For whom the downgrade tolls

posted at 6:20 pm on August 6, 2011 by Karl

Standard & Poor’s decision to downgrade the US government’s AAA credit rating tolls for all of us, of course. However, it tolls for the left in ways they have not fully grasped.

The partisan left — and the establishment media supporting it — naturally seeks a short-term advantage from the event. They will cherry-pick S&P’s explanation of the downgrade for the comments about taxes and Republican opposition to higher taxes in an attempt to place all the blame on the GOP. They will ignore S&P’s rationale for the downgrade is their judgment that “further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed” as well as their criticism of the debt deiling deal as envisioning “only minor policy changes on Medicare and little change in other entitlements, the containment of which we and most other independent observers regard as key to long-term fiscal sustainability.” They will hide behind S&P’s curious refusal to identify the Democrats as the chief obstacle to entitlement reform, despite the House GOP’s passage of a bugdet containing serious structural reforms. The undisputed fact that Pres. Obama blew up a larger budget deal in which House Speaker Boehner agreed to $800 billion in revenue will be thrown down the memory hole. The blame battle will have to be fought to blunt the short-term advantage the partisan left wants.

However, the reaction of the Obama Administration and the ideological left is more telling. The first reaction of the administration was not to blame the GOP, but to attack S&P’s math, as though a couple of trillion makes the difference in this context. My initial hypothesis was that the administration took this tack to try to scare the Moody’s and Fitch — the other major credit ratings agencies — away from following S&P into issuing downgrades. Certainly, there are real-world effects off a downgrade on interest rates, economic growth, and employment that would motivate the administration to this end. Upon further consideration, I would suggest the reaction against S&P have deeper ideological roots.

Consider the hysterical atatcks launched by Democratic National Committee communications director Brad Woodhouse, and lefty pundits like Paul Krugman and Robert Reich, echoed in establishment media coverage from people like TIME’s Massimo Calabresi. This bit from Reich encapsulates them nicely:

Pardon me for asking, but who gave Standard & Poor’s the authority to tell America how much debt it has to shed, and how?

If we pay our bills, we’re a good credit risk. If we don’t, or aren’t likely to, we’re a bad credit risk. When, how, and by how much we bring down the long term debt — or, more accurately, the ratio of debt to GDP — is none of S&P’s business.

S&P’s intrusion into American politics is also ironic because, as I pointed out recently, much of our current debt is directly or indirectly due to S&P’s failures (along with the failures of the two other major credit-rating agencies — Fitch and Moody’s) to do their jobs before the financial meltdown.

Even shorter: How dare they!? How dare they judge our government’s fiscal irresponsibility, especially after they gave Wall Street a pass!?

Of course, it is simply childish to attack the credit agencies for doing their jobs now because they failed in the past. It is equally childish to expect that assessing sovereign credit risk can somehow exclude political assessments. To be sure, the political judgment of Standard & Poors is not immune from legitimate questioning. For example, before the downgrade, IHS Global Insight Chief Economist Nariman Behravesh argued S&P was making unrealistic demands because lawmakers were unlikely to agree to a major deficit reduction package until after next year’s elections. Lefty pundit Kevin Drum may quibble that S&P “shouldn’t be in the business of commenting on a country’s political spats unless they’ve been going on so long that they’re likely to have a real, concrete impact on the safety of a country’s bonds.” The right may question whether S&P’s explanation over-emphasized the political conflict over taxes, in light of the fact that entitlements are the much larger problem (indeed, even Krugman concedes the real problem is health-care costs, though I suspect he differs with the right on the appropriate reforms necessary).

However, what the infantile, illogical, ad hominem attacks on S&P from the DNC and the ideological left reflect is that anyone can debate the political assessments made by the credit rating agencies, but it is difficult to campaign against them — and even more difficult to campaign against the judgment of global financial markets generally. Perhaps in the future, community organizers will bus hoboes to chant outside the houses of credit agency employees. Or perhaps Big Labor will organize rallies on Wall Street to rail against the evil bond market. But such efforts will be largely futile. Moreover, the DNC and AARP are not going to waste money running issue advocacy ads against our creditors, even though it would be vaguely amusing to see them roll out actors dressed as aristocratic bond vigilantes for demonization. It might be easier to run ads attacking our largest creditor, China, but it is a fair bet that the PRC would not care all that much, either.

