes and even more deficit spending than Trump. When hyperinflation hits this country, there will be no place for any of us to hide and hyperinflation is in our future. We have a culturally and academically semi-literate electorate that have proven themselves to be more gullible with each election combined with candidates who are willing to promise anything to hang on to their fiefdoms. It is a lethal combination.
To put it simply, a nation of selfish idiots governed by the most corrupt and incompetent career politicians in the history of the planet. Depression coming at some point, if you love your kids and grandkids pay off your house and learn how to grow your own food and teach them...

Not a question of if, only question is when...
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Old 08-01-2020, 04:40 PM
jetpilot jetpilot is offline
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^^^And make sure they are fluent in Chinese, Mandarin etc...
Most people won't figure this out until their US and state government issued debit cards are rejected...
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Old Yesterday, 11:00 AM
Hoot Gibson Hoot Gibson is offline
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I agree with everything you said in the posts above, JP. As Margaret Thatcher said, "The trouble with Socialism is that eventually you run out of other people’s money."

Our economy is heading over a cliff. It will reach the edge quicker with Democrats driving but Republicans are heading in the same direction.

Trump is proposing an additional $1 trillion in "COVID-19 spending" and Democrats are demanding $3 trillion in additional deficit spending. Trump will compromise, Democrats will get close to everything they would get if they were in control, and both sides will declare victory.

Liberals have managed to drag this nation to the left whether they win or lose elections. We have as close to a one party system as we have ever had in this country. We can drink Pepsi or Coke, but regardless of the brand, we are still drinking an artificially colored cola.

We are being fed a steady diet of socialism and socialism Lite, no matter who we elect to public office.
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Old Today, 09:09 AM
mr.fundamental mr.fundamental is offline
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Originally Posted by Hoot Gibson View Post
I agree with everything you said in the posts above, JP. As Margaret Thatcher said, "The trouble with Socialism is that eventually you run out of other people’s money."

Our economy is heading over a cliff. It will reach the edge quicker with Democrats driving but Republicans are heading in the same direction.

Trump is proposing an additional $1 trillion in "COVID-19 spending" and Democrats are demanding $3 trillion in additional deficit spending. Trump will compromise, Democrats will get close to everything they would get if they were in control, and both sides will declare victory.

Liberals have managed to drag this nation to the left whether they win or lose elections. We have as close to a one party system as we have ever had in this country. We can drink Pepsi or Coke, but regardless of the brand, we are still drinking an artificially colored cola.

We are being fed a steady diet of socialism and socialism Lite, no matter who we elect to public office.
Was there that same warning in 2017 when the budget was passed?

I also want to point out under Obama we were curving the debt and when Bill Clinton was president we were projected to have a surplus.

Now Republicans were in total control, 2016 and 2017. The deficit sours.

I agree with you that military industrial complex is a great model of socialism.

I think the 5th congressional district would be better off with FDR!
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Old Today, 09:46 AM
Hoot Gibson Hoot Gibson is offline
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I have been a fiscal conservative my entire adult life. If you want to accuse me of hypocrisy, then post links to posts where I have ever supported increasing budget deficits.

You are giving Clinton way too much credit and giving Obama credit where absolutely none is warranted. Republicans in Congress deserve much of the credit for briefly balancing the budget when Clinton as in office, but even then, large budget deficits were forecasted for the years after Clinton was to leave office. **** Morris also deserves credit for convincing Clinton to work with Republicans.
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Old Today, 09:56 AM
jetpilot jetpilot is offline
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Originally Posted by mr.fundamental View Post
Was there that same warning in 2017 when the budget was passed?

I also want to point out under Obama we were curving the debt and when Bill Clinton was president we were projected to have a surplus.

Now Republicans were in total control, 2016 and 2017. The deficit sours.

I agree with you that military industrial complex is a great model of socialism.

I think the 5th congressional district would be better off with FDR!
This is a lie.
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Old Today, 10:39 AM
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No argument from me of the impending economic disaster.

The way this pandemic has been handled is likely to reduce the USA from superpower status. Pre-Pandemic Trump tax cuts and bullying of the Fed just to prop up the stock market provides no choice but to print and dole out money to try to keep this country afloat until there is treatment or vaccine.

Of course the only problem right wingers have is that somebody not working might get a handout. The right is never outraged with the amount of money that pours into the pockets of the rich: billions in "Small Business loans" went to the President's friends and family, or even better those same American taxpayer funded loans to Chinese subsidiary companies. (Let that soak in). It will take a **** of a lot of unemployment and food stamps to add up to the corporate welfare that is flowing out of federal govt right now.

But let's be honest with ourselves, Republican leadership has been pushing us off an economic cliff for the past 40 years. Every single GOP administration over that time period has had an economic recession during their watch. Math skills must not be an elephant's strength. Always hard to pay the bills when you cut taxes and spend more and more on the military and/ or war.

Thankfully, we get a Democrat administration following those Republican disasters and the Democrat's "free spending socialism" amazingly turns the country around until our "semi-literate electorate" puts another Republican in office, and we start all over.
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Old Today, 11:18 AM
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Originally Posted by jetpilot View Post
This is a lie.
https://markets.businessinsider.com/...-9-1028833119#

Obama had slowed deficit spending and the debt growth by 2016. Scary that it took his administration both terms to do that after the 2008 Financial crisis. It may take two decades for us to recover from the mess we are in now.
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Old Today, 11:24 AM
Hoot Gibson Hoot Gibson is offline
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Originally Posted by Cardfan1 View Post
No argument from me of the impending economic disaster.

The way this pandemic has been handled is likely to reduce the USA from superpower status. Pre-Pandemic Trump tax cuts and bullying of the Fed just to prop up the stock market provides no choice but to print and dole out money to try to keep this country afloat until there is treatment or vaccine.

Of course the only problem right wingers have is that somebody not working might get a handout. The right is never outraged with the amount of money that pours into the pockets of the rich: billions in "Small Business loans" went to the President's friends and family, or even better those same American taxpayer funded loans to Chinese subsidiary companies. (Let that soak in). It will take a **** of a lot of unemployment and food stamps to add up to the corporate welfare that is flowing out of federal govt right now.

But let's be honest with ourselves, Republican leadership has been pushing us off an economic cliff for the past 40 years. Every single GOP administration over that time period has had an economic recession during their watch. Math skills must not be an elephant's strength. Always hard to pay the bills when you cut taxes and spend more and more on the military and/ or war.

Thankfully, we get a Democrat administration following those Republican disasters and the Democrat's "free spending socialism" amazingly turns the country around until our "semi-literate electorate" puts another Republican in office, and we start all over.
You show a very deep misunderstanding of how our capitalist economy works. Just to be absolutely clear, when I use the term semi-literate, I am referring to voters such as yourself.

There is always a choice other than borrowing trillions of dollars or printing so much money that we destroy the value of our currency. The pandemic is no excuse.

However, I do agree that many businesses received a windfall from the $2 trillion stimulus that should not have received it. That always happens when Congress passes big spending bills that nobody reads until after they are passed and signed into law.

No country has ever taxed itself into prosperity, yet liberals seem determined to try that failed strategy over and over.
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