Could United States' Credit Rating Drop Trickle Down to Virginia - NBC29 WVIR Charlottesville, VA...

Full story: NBC29 Charlottesville

On Saturday, there's concern that the drop in the United States' credit rating could trickle down to the commonwealth.
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1 - 20 of 41 Comments Last updated Aug 9, 2011
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Nana

Charlottesville, VA

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Aug 6, 2011
 

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Americans must wake up from their slumber. If we have a Party that swore that they will make the President fail, so they vote people to congress just to say NO, this is the result. Untill we vote these people out we are going to be in a big mess. If it was left with the President alone we will not be in this mess. It is only non-thinkers who will blame the President.
citizen

Charlottesville, VA

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Aug 6, 2011
 

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At reuters.com there is an excellent article dated August 3, 2011 entitled "Analysis: Obama, Bernanke out of ammo to boost jobs, growth" and it is quite educational.

Another insightful article from reuters.com is dated August 1, 2011, "Putin says US is "parasite" on global economy."

Lastly, from the China Daily dated 11-24-2010 is "China, Russia Quit Dollar."

The domestic press is too political in many cases when it come to money matters and the foreign reporting can be far more balanced.
ruckysville

Charlottesville, VA

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Aug 6, 2011
 

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Nana wrote:
Americans must wake up from their slumber. If we have a Party that swore that they will make the President fail, so they vote people to congress just to say NO, this is the result. Untill we vote these people out we are going to be in a big mess. If it was left with the President alone we will not be in this mess. It is only non-thinkers who will blame the President.
You are exactly why we are in the mess we are in. All Obama was worried about in the last budget debate was to make sure that it didn't become an issue until after the election and raise taxes. We have a spending problem and if you can't see this than you are a huge problem. This is all of our faults for electing gutless politician like the president that can't think beyond the next election. Say what you will about the TEA party but they were right. But of course you won't be able to admit that either because you are part of the problem and a non-thinker. The first thing you do is defend the democrats and the president, that is really a true thinker.
Mow

Charlottesville, VA

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Aug 6, 2011
 

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Suckers, the two party system has have you right where they want you. Impotent. Neither party cares a rats behind about voters are the rest of our citizenry. They agree by disagreeing all the while with their hands out to special interests.
Gru

United States

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#5
Aug 6, 2011
 

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It usually trickles down-hill. Wow -- actually found a president WORSE than Carter!! Just didn't realize HOW MUCH worse ...

“Don't Drink The Obama Kool-Aid”

Since: Aug 09

You don't need to know, Va.

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Aug 6, 2011
 

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Nana wrote:
Americans must wake up from their slumber. If we have a Party that swore that they will make the President fail, so they vote people to congress just to say NO, this is the result. Untill we vote these people out we are going to be in a big mess. If it was left with the President alone we will not be in this mess. It is only non-thinkers who will blame the President.
In March 2006, then-Sen. Barack Obama, D-Ill., found the notion of raising the debt ceiling quite distasteful.

“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure,” he said.“It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.… Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.”

I guess u be one of them non-thinkers.
emergency

Charlottesville, VA

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Aug 6, 2011
 

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Im Ya Huckleberry wrote:
<quoted text> In March 2006, then-Sen. Barack Obama, D-Ill., found the notion of raising the debt ceiling quite distasteful.
“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure,” he said.“It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.… Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.”
I guess u be one of them non-thinkers.
He apologized for that, and said being president made him realize he was naive in making that vote.
Apparently Wall Street feels the same way, but teapartiers won't stop until this country has a negative credit rating and sends us into a depression worse than the 30's.
Anonymous

South Boston, VA

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#8
Aug 6, 2011
 
S&P made it quite clear that the downgrade was because congress failed to cut enough and introduced no new revenue. They believe both are essential if we are to pay our bills - bills which were rung up by past presidents of both political hues.

It's worth bearing in mind though, that it was the Democrats that wanted to cut spending by a greater amount, and to raise revenues. The GOP wanted fewer cuts and no new revenue - the very factors S&P quoted when they made the downgrade.

Now it's time for both parties to work realize how serious the issue is and to work together in fixing it.
emergency

Charlottesville, VA

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Aug 6, 2011
 

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The_Real_Concerned wrote:
S&P made it quite clear that the downgrade was because congress failed to cut enough and introduced no new revenue. They believe both are essential if we are to pay our bills - bills which were rung up by past presidents of both political hues.
It's worth bearing in mind though, that it was the Democrats that wanted to cut spending by a greater amount, and to raise revenues. The GOP wanted fewer cuts and no new revenue - the very factors S&P quoted when they made the downgrade.
Now it's time for both parties to work realize how serious the issue is and to work together in fixing it.
You got that right. Obama's plan would have reduced the deficit by much more than the one that passed. The market was expecting that. Teabaggers are gonna bring this country to its knees.
abbo

Alexandria, VA

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#10
Aug 7, 2011
 
read amendment #28 to the U.S. constitution and see where we fail as the united states voters

“Don't Drink The Obama Kool-Aid”

Since: Aug 09

You don't need to know, Va.