In sum, the S&P downgrade marks a post on the road where progressive demagogy loses its power. The downgrade marks a post on the road to extinction for 19th-20th century progressivism. That’s why the Obama administration — and true progressive ideologues — made S&P their first target, however futile the gesture.

This post was promoted from GreenRoom to HotAir.com.
To see the comments on the original post, look here.

Breaking on Hot Air

Blowback

Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.

Trackbacks/Pings

Trackback URL

Comments

Where is that photo from? Creepy.

andy85719 on August 6, 2011 at 6:25 PM

As much as it pains me to agree with Reich et.al….They are right!! S&P has no credibility and are trying to rebuild their brand, by poking the Big boy on the Block. They might find themselves poked back..I foresee plenty of subpenas, possible lawsuits..at S & P for their involvement in rating Mortgage Backed Securities as AAA.

Political Chef on August 6, 2011 at 6:29 PM

It’s Death from Ingmar Bergman’s The Seventh Seal.

austex on August 6, 2011 at 6:30 PM

Well, they have a natural instinct to attack everyone and anyone instead of taking responsibility for anything. In the past, you never attacked the public. Against the Tea Party, it’s attack mode 24/7. It really is the party of hate. Hate never wins.

MrX on August 6, 2011 at 6:30 PM

Can’t wait to see what their desperation will drive them to do next.

tinkerthinker on August 6, 2011 at 6:31 PM

The downgrade marks a post on the road to extinction for 19th-20th century progressivism.

That sounds good, but, progressivism is a zombie that can’t be killed. Because, of poor memories and fake history lessons, it reappears every 20-30 years to sow destruction upon the land.

faraway on August 6, 2011 at 6:31 PM

About my last message, Liberals are the party of hate. Just making sure no one got the wrong idea.

MrX on August 6, 2011 at 6:33 PM

When, how, and by how much we bring down the long term debt — or, more accurately, the ratio of debt to GDP — is none of S&P’s business.

Erh….except it is their business. In fact, its practically their only business. They get paid by the people who buy the bonds to tell them what the risk is.

My god, here we have prima facie evidence, by his own words, that he has no idea what S&P (and other organizations like them) actually do.

Riech may have S&P cofused with DKos or the Motley Fool. But, I’m not in a mood for forgiveness.

BobMbx on August 6, 2011 at 6:33 PM

S&P told the truth to save their reputation. Now they need to downgrade France.

andy85719 on August 6, 2011 at 6:33 PM

Liberals are the party of hate.

MrX on August 6, 2011 at 6:33 PM

That’s worth repeating.

faraway on August 6, 2011 at 6:34 PM

Where is King Barry and why hasn’t he spoke to the nation yet or demand the Congress to get back in session?

I’m anxiously waiting for another King Barry meltdown while he throws S & P under the bus.

Knucklehead on August 6, 2011 at 6:35 PM

Yes, we need another speech.

faraway on August 6, 2011 at 6:35 PM

They might find themselves poked back..I foresee plenty of subpenas, possible lawsuits..at S & P for their involvement in rating Mortgage Backed Securities as AAA.

Political Chef on August 6, 2011 at 6:29 PM

Never happen. See, there’s this thing called “discovery” that lawyers like to use to find out everything they can about their opponent. I can imagine the conversation now:

“Mr. S&P High Ranking Dude, please tell us why S&P continued to rate MBSs as AAA, when all data indicated a much lower rating?”

“I’d be glad to. There are these two guys, named Frank and Dodd, who told us to do it. I’ve got emails and stuff…want to see them?”

“I think we’re done here. I see no justification to continue prosecuting S&P.”

BobMbx on August 6, 2011 at 6:38 PM

Where is that photo from? Creepy.

andy85719 on August 6, 2011 at 6:25 PM

In the words of my former film professor: “If you see this guy you will want to run far away ’cause it ain’t good.”

RDE2010 on August 6, 2011 at 6:42 PM

“I’d be glad to. There are these two guys, named Frank and Dodd, who told us to do it. I’ve got emails and stuff…want to see them?”

“I think we’re done here. I see no justification to continue prosecuting S&P.”

