Saturday, July 30, 2011

Hey, Let's Pay the Debt, But Screw The Poor

It really is quite amusing watching President Obama, Crybaby Harry Reid, Mitch McConnell, John Boehner, Eric Cantor and Nancy Pelosi (Ms. Irrelevant) dance and spin with their dance partners about the debt ceiling supposed problem.
But it probably means very little as Moody is going to downgrade the credit rating of the U.S. anyways.
From the Hill: The "limited magnitude" of both debt plans put forward by congressional leaders would not put the nation's AAA credit rating back on solid footing, Moody's Investors Service announced Friday.

"Reductions of the magnitude now being proposed, if adopted, would likely lead Moody's to adopt a negative outlook on the AAA rating," the credit rating agency said in a new report. "The chances of a significant improvement in the long-term credit profile of the government coming from deficit reductions of the magnitude proposed in either plan are not high."

It added that "prolonged debt ceiling deliberations" have increased the odds of a downgrade, but that the firm is still confident policymakers will avoid a default.

"It remains our expectation that the government will continue with timely debt service," the firm said.
It also clarified that as far as it is concerned,
the nation will only default if it misses an interest or principal payment on U.S. debt, not if it misses payments on other obligations like federal employee salaries or Social Security benefits.
http://thehill.com/blogs/on-the-money/801-economy/174447-moodys-neither-plan-protects-the-nations-aaa-rating
So, who cares if those on Social Security, federal employees and other payments are missed, let's not miss debt payments.

If Obama and company pay the debt and refuse to pay Social Security payments and refuse to pay the military and federal employees, Obama should be impeached. If he isn't then maybe it will be time for a public uprising and throw all the bums out, either by force or by votes.

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