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A combination of spending cuts and tax increases and they specifically talk about that in the report. look, s&p downgraded us because if you look out, then, not too far in the future, our debt situation gets worse and worse and worse. it s this debt to gdp ratio. sounds technical. but it s really all about our debt. how big is it compared to our economy? that s why they downgraded us. various ways to try to fix that. that s what i m saying. depending on how where you stack up ideologically, you either believe in raising revenue or a combination. no, if you read that report, they come down very firmly saying you ve got to get entitlements under control. suspe suspe spending on entitlements. that has to be a major part of the fix. they re saying we don t have the political will to reign in entitlements. that s a flat-out statement from them. we have the confluence today, this morning here in the u.s. ....
Here in this country, our country has a our debt to gdp is at 100% and then you look at italy which is clearly at full crisis mode, they re at 120%. so they re spending 120% more than they take in. let s take a look at the other countries that currently still have the triple a rating. they are australia, austria, canada, denmark, finland, france, germany, hong kong is that considered its own country now? luxembourg, norway, singapore, sweden, switzerland and the u.k. so now at least according to s&p, the united states does not stack up against those other countries. so we re not triple a anymore. let s take a look at our new company. let s see who is in the double a plus rating as you can see right there. us, belgium, new zealand. ....
For a day free of pain. and get the all day pain relief oaleve in liquid gels. blaming everyone but themselves. i believe this is without question, the tea party downgrade. the fact of the matter is that this is essentially a tea party downgrade. a lot of it has to do with the failure of the president of the united states to lead. s&p s track record has been terrible. and as we ve seen this weekend, its arithmetic is worse. yes indeed. circular firing squad. who do we really blame and should we? ....
It s obvious that senator reid s leadership in the senate will be changed in the next national election. but that s not enough. we had a history in this country and i stand at the historic intersection. right ahead of me is federal hall where george washington was inaugurated. behind me is the new york stock exchange. the power of america is confidence. the power of america is the ability to be exceptional under the worst, worst circumstances. here at federal hall, early in the 20th century, americans rallied behind liberty bonds. they said that america had to fight the great, great war. now, we re fighting another great, great war in this country. for our own economic survive. survival. so i ve heard all the pundits. you ve heard all the pundits. we ve heard all the prognosticators and the people at standard & poor s who say we re not good enough to be trusted. ....
all right. after a weekend of the white house attacking standard & poor s and pundit wringing their hands about what the market will do today, we can let we can t let fear get the best of us. fox news legal analyst peter johnson jr. is at wall street s federal hall in shadow of the new york stock exchange and says we should now be relying on the most ignored natural resource. welcome, peter. what is that natural resource that we have in america? good morning, eric. the most ignored natural resource in america is us. the american people. and it s time now for the american people to stand up and step in now that you re leadership has failed us. you know, based on the standard & poor s downgrading of our bonds, of our debt here in the united states, it s obvious that president obama is a one term president. ....