BobMbx on August 6, 2011 at 6:38 PM

Nice. That sounds about right.

j_galt on August 6, 2011 at 6:46 PM

Political Chef on August 6, 2011 at 6:29 PM

Never happen. See, there’s this thing called “discovery” that lawyers like to use to find out everything they can about their opponent. I can imagine the conversation now:

“Mr. S&P High Ranking Dude, please tell us why S&P continued to rate MBSs as AAA, when all data indicated a much lower rating?”

“I’d be glad to. There are these two guys, named Frank and Dodd, who told us to do it. I’ve got emails and stuff…want to see them?”

“I think we’re done here. I see no justification to continue prosecuting S&P.”

BobMbx on August 6, 2011 at 6:38 PM

Exactly.

BTW, keep an eye on Holder-he’s now trying to force banks to give poor people house loans again.

Del Dolemonte on August 6, 2011 at 6:50 PM

Where is King Barry and why hasn’t he spoke to the nation yet or demand the Congress to get back in session?

I’m anxiously waiting for another King Barry meltdown while he throws S & P under the bus.

Knucklehead on August 6, 2011 at 6:35 PM

Bus is the key word. If Barry calls Congress back into session, he might feel compelled to cancel his Midwest bus tour and the Martha’s Vinyards vacation (which would really p!ss Moochelle off).

Congress understands and has the same philosophy – self before country.

bw222 on August 6, 2011 at 6:52 PM

BTW, keep an eye on Holder-he’s now trying to force banks to give poor people house loans again.

Del Dolemonte on August 6, 2011 at 6:50 PM

There are plans afoot for the banks to abandon their interest completely in foreclosed homes by deeding them to local jurisdictions. Presumably, the house would be demolished and the property converted to “public use”.

You know where this is going. Take a look at that big McMansion down the street. Been sittin’ empty for a year or two, and now, there’s an entire village from Nicaragua moving in. For free. Courtesy of the US Gubbamint.

Meet your new neighbors. Ola!

BobMbx on August 6, 2011 at 7:01 PM

Well, this may have a little something to do with how things flow from here on out. Germany decides it doesn’t want to put it’s entire GDP up to bail out Italy. Plus, the Asians don’t want to buy Italian bonds.
http://www.zerohedge.com/news/it-just-went-bad-far-far-worse-germany-says-italy-too-big-efsf-save-refuses-carry-euro-bailout-

Monday is going to be interesting all 0ver the world.

a capella on August 6, 2011 at 7:02 PM

Perhaps in the future, community organizers will bus hoboes to chant outside the houses of credit agency employees.

There was a time when this would have beeninterpreted as a clear attempt at humor. What does it say about this administration that I honestly can’t tell if you are being serious or facetious.

Kataklysmic on August 6, 2011 at 7:03 PM

Reminds me of the parable from Victor Frankl’s “Man’s Search for Meaning”:


A rich and mighty Persian once walked in his garden with one of his servants. The servant cried that he had just encountered Death, who had threatened him. He begged his master to give him his fastest horse so that he could make haste and flee to Teheran, which he could reach that same evening. The master consented and the servant galloped off on the horse. On returning to his house the master himself met Death, and questioned him, “Why did you terrify and threaten my servant?” “I did not threaten him; I only showed surprise in still finding him here when I planned to meet him tonight in Teheran,” said Death.

We were afraid of a downgrade, and tried to run from it by passing a bill. But we have no true understanding of the situation. We’re so far in debt, and deficit spending, that no matter what we did, what measures we took, the Downgrade (i.e. meeting Death in Tehran) would occur regardless.

Paul-Cincy on August 6, 2011 at 7:04 PM

Does this finally prove that the whole ideology of the Left and all of their flawed policies and attempts at social engineering are full of sh%t…?

Seven Percent Solution on August 6, 2011 at 7:05 PM

Monday is going to be interesting all 0ver the world.

a capella on August 6, 2011 at 7:02 PM

Next time we go ’round the planet saving everyone’s ass again, we start planting the Stars and Stripes.

“I claim this land for the American Taxpayer!”

BobMbx on August 6, 2011 at 7:05 PM

In the words of my former film professor: “If you see this guy you will want to run far away ’cause it ain’t good.”

