Posted by
ApolloSpeaks on Sunday, July 24, 2011 7:09:59 AM
Texas Governor Rick Perry kissing our AAA credit rating goodbye after Obama's news conference Friday.
After his miserable news conference Friday do we need anymore proof of Obama's lack of interest in avoiding the loss of our nation's triple A credit rating? What additional proof do we need that Obama prefers losing it to making spending cuts in 2012 stupidly fearing it'll hurt the "recovery" and his chances for reelection? In his whining, lying, conniving speech history's most reckless spending machine said that he offered House Speaker Boehner and the GOP an "extraordinarily fair deal" of $1 trillion in discretionary spending cuts, and another $650 billion in cuts to Medicare, Medicaid and Social Security over a ten year period-conditional, of course, on soaking the rich with new job killing, recovery hurting tax hikes (the wet blanket on the economy isn't wet enough).
However, for Moody's, Fitch and S&P this $1.65 trillion package is extraordinarily meager and unacceptable, falling $2.3 trillion short of the $4 trillion in cuts needed to keep our gold platted rating. As the world's three rating agencies see Obama as being unserious about making deep enough cuts (starting in 2012) to put our finances on a sustainable course-Cut, Cap and Balance requires $5.8 trillion in cuts beginning next year (see)-a credit downgrade may be imminent. That could mean higher interest on debt for the government on down. It could mean consumers using more of their money to service their debts and less spending on goods and services. It could mean a downturn in consumption and demand causing more belt tightening, unemployment and small business failures. It could mean a double dip recession, "THE GREECING OF AMERICA", and the end of Obama's bankrupting regime.
Obama weeping after polls close on Election Day.