Skip to comments.China Attacks US'Debt Addiction'as America Loses AAACredit Rating[misplaced power exists]
Posted on 08/06/2011 9:42:35 AM PDT by fight_truth_decay
State news agency Xinhua said unless the US cut its "gigantic military expenditure and bloated welfare costs," another downgrade would be inevitable.
But other countries, such as Australia, France and Japan, said they retained their faith in US bonds.
(Excerpt) Read more at bbc.co.uk ...
"The spluttering world economic recovery would be very likely to be undermined and fresh rounds of financial turmoil could come back to haunt us all..."
"The US government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone," China said in a ["scolding" tables turn on Obama] commentary carried by the Xinhua News Agency.
Vince Cable, the British Business Secretary, said the downgrade was an "entirely predictable consequence of the mess that the Congress created a few weeks ago when they couldn't agree on lifting the debt ceiling."
By calling the outlook "negative" S&P signalled another downgrade is possible in the next 12 to 18 months
In its statement, S&P said that it had changed its view "of the difficulties of bridging the gulf between the political parties" over a credible deficit reduction plan.
S&P said it was now "pessimistic"
Francois Baroin, France's finance minister, said his country had total confidence in the US economy, while India called the "situation was grave" and Russia said it would keep the level of dollar investments in its national reserve funds, adding: "There is not a great difference between AAA and AA+."
"..the projected future cost of a number of major health care [ObamaCare] and pension [Union] plans including Medicare and Social Security [Entitlement Programs]that has left the country's debt on a path many, including S&P, believe to be unsustainable without further cuts and tax increases [Cut? and Tax].
Gigantic military expenditures [Missing Taxpayer Money? called the "the largest theft of funds in national history."] "2.3 TRillion Dollars" Missing from DOD Defense spending in 2001 own auditors cannot account for money in one year alone. 10 million paychecks per month-
"the diastrous rise of misplaced power exists and will persist".
“bloated welfare costs” They got that right!!!
Can’t really argue with the Chinese on that one.
You know it’s out of control when the Communists think you’ve gone too far!!!
There should be street riots over this.
China is building empty cities and selling dog food tainted with melamine. So the Chinese should remain silent until the Chinese develop some ethics.
“Do I look like Mrs. Obama?” (SNL skit reference)
-——China is building empty cities——
If you build them, they will come.
When the COMMUNISTS are telling you that you’re spending too much on Social Welfare, you KNOW you are really screwed....
There should be import tariffs over this.
And a trade war, if necessary.
We’ve farted around without doing anything while China takes our economic future.
Scr*w the globalists. Let them lose it all in a trade war - they deserve it, but bring back American jobs.
Tariffs. And whatever else necessary.
Are not most of that which you describe - new housing already invested in?
Wait, I thought the new “deal” that Boner just pushed through was supposed to keep our AAA status intact.
Silly you. ;)
Red China lecturing us? Amazing
Well the Bozos in Washington won’t listen to us, but they’ll listen to those who pull the strings.
The following are the perfect ingredients for a receipe for America’s downfall. It started many years ago when we began exporting manufacturing and jobs overseas. Couple that with out of control government spending, tens of millions of thridworlders invading our country, and a very soft underbelly comprised of an entitlement crowd in excess of 45% of the population.