RDE2010 on August 6, 2011 at 6:42 PM

LOL. Won’t help. Death in Tehran.

Paul-Cincy on August 6, 2011 at 7:05 PM

Where is that photo from? Creepy.
andy85719 on August 6, 2011 at 6:25 PM

Ingmar Bergman’s The Seventh Seal.

Akzed on August 6, 2011 at 7:11 PM

They will hide behind S&P’s curious refusal to identify the Democrats as the chief obstacle to entitlement reform, despite the House GOP’s passage of a bugdet containing serious structural reforms

???? it is not curious at all…it is not S&P’s business to get involved in the particular country’s politics, that’s not what they are doing…they are there to rate these countries and they do so by analysing a set of indicators, then performing an evaluation…they have no mandate to give advise to the political class of respective country on how to conduct their business….that would be seen as meddling…

jimver on August 6, 2011 at 7:18 PM

We’re so far in debt, and deficit spending, that no matter what we did, what measures we took, the Downgrade (i.e. meeting Death in Tehran) would occur regardless.

Paul-Cincy on August 6, 2011 at 7:04 PM

There are a number of political elite ruling class members and esteemed members of the journalist professions that I wouldn’t mind seening held responsible for us meeting Death in Tehran…

Seven Percent Solution on August 6, 2011 at 7:19 PM

Pardon me for asking, but who gave Standard & Poor’s the authority to tell America how much debt it has to shed, and how?

Bwahahahahaha!!! That didn’t stop the dems from screaming that we had to have a deal, ANY deal, right away to protect that credit rating.

The progressive mind is damaged.

csdeven on August 6, 2011 at 7:37 PM

King Barry is at Camp David. He had a hard week and needed to rest. It takes a lot to destroy a Country….

sandee on August 6, 2011 at 7:40 PM

great piece Karl

They will hide behind S&P’s curious refusal to identify the Democrats as the chief obstacle to entitlement reform, despite the House GOP’s passage of a bugdet containing serious structural reforms

THIS

cmsinaz on August 6, 2011 at 7:40 PM

They will hide behind S&P’s curious refusal to identify the Democrats as the chief obstacle to entitlement reform, despite the House GOP’s passage of a bugdet containing serious structural reforms

THIS

cmsinaz on August 6, 2011 at 7:40 PM

THIS THIS

mimi1220 on August 6, 2011 at 7:46 PM

It’s a mystery to me why all the rating agencies hadn’t downgraded long before this. As Ed wrote this morning:

If you had to rate a potential investment that had an income of, say, $22,000 a year but had costs of $37,000 per year, a standing debt of $143,000, and contracted future debt that exceeded $1 million, would you give that investment a gold-plated AAA rating …? Of course not, but that’s exactly the fiscal situation of the US, at a 100,000,000:1 scale.

TXUS on August 6, 2011 at 7:52 PM

S&P told the truth to save their reputation. Now they need to downgrade France.

andy85719 on August 6, 2011 at 6:33 PM

Since France is heading towards their version of a Balanced Budget Amendment, I suspect they will get a pass.

http://www.americanthinker.com/blog/2011/08/tea_party_terror_threat_is_global.html

Very nice article, Karl!

kakypat on August 6, 2011 at 8:01 PM

I say we let the three big consumer credit reporting agencies rate US credit worthiness. Let them do just like they do the rest of us and assign a credit score…oops. I guess the Dems might not like it if everyone found out that due to their running up the credit cards, taking out a second and third mortgage, and then going to the payday loan place over in Chinatown, that we have a credit score of 2.

BadMojo on August 6, 2011 at 8:11 PM

It’s Death from Ingmar Bergman’s The Seventh Seal.

austex on August 6, 2011 at 6:30 PM

Thanks I thought it was Lawrence O’Donnell from MSNBC

redridinghood on August 6, 2011 at 8:17 PM

Well, they have a natural instinct to attack everyone and anyone instead of taking responsibility for anything. In the past, you never attacked the public. Against the Tea Party, it’s attack mode 24/7. It really is the party of hate. Hate never wins.

MrX on August 6, 2011 at 6:30 PM

It really is. I just came to that conclusion just last night, actually.

