August 7, 2011
It had to be a Democrat, right?
A Democrat, that is, to finally preside over the downgrading of America’s credit rating.
From the Washington Times:
The Obama administration has made history by presiding over the first-ever downgrade in the U.S. credit rating. President Obama has outdone all his predecessors in wrecking America’s good name. His answer to this problem: Spend even more.
Raising the debt ceiling was sold as a way of guaranteeing the U.S. credit rating. It had the opposite effect, which makes sense to anyone who understands credit. Take a family with a median household income around $50,000. If they spend $85,000 a year and have debt at $300,000 and growing, it’d be foolish to let them borrow more because they don’t have the income to pay it back. Raising the debt ceiling ignored this reality. Then, the Obama administration immediately demonstrated its utter lack of creditworthiness by blowing 60 percent of the initial $400 billion increase in one day, the largest single-day accumulation of debt in U.S. history.
While they don’t have Bush to kick around anymore, they kick at him just the same, not out of any sense of vindictiveness, but because one of the hallmarks of today’s liberal dominated Democrats is that taking responsibility for their actions is unheard of, and since Bush has been the all purpose pin cushion for blame since the Obama Empire Administration began, why stop now?
The White House blames the George W. Bush administration for every economic woe, but the numbers speak for themselves. In 2008, the federal budget deficit was around 3 percent of gross domestic product. In 2011, it’s around 11 percent. Total federal debt was $10.7 trillion at the end of 2008 and is currently $14.6 trillion. Debt as a percentage of GDP was a painful 69 percent at the end of the Bush years, but Mr. Obama is pushing it over 100 percent, another disgraceful historic milestone. A record 45.8 million are on food stamps, and the percentage of working-aged Americans who have jobs is the lowest in three decades. According to Gallup’s daily tracking poll, in late January, 44 percent of Americans felt the economy was getting better, and 52 percent thought it was worsening. Now only 17 percent have a positive view; 77 percent understand our economy is nosediving.
Well, like the opening line of the linked article says, The Obama administration has made history…
Not the kind of history most presidents would want to be remembered for, but from Obama’s point of view, at least it’s some kind of change.
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