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#11
Aug 7, 2011
 

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emergency wrote:
<quoted text>
He apologized for that, and said being president made him realize he was naive in making that vote.
Apparently Wall Street feels the same way, but teapartiers won't stop until this country has a negative credit rating and sends us into a depression worse than the 30's.
Naive then and naive now. This country does NOT have a revenue problem. It has a SPENDING problem. Time to cut up the credit cards.
emergency

Charlottesville, VA

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#12
Aug 7, 2011
 

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Im Ya Huckleberry wrote:
<quoted text> Naive then and naive now. This country does NOT have a revenue problem. It has a SPENDING problem. Time to cut up the credit cards.
It has both, or haven't you been watching the news? Bush's unfunded wars, prescription drug benefits, tax revenue and subsidy giveaways and bailouts need to be paid back, which has nothing to do with current spending. Revenue has to be raised to do that.
Cutting up credit cards might seem like a good way, i.e. out of sight, out of mind, but in reality, it won't make the problem go away.
Ask Wall Street if you don't believe me.
Ross

Lady Lake, FL

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"If Virginia's credit is downgraded because Standard and Poor's has taken this action against the united states as a whole, it will hurt every Virginian. It's a hidden tax increase," Sabato explained.

I know you leftists have little respect for this Country, but United States should have been capitalized.
Ross

Lady Lake, FL

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Aug 7, 2011
 

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emergency wrote:
<quoted text>
You got that right. Obama's plan would have reduced the deficit by much more than the one that passed. The market was expecting that. Teabaggers are gonna bring this country to its knees.
I see you received the memo from Media Matters. Blaming Bush no longer works so we must quickly move the blame for this failed economy to the Tea Party....just one more brainless troll mouthing the talking points of the leftist leadership.
emergency

Charlottesville, VA

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Aug 7, 2011
 

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Ross wrote:
"If Virginia's credit is downgraded because Standard and Poor's has taken this action against the united states as a whole, it will hurt every Virginian. It's a hidden tax increase," Sabato explained.
I know you leftists have little respect for this Country, but United States should have been capitalized.
Sabato is quoted much too much, and often just comes across as a blowhard, but I have to agree w/ him on this. Teabaggers, and those who elected them, kicked their own butts with obstinacy and lack of compromise. It's not the way things get done responsibly in the current political system. The rise in interest rates, and resulting economic downward sprial will hurt us much more than the just-say-no-to-the-rich "tax increase" teapublicans were holding negotiations hostage until the last second.

“Don't Drink The Obama Kool-Aid”

Since: Aug 09

You don't need to know, Va.

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#16
Aug 7, 2011
 

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emergency wrote:
<quoted text>
It has both, or haven't you been watching the news? Bush's unfunded wars, prescription drug benefits, tax revenue and subsidy giveaways and bailouts need to be paid back, which has nothing to do with current spending. Revenue has to be raised to do that.
Cutting up credit cards might seem like a good way, i.e. out of sight, out of mind, but in reality, it won't make the problem go away.
Ask Wall Street if you don't believe me.
You and every other liberal need to watch this video. Bill Whittle explains the debt in a way that even a liberal can understand.

http://www.realclearpolitics.com/video/2011/0...
Anonymous

South Boston, VA

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Aug 7, 2011
 

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Im Ya Huckleberry wrote:
<quoted text> You and every other liberal need to watch this video. Bill Whittle explains the debt in a way that even a liberal can understand.
http://www.realclearpolitics.com/video/2011/0...
A source even more biased than Fox News. How about commentary from, say, an actual economist rather than a propagandist?

Still the extreme right want to play politics with this VERY serious issue. Quit pretending there's no revenue problem. If taxes today were at 1960s levels, the budget would be balanced.
emergency

Charlottesville, VA

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#18
Aug 7, 2011
 

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Im Ya Huckleberry wrote:
<quoted text> You and every other liberal need to watch this video. Bill Whittle explains the debt in a way that even a liberal can understand.
http://www.realclearpolitics.com/video/2011/0...
Sorry, I just coudn't sit through that whole justify-the-right propaganda video, but I did watch about couple of minutes.

He asks in the video "are we broke as a nation" as Michael Moore states.
Michael Moore did not state that. Michael Moore said the country is "awash" in cash and it is all in the hands of the wealthy.

Then, as if proving Michael Moore wrong, he went on to show how taking all of Exxon's and Walmart's "global profits" for 2010, would only amount to paying off 3 days out of 365 days of spending Obama's 3.7 trillion dollar budget 'proposal' for 2011, or '$10 BILLION dollars a day folks' as the schill states.

What he conveniently omits to say is that those 'global profits' are net income after taxes; those tax breaks and subsidies they paid congress for.

Furthermore, nobody but the guy in the video is suggesting corporations pay for the entire budget. They only contributed 9% in 2010.

http://en.wikipedia.org/wiki/United_States_fe...

Also it would be nice if many of those companies paid any tax at all.