It was this realization that there is always someone for them to hate, and hate viciously. (I know, because I have many liberal and leftist acquaintances.) First it was Bush, then Palin; now it’s me and the rest of the Tea Party.

There will never NOT be someone for them to hate viciously.

I got used to being attacked as an American citizen by the President and by Congress quite some time back. It was very shocking at first (especially on the part of Obama), but I got used to it. It was clear to me they literally considered me an enemy of the state. This was certainly something new.

It is very, very effective, too. Who wants to be the bad guy? Especially since news, TV, movies, newspapers, seemingly everybody in the whole world mocks you and calls you stupid and dangerous.

I don’t are if they call me all these things. That is, it won’t make me shut up. I’m old enough to know I’m not anything of the kind.

But just think of all those who aren’t so confident. It’s not easy to stand up against the constant demonizing.

And what? For not wanting the government to spend us into oblivion. Everyone knows it’s happening, yet we’re the bad guys for pointing it out and trying to do something about it.

And not just bad guys – we’re called racists, terrorists, hostage-takers; whatever the current approved slur is.

I’m used to it now.

But it wasn’t till last night that I realized that these people will always have someone to hate, and hate viciously. It’s like they have to.

Alana on August 6, 2011 at 8:20 PM

*And *for* what? that should read.

Alana on August 6, 2011 at 8:24 PM

*And *for* what? that should read.

Alana on August 6, 2011 at 8:24 PM

Glad you fixed that, the left HATES when people leave out words! You are absolutely correct, we are now the direct targets of their hate. And I am fine with that…as a matter of fact the more they hate me, the more I feel I am making progress.

BadMojo on August 6, 2011 at 8:30 PM

Good Blog, Karl.

justltl on August 6, 2011 at 8:52 PM

Maybe OT, maybe not:

I had the saddest experience of my adult life today. I went to town with my son today to take him to a museum. Along the way I was stunned to see how many beggars are on street corners.

I came to a small intersection and saw an old man, sitting on a bus bench with two suitcases and an umbrella over his head to shield him from the sun. He had a sign in his hands that just said, “Help”.

We were in the left lane and he was at the right lane curb so I couldn’t “Help”. We drove up a block or two and I turned around and parked nearby. I walked up to him, and looked into his eyes; he was crying. I gave him some “Help” and drove off. As I passed by him, he saluted me.

No doubt he was a vet. His suitcases were not a ruse; he had his toothbrush and personal care items that were showing. Because the suitcase was ripped.

My son learned an important lesson today; the lesson of Charity.

And, so did I. We must fight and defeat this progressive scourge; this ugly, horrible future they wish to bring upon us all. I will be damned if I will ever simply look past a beggar in the streets. I have never seen anything in my life like this before. There were pregnant women begging on the streets in a prosperous town.

NOT in MY NATION.
NOT on MY WATCH.

Defeat Obama in 2012.

/Off the soapbox; sorry for the lengthy post.

/Still can’t

Key West Reader on August 6, 2011 at 8:54 PM

Key West Reader on August 6, 2011 at 8:54 PM

You are a good soul.

Another reason I hate these bastardly liberals and Dems.
They are some of the most uncharitable people around.
Charity to them is a pain that should be spread around via the state through taxation. Didn’t Obama want to eliminate or reduce the tax deduction for charitable giving?

justltl on August 6, 2011 at 9:04 PM

There is something creepy about these credit rating outfits. For one thing, the sort of unquestionable power they seem to have right now is the sort of power liberals crave and I’d be amazed if they haven’t been taken over by the marxists by now.

I think there is a lot of panic because of the now crystalized realization that it takes 3 branches to spend a penny and it takes only one branch to shutdown all spending. The Republicans need only hold a single branch of government to put an end to all borrowing and all liberal spending, and that will put the credit raters out of business.

We need to force Obama to use the nuclear option next time. It’s an empty threat…more of a Democrat suicide threat, actually, and why talk them down from the ledge?

Buddahpundit on August 6, 2011 at 9:04 PM

If S&P believes taxes need to increase, the first thing congress should do after the August break is quadruple the taxes paid by rating agencies. Morons.

David in ATL on August 6, 2011 at 9:12 PM

Key West Reader on August 6, 2011 at 8:54 PM

Good man.

