S&P dropped the U.S. credit rating today from AAA to AA+. This is a huge blow not only to US interest but to the global economy as a whole. The ramifications of this downgrade will be felt all around the world. According to S&P, the US medium-term debt reduction strategy isn’t enough and is a reason why they downgraded the US.
Of course, I knew the right, the tea partyers, the abysmally ignorant, and the blind followers would immediately lay the blame for this on Obama’s feet. I logged into Facebook and went to the Fox News page to see what the ignorant masses were saying. Here, take a look for yourself.
This is not doctored. This is the view of those who follow Fox News. They blame this on Obama, but it’s just not true. Obama has affected the US deficit to the tune of 1.4 trillion dollars, most of it in temporary spending (the stimulus). Previous President George Bush, on the other hand, impacted the US deficit a with over a whopping five trillion dollar debt. You can read about it here and view the eye-opening graph that goes along with it.
The long and short of it is that Obama is not responsible for this mess – he inherited it and, frankly, is doing a good job managing it as best as he can in this hyper-partisan political environment we find ourselves in now – in my opinion.
Of course, a visit to the Fox News page wouldn’t be complete without a racial reference about the President:
I don’t think Obama is perfect but he’s done a great job. I am frankly, sick and tired of the veiled racism of the right and partisan politics that both parties are playing at. Obama is one of the most articulate and intelligent Presidents we have ever had and I am confident history will judge him well. Regardless, though, this downgrade of the US credit rating is not his fault, but the political spin machine is in full swing in Washington and the next few weeks will be particularly ugly I think.