Could United States' Credit Rating Dr...

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

There are 41 comments on the NBC29 Charlottesville story from Aug 6, 2011, titled Could United States' Credit Rating Drop Trickle Down to Virginia - NBC29 WVIR Charlottesville, VA.... In it, NBC29 Charlottesville reports that:

On Saturday, there's concern that the drop in the United States' credit rating could trickle down to the commonwealth.

Join the discussion below, or Read more at NBC29 Charlottesville.

emergency

Douglasville, GA

#22 Aug 7, 2011
Im Ya Huckleberry wrote:
<quoted text> 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.
Stop quoting that quack, he is just wrong!

domestic financial assets totaled $131 trillion
http://en.wikipedia.org/wiki/Economy_of_the_U...

"During FY 2010, the federal government collected approximately $2.16 trillion in tax revenue. Primary receipt categories included individual income taxes (42%), Social Security/Social Insurance taxes (40%), and corporate taxes (9%).[8] Other types included excise, estate and gift taxes."
More than 60% of the 3.4 trillion budget already collected with low tax rates. Just raise the taxes.(I'm for cutting subsidies, fraud, tax evasion and waste to offset the difference)
Im Ya Huckleberry wrote:
<quoted text>
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.
Uh, ok, so let's take out sub-s 'pass-through' companies and say that half of taxable income is paid by 'individuals', so 1/2 of 9% is 4.5% should be in the corporate column, or 13.5%. That still is a small slice of the pie.

Just raise the capital gain rate back to historic levels and restore the higher top tax bracket.
Im Ya Huckleberry wrote:
<quoted text>
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 is it so difficult? You just stated it was half.

That would account for 4.5% of the pie, added to 9% is still much lower than other industrialized countries.
Im Ya Huckleberry wrote:
<quoted text>
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.
Why do you conservatives continually bring up that disingenuous argument? We are talking about paying for medicare, medicaid, social security and cutbacks or elimination of social services programs which help the poor. They aren't big consumers so incremental rise in prices won't hurt them as much as loss of these lifelines.
Adam

Buford, GA

#23 Aug 7, 2011
Spending problem, or revenue problem, or wars we should not fight; the American people, all of us, have watched and let Congress have its` head for years. We voted for the politician that promised the most freebies and we let those desires override our common sense. As long as we got the government largesse everything was OK. Yes, I agree there are exceptions.
The Tea Party, right or wrong, did something the US voters have been reluctant to do; called attention, in a forceful way, to our problems.They also demonstrated the power of the people.Although perhaps it didn`t turn out the way everybody wanted, they did do what perhaps all of us should have been doing - send some stern messages to Congress, and direct them to negotiate as statesmen, with the country`s interests at heart - not a political career.
I was not pleased with all that was done but it did my heart good when several of the "tea party backed" Congressman stated "We don`t care about pork and we don`t care about reelection". I know pork and politics are a part of the negotiation tradition but I dislike money as the basis for a political agreement. Perhaps we depend too much on politics and money in our negotiations, and not enough patriotism. Too idealistic? Perhaps, but a dose might be a good thing.
Pardon the long post - we all have opinions and gripes. The above are mine. Keep smiling-we all have a few years of pain on our plates.
citizen

Burkeville, VA

#24 Aug 7, 2011
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.
Better redo your analysis from the ground up. The US is over 14 TRILLION dollars in debt ALREADY and that is why countries around the world are quietly trying to rid themselves of the American dollars and bonds (debt instruments) that now fill their treasuries. But they are being very quiet about all this since the last person to sell theirs will be getting the lowest prices. Raising the DEBT means that DC can write yet more bad checks until the real day of reckoning hits--and thanks to the debt being raised we will probably be a few more trillion in debt when the banks get shut down by the Federal Reserve for what will be euphemistically referred to as a "bank holiday."

This phenomenon will yield a condition known as hyperinflation and that is why the world's smart money is moving out of American and western European currencies and debt instruments, leaving the usual patsies holding the bag!

Try again, but first read the references in post 2.
drinK The hivE

Anonymous Proxy

#25 Aug 7, 2011
Asian - Pacific Stock Market Will OPEN Soon,Let's See What Happens...

&fe ature=related

“Don't Drink The Obama Kool-Aid”

Since: Aug 09

You don't need to know, Va.

