Posted by
ApolloSpeaks on Friday, July 22, 2011 10:28:54 AM
Win the future and stimulate economic growth. Vote the Great Wrecker and Depressor out of office.
Never in the history of this country has our proud and well earned AAA credit rating been threatened with downgrading. Never, that is, until Barack Obama, the man with a ruinous vision for remaking America into a social justice welfare state, became president and blew up the deficit and debt to serve his misguided ideological ends. For on the infamous day of March 15, 2010, 13 months into the Obama Administration (an ominous sign for our Statist, counter-revolutionary, anti-free market president) Moody's issued the first of many warnings that our exploding deficits and $14 trillion debt were threatening our top notch rating and low borrowing rates (see).
Now at this point with our financial standing imperiled any leader with a grain of sense would have heeded this warning, and reversing the treacherous course on the deficit and debt proposed measures to scale them back to sustainable levels. But not Barack Hussein Obama. Carried away and blinded by his transformational dreams what does he do instead? Eight days later he puts the pedal to the metal and signaling to the world that America cares little about solving its economic and financial mess he signs into law Obamacare, a new, unpopular multi-trillion dollar entitlement program when three are going broke and spending us to death. This was not the change America hoped for when it made this recklessly deceitful man president.
But it gets worse. On the 13th of January (the 13th day of this year) S&P joining Moody's issued warnings about a likely credit downgrade unless the US gets its fiscal and financial house in order (see). And again what does our heedless, headless, imbecile of a president do? Does he offer plans to cut our deficit and debt to sustainable levels? No. 32 days later he submits a whopping $3.7 trillion budget plan to Congress which expands the size, scope and cost of government; a budget that Paul Ryan said, "accelerates our country down the path of bankruptcy." This budget was so bad and potentially ruinous that the Senate voted it down 97-0.
It should be obvious by now that Obama isn't fazed by the numerous warnings from Moody's and S&P. It's not that Obama believes that they're bluffing and the warnings lack credibility. On the contrary, he understands from the examples of Japan, Portugal and Greece* that the rating agencies mean business and that a downgrade is imminent. It's just that Obama sees a credit downgrade and the raising of US interest rates as the lesser and preferable of two evils that he's facing-the other evil being drastic, "counter-stimulative" spending cuts to the deficit completely killing the recovery and causing a double dip recession (see).
*Moody's Fitch and S&P downgraded the credit ratings of these high debt, spendthrift countries even though they've been making the interest payments on their loans.
Staying the course on spending is Obama's unspoken policy; and if a smoke and mirrors deal isn't struck with Republicans which calls for spending cuts offset by tax hikes on the rich (allowing him to continue his spending spree) he will likely raise the debt ceiling unilaterally by evoking the 14th Amendment and take his chances on a Constitutional battle in the Courts.
In short, Obama cares no more about a credit downgrade than he does about cutting the deficit and debt for 2012. He's a man on his way to a one term presidency and post-presidential hell.
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Postscript: Clinton's Balanced Budget Bull (slightly revised)
The next time someone tells you that the last time the federal budget was balanced with a surplus was under the Democrat Bill Clinton ask them to name the years when this happened along with the exact documented amount of surpluses. They won't be able to do so. Why? Because it never happened. Because it's bull. In fact, t
he closest the budget came to being balanced under Clinton was in 2000 when there was a shortfall of just under $18 billion. By the end of Clinton's last budget in September 2001 the shortfall grew by $115 billion to $133 billion. Don't take my word for it. Read about it here.
Major websites linking this piece are as follows (click and see):