Economically-challenged Obama gets ‘stable’ voucher

[H/T and cred to Dave]

Former GOP Senator Judd Gregg to Moneynews: US Debt-to-GDP Ratio Is Exploding

Monday, 10 Jun 2013 07:04 AM
By Glenn J. Kalinoski and David Nelson

The debt-to-GDP ratio in the U.S. is moving to dangerous levels seen in Europe, said former Republican Senator Judd Gregg.

“We know that once a country’s cost is at 60 percent debt-to-GDP level they’re in trouble,” he told Newsmax TV in an exclusive interview.

“Historically our debt-to-GDP level is 35 percent up until three, four years ago. Then it’s bounced,” said the veteran politician, who also was governor of New Hampshire and a member of the U.S. House of Representatives.

“Now it’s up to around 70 percent. It’s headed toward over 100 percent. You look at Greece, you look at Spain, you look at Italy, you look at France. Their debt-to-GDP ratios exceed 100 percent and they’re essentially in bankruptcy or headed in that direction. Unfortunately, our debt-to-GDP ratio is heading in that direction, too.”

The Republican discussed his service on the Simpson-Bowles Commission, which he said came to the conclusion that “we could stabilize [at] 70 percent and we’d be doing a good job.” Gregg said that would require a reduction in spending by, “at that time, that was two years ago,” $4 trillion over 10 years.

“Now we need to reduce spending by approximately $5 trillion over 10 years in order to hit that same number.” Gregg said.

Putting politics before people was another topic Gregg covered when discussing his time on Capitol Hill.

“There’s a natural tendency in Congress to want to get re-elected first and not worry too much about anything else,” he said. “It’s a difficult issue because these are complex questions. They involve very important issues that affect all Americans — Medicare, Social Security, tax reform,” he said.

“When you step on to that ground, you’re stepping on to a very volatile area of politics. But at its core is a question of whether or not we have a solid country, and if you don’t have a solid country, then you’re not doing your job as a member of government.”

/… see more:

http://www.moneynews.com/Economy/Judd-Gregg-Debt-GDP-Economy/2013/06/10/id/508927?s=al&promo_code=13C77-1

Sort of has a sense of urgency to it, doesn’t it? IF it were an emergency room they’d call it trauma. Well, to everyone but Obama.

Now for the real puzzler….

S&P revises U.S. credit outlook to ‘stable’

NEW YORK (Reuters) – Credit rating agency Standard & Poor’s on Monday upgraded its credit outlook for the United States government to “stable” from “negative,” saying the chances of a downgrade of the country’s rating is “less than one in three.”

In August 2011, S&P became the first credit rating agency to downgrade the sovereign U.S. credit rating from top-rated “AAA” to “AA+,” the second highest rating, and had left the U.S. credit outlook at “negative” at that time.

S&P said in a release that the recent improvements in tax receipts and steps taken to address longer-term budget issues improved the outlook for the United States. The agency raised concerns about the ability of policymakers to tackle long-standing issues due to a deepening of a partisan divide in Washington in the last decade, however.

“We believe that our current ‘AA+’ rating already factors in a lesser ability of U.S. elected officials to react swiftly and effectively to public finance pressures over the longer term in comparison with officials of some more highly rated sovereigns and we expect repeated divisive debates over raising the debt ceiling,” the agency said in a statement.

Rival agencies Moody’s and Fitch currently both hold triple-A ratings on the United States.

(Reporting by Dan Burns; Editing by Chizu Nomiyama and W Simon)

http://www.insightbb.com/reuters/default.aspx?doc=2013-06-10T132742Z_2_BRE9590K8_RTROPTT_0_NEWS-US-USA-RATING-SP.XML

Thanks to Dave for the articles.

Anyone have a clue about the soundness, reasoning, or sheer “politics” of this S&P revision?  And the funniest part is here is the pretender prez-I-dent declaring how bad the sequestration is going to be for the economy and demonizing fiscal politics.  Then comes this.

And the fed has been flooding us with money and monetizing our debt….which incidentally is only going up(drastically) with this meathead, tone deaf, economics-challenged prez.  Of course, that is to presume he even cares!

I’m only grateful the S&P does not install  road signs in America. Remember irrational exuberance? Welcome to Obama’s economy of rational fear. Then again, I guess even S&P doesn’t believe what Obama says.

The architects of our economic demise

From Northeast Intelligence Network

“Is there a conspiracy of global takeover, of a “New World Order,” of global governance that has been in the works since the United States gained independence from Great Britain? The honest answer is undeniable: yes.” – Doug Hagmann

Part I
By Douglas J. Hagmann
27 February 2013:

Today, we are witnessing the final stages of the greatest financial fraud ever perpetrated on the American people. Behind the massive debt, threat of “sequestration,” and the threat of massive pending layoffs exists a story that must be told and understood by every American. It is a truth that too few understand and even fewer will talk about.