#26 Aug 8, 2011
emergency wrote:
<quoted text>
Stop quoting that quack, he is just wrong!
domestic financial assets totaled $131 trillion
http://en.wikipedia.org/wiki/Economy_of_the_U...
"During FY 2010, the federal government collected approximately $2.16 trillion in tax revenue. Primary receipt categories included individual income taxes (42%), Social Security/Social Insurance taxes (40%), and corporate taxes (9%).[8] Other types included excise, estate and gift taxes."
More than 60% of the 3.4 trillion budget already collected with low tax rates. Just raise the taxes.(I'm for cutting subsidies, fraud, tax evasion and waste to offset the difference)
<quoted text>
Uh, ok, so let's take out sub-s 'pass-through' companies and say that half of taxable income is paid by 'individuals', so 1/2 of 9% is 4.5% should be in the corporate column, or 13.5%. That still is a small slice of the pie.
Just raise the capital gain rate back to historic levels and restore the higher top tax bracket.
<quoted text>
Why is it so difficult? You just stated it was half.
That would account for 4.5% of the pie, added to 9% is still much lower than other industrialized countries.
<quoted text>
Why do you conservatives continually bring up that disingenuous argument? We are talking about paying for medicare, medicaid, social security and cutbacks or elimination of social services programs which help the poor. They aren't big consumers so incremental rise in prices won't hurt them as much as loss of these lifelines.
Since you enjoyed Mr. Whittle so much in the first video, you will love him in this one.

&fe ature=feedu

“Big Government IS the problem!”

Since: Jul 10

Location hidden

#27 Aug 8, 2011
Im Ya Huckleberry wrote:
<quoted text> Since you enjoyed Mr. Whittle so much in the first video, you will love him in this one.
http://www.youtube.com/watch?v =OkebmhTQN-4XX&feature=fee du
If they love that one, they might just go postal over this one.

http://www.youtube.com/watch...
emergency

Douglasville, GA

#28 Aug 8, 2011
Im Ya Huckleberry wrote:
<quoted text> Since you enjoyed Mr. Whittle so much in the first video, you will love him in this one.
http://www.youtube.com/watch?v =OkebmhTQN-4XX&feature=fee du
Happy to know your non-rebutal validates my arguments.
I watched the first minute of your link (it was painful). I noticed the chart conveniently listed consumer goods in percentages, rather than value. The poor are more likely have low cost used or goodwill consumer goods, or rent-to-own obtained from rich opportunists with down payment made possible with payday loans from rich predators.

Watch this one
http://www.mediaite.com/tv/stephen-colbert-mo...

“Don't Drink The Obama Kool-Aid”

Since: Aug 09

You don't need to know, Va.

#29 Aug 8, 2011
emergency wrote:
<quoted text>
Happy to know your non-rebutal validates my arguments.
I watched the first minute of your link (it was painful). I noticed the chart conveniently listed consumer goods in percentages, rather than value. The poor are more likely have low cost used or goodwill consumer goods, or rent-to-own obtained from rich opportunists with down payment made possible with payday loans from rich predators.
Watch this one
http://www.mediaite.com/tv/stephen-colbert-mo...
No validation what so ever. Just tired of interacting with someone who's decided that, "Don't confuse me with the facts, I've already made up my mind."
Jude

Richmond, VA

#30 Aug 8, 2011
Standards and Poor...oh I remember them! They are the guys who gave all those toxic loans AAA ratings back in 2008 that caused the first financial crisis.

While this country does have serious spending issues, I don't think anyone should take that joke of an agency too seriously.
emergency

Douglasville, GA

#31 Aug 8, 2011
Im Ya Huckleberry wrote:
<quoted text> No validation what so ever. Just tired of interacting with someone who's decided that, "Don't confuse me with the facts, I've already made up my mind."
I'm countering your youtube references from a right-wing carnival barker with wikipedia figures. Who has the 'facts'?
Anonymous

Martinsville, VA

#32 Aug 8, 2011
Jude wrote:
Standards and Poor...oh I remember them! They are the guys who gave all those toxic loans AAA ratings back in 2008 that caused the first financial crisis.
While this country does have serious spending issues, I don't think anyone should take that joke of an agency too seriously.
So your complaint is that they were not conservative enough in their assessments? Does that mean you believe the US should be downgraded further?

