The United States lost its top-notch AAA credit rating from Standard & Poor this evening. Obama is the first President in U.S. history to have this country’s credit rating reduced on his watch! This is a shameful accomplishment from a shamefully incompetent, irresponsible administration.
When pResident Obama signed the August 2nd legislation designed to reduce the fiscal deficit crisis by $2.1 trillion over 10 years, it was akin to kicking the can down the street once again. S&P was very clear. The U.S. needed to cut its spending by $4 trillion. It didn’t happen by August 2nd the Obama/Geithner drop dead date.
Obama’s economic policies have been little more than “spend and pretend“; pretend that wasting all that money on non existent shovel ready projects didn’t matter and pretend that losing all those building and construction jobs, NASA jobs, drilling jobs in Gulf, and manufacturing jobs across the country were of little consequence.
How much more economic damage can this country stand as the result of our Poseur President’s policies? Team Obama’s Progressive chickens have come home to roost. Is anyone really surprised at this unprecedented reversal of fortune?
Think about it. We made it through two World Wars, the Great Depression, Korea, Vietnam, President Jimmy Carter, all without suffering the indignity of a credit downgrade. We made it through all of these events, but not through the Obama/Geithner “Progressive” Keynesian economic policies!
Our debt is now 100% of our GDP! We are facing mountains of debt. The economy is stalled, businesses large and small are not hiring, banks aren’t lending and consumers aren’t buying. Food and gas prices are going up, and 14,000,000 people are without jobs! Our economy is so bad even the Mexicans are going home. That would be a funny quip if it weren’t so sad! Apple Computer has more cash on hand than the U.S. Treasury!!!
Businesses are being strangled by over-regulation by EPA, Commerce Department, & Obama’s shadow governing Czars. And looming on the horizon is that monstrosity known as Obamacare! The wonder is that Standard and Poor didn’t downgrade our credit rating even more!
Neither is worthy of office or our trust.