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.
“Compared with previous projections, our revised base case scenario now
assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012,
remain in place. We have changed our assumption on this because the majority
of Republicans in Congress continue to resist any measure that would raise
revenues, a position we believe Congress reinforced by passing the act.” —S & P Report, Overview
The official S & P report clearly points to the Republicans in Congress. The bigger problem is the GOP taking progress in America to a halt just to damage the President.
Time to fire all these clowns and get our country back. This is our money. This credit downgrade, it’s OUR credit downgrade.
Well said, Chris. I have nothing to add. 🙂
One more, from the S&P Report:
Sadly, they are right. Our hyper-partisanism and political diatribe is killing our ability to govern effectively.
According to the Office and Management and Budget web site, the U.S. debt was $5.66 trillion on 12/31/2000, three weeks before G.W. Bush took office. The debt was 10.70 trillion on 12/31/2008, three weeks before Obama took office. So, you are correct the Bush raised the debt by over $5 trillion. On 12/31/10 the debt was $14.02 trillion, meaning that Obama raised it $3.3 trillion in only 2 years.
I don’t feel that the current debt crisis is Obama’s fault. And I am outraged by the partisanship by both parties. But Obama is not completely blameless either.