BadMojo on August 6, 2011 at 9:18 PM

However, the reaction of the Obama Administration and the ideological left is more telling.

.
Although I did not see it,
I understand Obama didn’t mention the downgrade at all in his weekly address this morning.
If true, very telling, indeed.

mrt721 on August 6, 2011 at 9:44 PM

The only legislation on the table was Rep. Ryan’s plan and they voted it down. Obama’s plan (budget voted down 97-0) even fellow Dems wouldn’t vote for it. What the hell did the Dems propose to solve the debt crisis? Nothing

Herb on August 6, 2011 at 9:59 PM

And why the heck should we send them more money to p– down the rat hole? No Taxes!

Herb on August 6, 2011 at 10:00 PM

But it wasn’t till last night that I realized that these people will always have someone to hate, and hate viciously. It’s like they have to.

Alana on August 6, 2011 at 8:20 PM

They DO have to. It’s a crucial, inextricable component of their entire philosophy on life, let alone politics.

Cylor on August 6, 2011 at 10:11 PM

Or perhaps Big Labor will organize rallies on Wall Street to rail against the evil bond market.

Well lookee here, right on time: http://www.usdayofrage.org/

JeffWeimer on August 6, 2011 at 10:24 PM

The only legislation on the table was Rep. Ryan’s plan and they voted it down. Obama’s plan (budget voted down 97-0) even fellow Dems wouldn’t vote for it. What the hell did the Dems propose to solve the debt crisis? Nothing

Herb on August 6, 2011 at 9:59 PM

Obama stood on a bully pulpit and excoriated Paul Ryan’s budget. I don’t think, after that, that it ever even got a vote.

I do believe that Obama threw the Simpson Bowles plan into a gold plated WH trash can when it didn’t suit his needs.

He tried to one-up Boenher, AFTER Boehner actually put his own neck on the line and offered $800B in “revenue” a/k/a tax hikes.

Obama hid in his “Closet of Present” and refused to do anything, despite the repeated warning bells from many outlets.

Obama owns this. I don’t give a dang how proud Valerie Jarrett is to stand shoulder to shoulder with obama over the demise of our Nation.

It will not happen.

Obama. Step down.

Key West Reader on August 6, 2011 at 10:47 PM

There is something creepy about these credit rating outfits. For one thing, the sort of unquestionable power they seem to have right now is the sort of power liberals crave and I’d be amazed if they haven’t been taken over by the marxists by now.

Buddahpundit on August 6, 2011 at 9:04 PM

S&P wouldn’t have that power if the federal government hadn’t just taken their borrowing to 100% of GDP, and then made official plans to run deficits of $1.5 trillion each year going forward in perpetuity.

There is also a point that hasn’t been mentioned enough. Tax increases are not the preferred method of improving the debt rating, spending cuts are. Nobody can adequately forecast the marginal revenue from tax increases or tax code changes, while spending cuts can be measured in actual dollars. Raising taxes above 18% of GDP is wishcasting as much as finding ‘waste, fraud, and abuse’ in spending is. Once somebody comes forward with a plan to make immediate cuts to entitlements, you will know they are serious.

Hiya Ciska on August 6, 2011 at 11:51 PM

When, how, and by how much we bring down the long term debt — or, more accurately, the ratio of debt to GDP — is none of S&P’s business.

Really? The statement down his nose by Mr. Reich — who, after all knows it all, just ask him — seems to presume that the ratio of debt to GDP will, in fact, decline. It’s only a matter of when, how and by how much? Really Bobby?

Well, the ratio is now 1:1 (100% of GDP).

Robert. How, when and by how much? I, for one, would like to know. Apparently those who rate the likelihood that the current cast of characters running Washington will do it, ever, by any amount of how much, are also interested. As are those who rely on their judgment.

If you’d rather S&P not rate U.S. debt at all, since you seem to be suggesting that the U.S. is actually above such trifles, then I suggest you suggest that the Administration request S&P and others to stop rating our debt.

If they’re going to rate it, then I’m afraid you’re going to be stuck with their way of doing it.