"In 2009 G.E. Earned $10 Billion last year and paid $0 taxes. In fact, they received a tax credit of $1.1 Billion.

Exxon earned $45 Billion last year, paid $15 Billion in taxes, and not a penny of those taxes was paid to the U.S. In essence, American citizens were paying for foreign taxes."

http://politicalpartypooper.wordpress.com/201...

Michael Moore's point is that the rich and coporations are sitting on wealth and not investing in jobs and the economy.

We aren't asking the corporations to pay for the entire 3.7 trillion budget as the video goes into detail to imply, just contribute more. Pay a fair share of taxes, and not evade them with loopholes.

"corporate tax revenues amounted to only about 1.3 percent of Gross Domestic Product last year–less than half the average among major industrialized countries."

http://www.csmonitor.com/Business/Tax-VOX/201...

“Don't Drink The Obama Kool-Aid”

Since: Aug 09

You don't need to know, Va.

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Aug 7, 2011
 

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emergency wrote:
<quoted text>
Sorry, I just coudn't sit through that whole justify-the-right propaganda video, but I did watch about couple of minutes.
He asks in the video "are we broke as a nation" as Michael Moore states.
Michael Moore did not state that. Michael Moore said the country is "awash" in cash and it is all in the hands of the wealthy.
Then, as if proving Michael Moore wrong, he went on to show how taking all of Exxon's and Walmart's "global profits" for 2010, would only amount to paying off 3 days out of 365 days of spending Obama's 3.7 trillion dollar budget 'proposal' for 2011, or '$10 BILLION dollars a day folks' as the schill states.
What he conveniently omits to say is that those 'global profits' are net income after taxes; those tax breaks and subsidies they paid congress for.
Furthermore, nobody but the guy in the video is suggesting corporations pay for the entire budget. They only contributed 9% in 2010.
http://en.wikipedia.org/wiki/United_States_fe...
Also it would be nice if many of those companies paid any tax at all.
"In 2009 G.E. Earned $10 Billion last year and paid $0 taxes. In fact, they received a tax credit of $1.1 Billion.
Exxon earned $45 Billion last year, paid $15 Billion in taxes, and not a penny of those taxes was paid to the U.S. In essence, American citizens were paying for foreign taxes."
http://politicalpartypooper.wordpress.com/201...
Michael Moore's point is that the rich and coporations are sitting on wealth and not investing in jobs and the economy.
We aren't asking the corporations to pay for the entire 3.7 trillion budget as the video goes into detail to imply, just contribute more. Pay a fair share of taxes, and not evade them with loopholes.
"corporate tax revenues amounted to only about 1.3 percent of Gross Domestic Product last year–less than half the average among major industrialized countries."
http://www.csmonitor.com/Business/Tax-VOX/201...
Maybe you should have watched the whole thing! The point is that there is not enough money in the US to pay for a 3.7 TRILLION dollar budget as Nero proposed.
As for corporate profits, your reference ( http://www.csmonitor.com/Business/Tax-VOX/201... )
states "But these breaks are only one reason why the statutory rate tells less than the whole corporate tax story. It turns out that more than half of taxable business income in the U.S. is earned by pass-through companies such as partnerships and S corporations. Their owners pay individual taxes on this income, but owe no corporate tax at all.

Because this happens far less frequently elsewhere, it is very difficult to compare U.S. business taxes (either rates or payments) with those in other countries. Peter Merrill, a principal at the accounting firm of PriceWaterhouseCoopers, argues that the shift to pass-through companies may be the single most important reason why U.S. corporate tax revenues are so low."

WHY do you liberals think that taxing corporations is without consequence? A tax on corporations is most likely to affect those less able to pay the tax, i.e. the poor. Do you really think corporations will not raise prices to cover the additional taxes imposed? The smartest thing we as a nation could do is ELIMINATE corporate taxes.
citizen

Scottsville, VA

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#21
Aug 7, 2011
 

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Nana wrote:
Americans must wake up from their slumber. If we have a Party that swore that they will make the President fail, so they vote people to congress just to say NO, this is the result. Untill we vote these people out we are going to be in a big mess. If it was left with the President alone we will not be in this mess. It is only non-thinkers who will blame the President.
There is a little more to this than the usual cop outs. Read the references from reuters and you might learn that the only reason why America has had the luxuries of it's lifestyle and social programs, not to mention badly executed overseas wars, is because the American dollar has been the world's reserve currency for over half a century. When we lose this we lose the game. I can read your mind---right now you asking yourself :"uh, what is a world reserve currency?????" If I live in Asia and you live in Europe and we want to trade with each other we have to buy and sell American dollars to make the trade happen. That is what a reserve currency is. That is the way things are set up to make trade happen sooner rather than later, since even hours of delay can have huge costs for international trade. Take a long look at the article in reuters where China and Russia say they will dodge the dollar when they trade. Right now about 90% of world trade is dollar based but if that goes down to even 50 per cent both the fed and the states will see inflation the likes of which haven't been seen before.

Class is over----you failed.

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