The system has been rigged. However, understanding exactly what is being done to us, our country, and our economy has been deliberately made difficult for a person of average or even above-average intelligence by the architects of our demise. This process continues today, and much of it is done in secret or behind closed doors.

Every person on the planet is being robbed of their wealth by a select group of people. Worse, they are robbing your children, grandchildren, and further generations of their wealth not yet earned and (by extension) their time not yet invested, while making you believe that their enrichment is your moral obligation. It’s mental conditioning on a grand scale.

How we got here

A significant aspect of understanding why we find ourselves in our current financial mess is to understand exactly how we got here in the first place. Like most events taking place in Washington, DC, we are witnessing the ongoing shredding of the United States Constitution by both sides of the political divide. Yet how many people actually understand that what is taking place is completely unconstitutional? Thanks to the incremental infusion of Communist goals into the legal and societal framework of the fabric of America, people have been intellectually hobbled by a complicit media and a compromised educational system. //…

Read more: http://www.homelandsecurityus.com/archives/7899#more-7899

The Game Show President

Obama stood on a ship in Virginia and said “this is not a game”, this is serious. No, that is exactly what this reminds me of, a game show. He ran his campaign based on the Price is Right model. No matter which door you picked it was not going to be right. We could have called it “The Price is Wrong”.

Like the “to tell the truth” show, in 08 Obama did everything to convince you he was a certain person he clearly wasn’t. Everyone should have caught on the way he was talking, but no, they lapped it up. Maybe they could call it “The 16 Trillion Dollar Pyramid”.

Businessinsider.com

President Barack Obama gave a stark warning to a shipyard crowd in Newport News, Va., telling them that the coming cuts known as the sequester are a “dumb way to do things.”

“This work, along with hundreds of thousands of jobs, are currently in jeopardy because of politics in Washington,” Obama said.

The cuts, which will total $1.2 trillion over a 10-year period, are set to begin kicking in on Friday. Obama’s speech in Newport News comes in an area that will be disproportionately affected by the defense cuts of the sequester.
–//

Obama called the sequester a “pretty bad name” for the amount of harm they could inflict, warning that their effects could be “even worse” than the name.

I’m not interested in spin. I’m not interested in playing a blame game,” Obama said. “At this point, all I’m interested in is solving problems.”
–/

“There’s a sensible way of doing things, and there’s a dumb way of doing things,” Obama said, adding that he’s willing to negotiate and compromise on programs that include Medicare.

(More from his attack speech— his fire-breathing teleprompter)

That’s all I want. I want us to be able to look back five years from now, 10 years from now, and say we took care of our business and we put an end to some of these games that maybe, I guess, are entertaining for some but are hurting too many people.

But in order for us to make that happen I’m going to need you. The one thing about being President is, after four years you get pretty humble. (Laughter.) You’d think maybe you wouldn’t, but actually you become more humble. You realize what you don’t know. You realize all the mistakes you’ve made. But you also realize you can’t do things by yourself. That’s not how our system works. You’ve got to have the help and the goodwill of Congress, and what that means is you’ve got to make sure that constituents of members of Congress are putting some pressure on them, making sure they’re doing the right thing, putting an end to some of these political games.

Of all the adjectives to describe Obama, the last thing anyone can use is “humble” or humility. The narcissist in chief is humility and truth-challenged. “Humble” should be exhibit A. So he’s out grandstanding as the dictator instead of in the office working on real problems.

The lyrics for the “to tell the truth” game show: (circa 1969)

 It’s a lie, lie
You’re telling a lie
I never know why you don’t know how
To tell the truth, truth, truth, truth
You don’t know how to tell the truth, yeah!
I’m a fool, fool
I’ve been such a fool
I’m blowing my cool for you right now
To tell the truth, truth, truth, truth…

I just wish it were more like “The Gong Show”.

Obama goes from ditch to cliff

Remember Obama’s theme about the car in the ditch and Republicans were behind the wheel? How we needed to take the keys away? Then he told them to get in the backseat and shut up. Update:

Well, Obama had the car yanked back on the road against the laws of economics, tied the Republicans in the backseat, and went on a joy ride. So he’s now doing 100 mph heading straight for the fiscal cliff.

Here’s the caption: “Trust me… Remember, I won. But you can blame those guys in the backseat.”

…and he’s on the phone making reservations in Hawaii for vacation.