PIMCO Chief: US Credit Rating Will Get Downgraded Regardless Of Deal

PIMCO Chief: US Credit Rating Will Get Downgraded Regardless Of Deal

Hmm, hasn’t President Snippy Pants been running around, scaring people, telling them the US credit rating will get downgraded if Someone Else doesn’t put a deal together? Not so fast, “according to PIMCO founder and managing director Bill Gross

When asked by CNN host Ali Velshi on Sunday whether the U.S. deserved to maintain its AAA credit rating Gross said a downgrade from one of the major credit rating agencies is inevitable.

“Eventually there’s a downgrade coming, it just depends on Moody’s, S&P and Fitch and they’re very slow-moving,” Gross said. “This country has $10-12 trillion worth of outstanding debt. In addition however we’ve got about $60 trillion worth of liabilities. I call this Debt Man Walking.”

And this is why, as Obama put it, raising the debt ceiling is a failure of leadership. And a failure of government. Instead of reducing our spending, reigning in the entitlements, stop creating more entitlements, and revamping the existing programs so they won’t be broke within a generation at best, Obama, the Democrats, and the Dem base (you have GOT to read some of the unhinged liberal comments at the link), along with some squishy Republicans, want to just ramp up the spending, continue more of the same. What happens in the private sector, or your life, when you spend way more than you take in, and make promises to make payments that keep ballooning?

rdbrewer at Ace Of Spades had this to say in a post about a completely different issue, but, I think it applies:

There’s a point where right meets left. It’s where some in the Republican party would liberally use government power to further their ends. It’s a “we need a new law for that” kind of mentality. “Hell, we just wanna do good.” They’re the same as liberals; they’re just on different sides of the coin. They both want to spread their good deeds far and wide with little thought to proper limits on the extent of government and police power. This has very little to do with what America is all about. It has everything to do with how these people view themselves.

Republican, Conservatives, need to stand up in the halls of Congress and just say “NO! We need to reduce spending now, and get a hold of our entitlements.” Think how tough it is for tiny Greece to get their economy under control. Now image the USA trying.

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