S&P Lowers America's Bond Rating, Will Media Mention Spending as a Cause?

NewsBusters ^ | August 05, 2011 | Matthew Sheffield

[RatherBiased.com]

As has been expected, despite the recently reached debt deal, America's debt got downgraded tonight by credit ratings agency Standard and Poor's.

In an analysis posted on its website, S&P explicitly stated that it "takes no position on the mix of spending and revenue measures," however that is a fact that will likely be glossed over by the self-described mainstream media.

There is much more in the analysis, but since you won't likely see this info in the big media outlets, I am reproducing portions of the report which repeatedly mention excessive spending as a problem [snip]

[RatherBiased.com]

Oops, forgot link:

http://newsbusters.org/blogs/matthew-sheffield/2011/08/05/sp-lowers-americas-bond-rating-will-media-mention-spending-cause

[Freddd]

America’s credit rating withstood the Great Depression, Viet nam, Korean war, 9-11. But couldn’t withstand Obama, Pelosi and Reid.

[tsowellfan]

It’s Bush’s fault. That’s what they’ll say. Bush and the Tea Party. It was Obama that tried to save us all but the Tea Party would not let Obama save us.

Obama wanted to raise taxes to save America. The Tea Party would not let Obama save us.

That’s what they’ll say. It’s NEVER Obama’s fault.

[tsowellfan]

America’s credit rating withstood the Great Depression, Viet nam, Korean war, 9-11. But couldn’t withstand Obama, Pelosi and Reid.

Amen to that

[NoLibZone]

"Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating
to the Select Committee decisions on more comprehensive measures."

Standard & Poor's

[NoLibZone]

"..., as we see it, the resulting agreement fell well short of the comprehensive fiscal consolidation program that some proponents had envisaged until quite recently."

Standard & Poor's

[NoLibZone]

"Even assuming that at least $2.1 trillion of the spending reductions the act envisages are implemented, we maintain our view that the U.S. net general government debt burden (all levels of government combined, excluding liquid financial assets) will likely continue to grow." Standard & Poor's

[NoLibZone]

"As a result, our downside case scenario assumes relatively modest real trend GDP growth of 2.5% and inflation of near 1.5% annually going forward. Standard & Poor's

[palmer]

We only got through Vietnam by stiffing the Europeans who we owed gold to. We paid the price for that ($1 worth 20 cents). The problem now is that we can’t perform that stunt again.

[NoLibZone]

""However, in contrast with the U.S., we project that the net public debt burdens of these other sovereigns will begin to decline, either before or by 2015" Standard & Poor's "

[chris37]

You mean like how ABC news reported that a group of people beat up other people at a Wisconsin fair for no reason?

Goodbye, America, glad I knew you when I did, ‘cuz I don’t know who you are now.

[umgud]

Spending? They may be spending some against me, but they sure ain’t spending any of it on me.

[Graneros]

"S&P Lowers America's Bond Rating, Will Media Mention Spending as a Cause?

Not no but hell no. The MSM will blame the Republicans in general and the Tea Party in particular. You know that is how it will be represented.

[BobP]

America’s credit rating withstood the Great Depression, Viet nam, Korean war, 9-11. But couldn’t withstand Obama, Pelosi and Reid.

--------------------------

Spot on Freddd.

The Rats are shovel-ready for the dustbin of history.

[theymakemesick]

...despite the recently reached debt deal,...

Despite???!!! How about a little honest "reporting", like "due to the recently reached debt deal..."

they make me sick

[baddog 219]

Thank you... Obama and congress, for making the U.S. a third world country.... And you're not done yet....

[mlocher]

You did a great job of putting this in perspective!

[Terry Mross]

The WH says S&P made a two trillion dollar error. And if that ain’t enough, it was the republicans’ fault.

[NoLibZone]

"Remember, during the debt ceiling fight, S&P warned that there was a 50/50 chance of a downgrade if spending weren't cut by at least $4 trillion dollars."

HERE