Obama’s Destruction Of The Economy Is Almost Complete. US Is “Substantially” Closer To Losing AAA Rating.

And if this happens, we are toast.  Our deficit will skyrocket.

March 15 (Bloomberg) — The U.S. and the U.K. have moved “substantially” closer to losing their AAA credit ratings as the cost of servicing their debt rose, according to Moody’s Investors Service.

The governments of the two economies must balance bringing down their debt burdens without damaging growth by removing fiscal stimulus too quickly, Pierre Cailleteau, managing director of sovereign risk at Moody’s in London, said in a telephone interview.

Under the ratings company’s so-called baseline scenario, the U.S. will spend more on debt service as a percentage of revenue this year than any other top-rated country except the U.K., and will be the biggest spender from 2011 to 2013, Moody’s said today in a report.

“We expect the situation to further deteriorate in terms of the key ratings metrics before they start stabilizing,” Cailleteau said. “This story is not going to stop at the end of the year. There is inertia in the deterioration of credit metrics.”

The pound fell against the dollar and the euro for the first time in three days, depreciating 0.8 percent to $1.5090, while the dollar index snapped a four-day drop, adding 0.3 percent to 90.075.

U.S., U.K. Move Closer to Losing Rating, Moody’s Says (Update1) – Bloomberg.com

Remember That Thing Bush Said Needed Fixing And The Dems Said Was Fine For Decades, Social Security? Yeah, It’s Broke.

What a shock.  The Dems were wrong about how much it would cost…  Bush was right and the Dems were wrong.  They clapped when the Social Security fix went no where.  Well, Dems?  Where is that thunderous applause now that we were right and you are proven wrong… again.

As Ed at Hot Air says "The wheels have begun to fly off the entitlement juggernaut."

For more than two decades, Social Security collected more money in payroll taxes than it paid out in benefits — billions more each year.

Not anymore. This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits than it collects in taxes — nearly $29 billion more.

Sounds like a good time to start tapping the nest egg. Too bad the federal government already spent that money over the years on other programs, preferring to borrow from Social Security rather than foreign creditors. In return, the Treasury Department issued a stack of IOUs — in the form of Treasury bonds — which are kept in a nondescript office building just down the street from Parkersburg’s municipal offices.

Now the government will have to borrow even more money, much of it abroad, to start paying back the IOUs, and the timing couldn’t be worse. The government is projected to post a record $1.5 trillion budget deficit this year, followed by trillion dollar deficits for years to come.

That Sound You Hear? That’s The Piper And He Wants To Be Paid: Social Security To Start Cashing In Treasury Bonds Worthless Pieces Of Paper

Democrats release 2300-page reconciliation bill. Include Public Option AND National Student Loan Takeover!

Wow, they really are going all out here, aren’t they?

UPDATE:  Some Twitterers are stating that this is a “shell bill” that will provide a base for actual language later.  Rep. Paul Ryan alluded to this move last week.

The Hill is reporting tonight that the Democrats have published a copy of the bill that they plan to use to update the original Senate healthcare socialization bill that Pelosi plans to bring to the floor this week.

And it appears they’ve decided to go all-in on this one.  Included in the bill appears to be the “public option” that was removed from the Senate bill.  From page 1167 of the bill:

Subtitle B—Public Health Insurance Option

SEC. 221. ESTABLISHMENT AND ADMINISTRATION OF A PUBLIC HEALTH INSURANCE OPTION AS AN EXCHANGE-QUALIFIED HEALTH BENEFITS PLAN.

(a) ESTABLISHMENT.—For years beginning with Y1,  the Secretary of Health and Human Services (in this subtitle referred to as the ‘‘Secretary’’) shall provide for the offering of an Exchange-participating health benefits plan (in this subdivision referred to as the ‘‘public health insurance option’’) that ensures choice, competition, and stability of affordable, high quality coverage throughout the United States in accordance with this subtitle. In designing the option, the Secretary’s primary responsibility is to create a low-cost plan without compromising quality or access to care.

Democrats release 2300-page reconciliation bill *Updated* | RedState