The Price of a Tea Party

August 5, 2011 at 8:19 pm | Posted in American politics | 5 Comments

The United States loses its AAA rating from S&P

The United States lost its top-notch AAA credit rating from Standard & Poor’s on Friday in an unprecedented reversal of fortune for the world’s largest economy.

S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about the government’s budget deficits and rising debt burden. The move is likely to raise borrowing costs eventually for the American government, companies and consumers.

“The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics,” S&P said in a statement.

Tea really was meant to be thrown in the ocean…

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5 Comments »

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  1. The US lost is AAA rating because the liberals are spending our money like a drunken sailor. It has nothing to do with the teaparty.

  2. you’re pretty dumb Will. You need to read the actual reason the S&P gives:

    “We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.”

  3. Nathan,

    There is a direct correlation between the intransigence of the tea party and the S&P downgrade. The S&P stated it themselves explicitly.

    “We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.”

    So how am I wrong in saying that the price of a Tea Party is a downgrade of sovereign solvency?

  4. why are you defending the Tea Party, Nathan? What does it benefit you?

    Also please tell me what I took out of context? The S&P reasoning? It’s quite clear. Feel free to read the original report and tell me how I took that quote out of context.

    Oh, and the Tea Party has overrun the Republican Party. If you are a Republican, you’re voice is no longer as important unless you cow to the idiocy of the Tea Party. Just look at Rick “I hate America so much, I want to secede from it” Perry.

    And as far as the “economic crisis”, there is a direct correlation between Republicans under Tea Party control in Congress thwarting Democratic attempts at stimulating the economy (including the self-inflicted crisis over our national debt), and the rating downgrade. The Republicans have one goal that overrides everything else: Make Obama a one term president. They will sacrifice the economy to do so. They will sacrifice their own principles to do so. As long as they make Obama a one term president, nothing else matters.


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