You can hardly say,'don't trust S&P they're not conservative enough' while simultaneously arguing that they're too conservative in their assessment.
Jude

Richmond, VA

#33 Aug 8, 2011
The_Real_Concerned wrote:
<quoted text>
So your complaint is that they were not conservative enough in their assessments? Does that mean you believe the US should be downgraded further?
You can hardly say,'don't trust S&P they're not conservative enough' while simultaneously arguing that they're too conservative in their assessment.
My comment was that they make terrible assessments. Nice attempt to put words in my mouth.
Anonymous

Martinsville, VA

#34 Aug 8, 2011
Jude wrote:
<quoted text>
My comment was that they make terrible assessments. Nice attempt to put words in my mouth.
They hardly stood alone in their poor assessments prior to the crash.

I still don't see why folk would want to shoot the messenger here. All they said was the debt load is unsustainable and that both spending needs to be reduced and revenues increased. Until that happens, there's an increased risk in holding onto US Government issued debt.

Who in their right mind would disagree?
Jude

Richmond, VA

#35 Aug 8, 2011
The_Real_Concerned wrote:
<quoted text>
They hardly stood alone in their poor assessments prior to the crash.
I still don't see why folk would want to shoot the messenger here. All they said was the debt load is unsustainable and that both spending needs to be reduced and revenues increased. Until that happens, there's an increased risk in holding onto US Government issued debt.
Who in their right mind would disagree?
No, I agree with you, they were definitely not the sole reason, they were just one of many factors, but still a factor.

They also made a $2 trillion error in calculating ten year defecit reduction.

J&P employee's are not elected by the public and hold no accountability for their actions. Think about that for a second. These guys downgraded our AAA rading to a AA+, and that downgrade has already had a severe impact on the markets globally, they madea $2 trillion dollar calculation error, and they answer to no one. That's scary.

I don't totally disagree with their assessment, but clearly spending needs to be cut and revenues increased. The latter will not happen unfortunately.
emergency

Douglasville, GA

#36 Aug 8, 2011
And after their $2 trillion dollar blooper they are all over the news defending their position, and the media is happy to give them air time to do this.

No wonder our financial system and our country is such a mess.
Finance Guy

Nathalie, VA

#38 Aug 8, 2011
ruckysville wrote:
<quoted text>
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.
“We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.”

Page 4 of the official Standard & Poors “Research Update”
Guess what

Round Hill, VA

#39 Aug 8, 2011
Who cares,This will only effect the greedy and rich.Most working people live from 1 paycheck to the other anyway.Might be the best thing that could happen.Just wait and watchem start jumping
from their high rise buildings.SPLAT.
citizen

Charlottesville, VA

#41 Aug 9, 2011
Jude wrote:
Standards and Poor...oh I remember them! They are the guys who gave all those toxic loans AAA ratings back in 2008 that caused the first financial crisis.
While this country does have serious spending issues, I don't think anyone should take that joke of an agency too seriously.
By your own reasoning, since S&P cut the US to a double A rating we should be even more worried than we are now!

Let us see how long the US dollar remains the world's reserve currency.
Jan Paynter

Earlysville, VA

#42 Aug 9, 2011
More political figures, including Charlottesville Mayor Dave Norris, appear on the locally-produced Charlottesville politics interview program “Politics Matters” with host Jan Paynter: http://bit.ly/polmatters . The current show features Bob Gibson, Executive Director of UVA’s Sorensen Institute for Political Leadership, discussing journalism and the media.
Real Change

Fredericksburg, VA

#43 Aug 9, 2011
Folks...I know these are tough times, but now is the time for a truely fair tax. So many people and corporations aren't paying into the system. It is not a rich/poor thing. I say no credits or deductions for anybody, and everybody pays 10% regardless of income (save for those making any amount that keeps them at or below the poverty level). Those that are on government assistance (welfare or the like) must be drug tested randomly, and work a minimum of 35 hours/week. If they can't find a job, the work for the local or state government doing what needs to be done (i.e. picking up trash, etc). Last but not least, we start putting a tax on imports to bring the price equal to that which is made in America. If we are to pick any winner/losers regarding foreign policy, it should be with those countries that actually don't harbor terrorists, and want to work with us.

Just some thoughts from podunk.

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