Friday, August 5, 2011

Obama Oversees Credit Downgrade of the United States

928 Days into His Presidency & $4.47 Trillion in Spending To Date

That averages to $4.8 billion/day.

"No risk" the US will lose its top credit rating.  -Treasurer Tim Geithner, April 18, 2011


  1. I blame the GOP for creating a media storm that pushed S&P into the downgrade. If they had controlled the Tea Party, this fiasco wouldn't have been ignited. The politics made great drama but the cost was too high with their "Damn everything for the cause" stance. The TP played the part of the Taliban by terrorizing the nation with making the nation default on its debt while acting like they were only helping curb the mounting debt.

    Instead of grand standing in front of a microphone, the TP should have been doing their job and negotiating with their own party and the liberals to end of the debt. Instead, they wanted all or nothing. The TP pulled the pin on the rating's hand grenade and then acted like it was the liberal's fault. The TP weren't looking after the American public's best interest but rather their own. It was a terrorist's modus operandi.

    During a time of such financial turmoil, perception is everything. I worry what they will do when they get more power.

  2. Hmm. The only thing missing from the above analysis are facts and the old Howard Dean scream.

    Why is it that when Obama submitted his budget in February he had spending increases? If he got his way at the time, then S&P would have downgraded us 1/2 year earlier.

    The administration demanded and got a straight up and down vote on a debt ceiling increase. It only received 97 votes in the house.

    Facts matter. "The fault is not in our stars..."