Obama achieved the historic downgrading of America’s credit rating the old-fashioned way. He earned it.
He came into office with federal spending already near an historic peak, with a percent of GDP at 20.7 percent and having increased by one-seventh during the Bush years. One year earlier Bush had joined with then House Speaker Nancy Pelosi to enact a pointless Keynesian stimulus package of $168 billion, which the record will show created exactly 0.00 jobs, and stimulated nothing but national debt.
……Obama provided that gesture in the form of the nearly $1 trillion Keynesian stimulus package, which, though five times as big as Bush-Pelosi, still created exactly 0.00 jobs.
But that was just the beginning. President Obama went on to lead the nation to a mercurial increase in federal spending of 28 percent in his first three years alone. Then, after the nation’s voters repudiated these policies with an historic New Deal-sized shellacking in the 2010 elections, President Obama repudiated the voters with his historic proposed 2012 budget in February 2011.
That budget proposed to increase federal spending by another 57 percent by 2021, ensuring that President Obama would increase the national debt by more in just one term in office than all other Presidents in American history combined.
On the course set by that budget, America’s national debt as a percent of GDP is set to smash through the all-time record set during World War II, rocket right on through the level suffered by Greece when it fell into national bankruptcy, and keep right on rocketing into the unchartered stratosphere.
The rest here: http://spectator.org/archives/2011/08/10/obama-downgraded
Instead of assessing the blame where it belongs, on out of control Big Government spending and socialist stupidity, Obama and company vent their spleens at Standard & Poors, who is the only credit rating agency that had the guts to do the right thing.
B. Hussein’s popularity, even among his die-hard sycophants, has hit rock bottom.
If you need him, he’ll be at the links.
- America Gets Downgraded (online.wsj.com)