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S&P Cuts US Credit Rating to AA+
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<blockquote data-quote="klein" data-source="post: 864790" data-attributes="member: 23950"><p>Here is some more info :</p><p>From every American dollar - 15 cents is raised from Tax revenues, however 24 cents is government spending. Meaning the government spends 62.5% more then it gets in revenues.</p><p></p><p>So, the Tea Party thinks it can reduce spending by 62.5% and won't and doesn't need to raise revenues.</p><p></p><p></p><p>Honestly, I can see Military being slashed by 62.5%, putting ofcourse millions more out of work, and collecting even less in tax revenues (there is no more money left to do "solo wars with 41 Island Nations") , but cutting SS and Medicare by 62.5%... I really can't see that.</p><p></p><p></p><p>The Tea Party put Obama on a spot... Cut $4 Trillion from Medicare, SS, Military and wherever else you can get it from.</p><p>That forsure would have ended any tiny chance of Obama and the democrats being re-elected in 2012. And that was the Tea Party's goal. Of course the GOP played along with them.</p><p></p><p>As far as I know, Obama won this childish game, and came out as a winner, compared to the Tea Party or GOP.</p><p>And, as previous noted,<strong> if </strong>(a big if), the GOP wins in 2012, you'll see how fast they turn around and demand tax hikes, and not only cuts !</p></blockquote><p></p>
[QUOTE="klein, post: 864790, member: 23950"] Here is some more info : From every American dollar - 15 cents is raised from Tax revenues, however 24 cents is government spending. Meaning the government spends 62.5% more then it gets in revenues. So, the Tea Party thinks it can reduce spending by 62.5% and won't and doesn't need to raise revenues. Honestly, I can see Military being slashed by 62.5%, putting ofcourse millions more out of work, and collecting even less in tax revenues (there is no more money left to do "solo wars with 41 Island Nations") , but cutting SS and Medicare by 62.5%... I really can't see that. The Tea Party put Obama on a spot... Cut $4 Trillion from Medicare, SS, Military and wherever else you can get it from. That forsure would have ended any tiny chance of Obama and the democrats being re-elected in 2012. And that was the Tea Party's goal. Of course the GOP played along with them. As far as I know, Obama won this childish game, and came out as a winner, compared to the Tea Party or GOP. And, as previous noted,[B] if [/B](a big if), the GOP wins in 2012, you'll see how fast they turn around and demand tax hikes, and not only cuts ! [/QUOTE]
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