IndieDogg on August 7, 2011 at 12:04 AM

Especially with Reich, this is a most blatant “tell”. This is a demonstration of the entitlement mentality at it’s highest. We are entitled to borrow as much money as we think that we need, and the opinions of those that we are “borrowing” (or in the case of taxes, stealing) from are not important. We are entitled because we have need.
This fits in most nicely with the continuing narrative that people “need” cable, and cars, and whatever else they can use to justify higher and higher stipends to those who will not provide for themselves.
Don’t get me wrong. People need a “Safety Net” as it has been termed. The problem is that this safety net becomes a noose for us all when it goes beyond the legitimate purpose of merely breaking the fall.

Medbob on August 7, 2011 at 12:16 AM

The Dems don’t give a rat’s ass about debt, the credit ratings, the economy, the people or the country.

Purely and simply, the Dems want your money, which is the fruit and manifestation of your life’s work.
They want it to use it as they see fit and to maintain a stranglehood on power.

This is why their answer to EVERYTHING is ‘raise taxes’. Raising taxes hurts economic growth? Irrelevent to them.
Raising taxes decreases revenue? Irrelevent to them.

Money in YOUR pocket means YOUR power and YOUR freedom rather than theirs. And that they cannot tolerate.

They, afterall, know best how your efforts and production (money) should be utilized (spent). They need to have you dependent on their largesse in order to stay in power.

They are the ultimate slave owners.
I loathe them with every fiber of my being.

justltl on August 7, 2011 at 12:18 AM

Don’t get me wrong. People need a “Safety Net” as it has been termed. The problem is that this safety net becomes a noose for us all when it goes beyond the legitimate purpose of merely breaking the fall.

Medbob on August 7, 2011 at 12:16 AM

Is that not what charity is for?

astonerii on August 7, 2011 at 12:18 AM

It really all boils down to one thing: control.
Leftists, libs, Dems want to control.
Control what you eat, control what you drink, control how much salt you use, control what you read, control how you live, control what you think.
The State is their tool, taxes are their fuel.

justltl on August 7, 2011 at 12:38 AM

The State is their Tool. Taxes are their Fuel.

I just invented that.
I like it.

justltl on August 7, 2011 at 12:40 AM

BTW, keep an eye on Holder-he’s now trying to force banks to give poor people house loans again.

Del Dolemonte on August 6, 2011 at 6:50 PM

I assume he means his poor people.

disa on August 7, 2011 at 12:57 AM

Didn’t Obama want to eliminate or reduce the tax deduction for charitable giving?

justltl on August 6, 2011 at 9:04 PM

The great outpouring of private American charity makes his mouth water. Indonesia, Haiti – he sees that money as rightfully his. Er, I mean the federal government’s. That way the “proper” people can make those decisions.

disa on August 7, 2011 at 1:12 AM

This downgrade was foreseen and inevitable. A cursory glance at all the charts and graphs plus news reporting and commentary available on the web, HA included, would allow anyone to make the downgrade conclusion. But the administration, rather than show leadership, shows disdain and strives to put a finger-pointing spin on it.

The law of “be careful of what you pray (wish) for” applies here. This administration along with the Progressive Left have been striving to be the Nanny State, the Socialist Utopia and the S&P downgrade is the financial report of such antics. Beyond owning the downgrade, all the politicians and their enthusiasts for this mess that pushed our rating over the edge are going to own the coming double-dip and the coming house cleaning. That also is just too easy to predict. Barring cataclysmic vote-fixing the tax-paying side of the vote equation just got an upgrade.

Robert17 on August 7, 2011 at 7:44 AM

The State is their Tool. Taxes are their Fuel.

I just invented that.
I like it.

justltl on August 7, 2011 at 12:40 AM

That’s good;

I always like to remind people what Harry Hopkins, (FDR aide, and one of the chief architects of the early new deal legislation,) said, when he was asked if there was an overall strategy behind the blizzard of legislation that was put forth in the early part of FDR’s first term:

“Tax and tax, Spend and spend, Elect and elect.”

massrighty on August 7, 2011 at 7:51 AM

About my last message, Liberals are the party of hate. Just making sure no one got the wrong idea.

MrX on August 6, 2011 at 6:33 PM

Liberals are not a party.
Did you mean democrats ?

LODGE4 on August 8, 2011 at 7:09 AM