RSSMore Obama Hope & Change: S&P Downgrades US Credit Rating for First Time Ever … AAA Rating Now More
President Barack Obama proves once again he is historic.
Not only is S&P expected to downgrade the US credit rating, they have done so. Thanks to Obama’s socialist spending, lack of leadership in the debt ceiling debate and a complete disregard to pay down the United States out of control debt … Standards and Poor’s, S&P, has downgraded the US’s credit rating. Is it really a shock seeing that the deb ceiling deal that once again raised the US debt limit did nothing substantial to cut spending or deal with any long term strategy to real in the out of control federal deficits.
Standard & Poor’s announced Friday night that it has downgraded the United States credit rating for the first time, dealing a huge symbolic blow to the world’s economic superpower in what was a sharply worded critique of the American political system.
Lowering the nation’s rating one-notch below AAA, the credit rating company said “political brinkmanship” in the debate over the debt had made the U.S. government’s ability to manage its finances “less stable, less effective and less predictable.” It said the bi-partisan agreement reached this week to find $2.1 trillion in budget savings “fell short” of what was necessary to tame the nation’s debt over time and predicted that leaders would have no luck achieving more savings later on.
The decision came after a day of furious back-and-forth between the Obama administration and S&P. Government officials fought back hard, arguing that S&P made a flawed analysis of the potential for political agreement and had mathematical errors in its initial analysis, which was submitted to the Treasury earlier in the day. The analysis overstated the U.S. deficit over 10 years by $2 trillion.
See S&P pdf. HERE. DOWNGRADED!!!
Barack Obama puts the “POOR” in Standard & Poor’s. As reported by Reuters, United States loses AAA credit rating from S&P. Barack Obama has finally got his wish … he has destroyed the US economy.
S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about the government’s budget deficits and rising debt burden. The move is likely to raise borrowing costs eventually for the American government, companies and consumers.
“The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics,” S&P said in a statement.
VIDEO Hat Tip: FOX News via Hot Air Pundit
Posted August 5, 2011 by Scared Monkeys Barack Obama, Budget Deficits, Economy, Federal Deficits, National Debt, Obamanation, Obamanomics, You Tube - VIDEO | 16 comments |
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16 Responses to “More Obama Hope & Change: S&P Downgrades US Credit Rating for First Time Ever … AAA Rating Now More”
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The Republican leadership should be real proud of themselves. NOT They couldn’t negotiate their way out of a wet paper bag.
A sixteen year old could have done better.
Obama is still going to run the country into financial ruin. It is time for Barry to leave, ready or not and Harry Reid needs to go with him.
This President is more like a bad illness than
a Patriotic Constitution Supporter. Some sort
of cathartic is called for and urgently at that!
The President wants to get re-elected! so he needs all of this money to spend to get votes…The President could care less about the debt, it’s all about votes. But what is wrong with Congress? Where are their backbones?
Where did this guy come from anyway? He came out of nowhere. It seems like a plant. What my job is….is to destroy America. We look like idiots all over the world. The other countries and their leaders despise Obama. They can plainly see what is happening. He needs to be removed from office and take his criminal friends with him.
so the American people got taken again!
we were told if the debt ceiling wasn’t raised we would be down graded.
the debt ceiling has been raised and we still got downgraded!
we are a bunch of fools, being led by fools.
southernsue on August 6th, 2011 6:15 am
We were also told:
The stimulus would keep unemployment at 8% or lower.
ObamaCare would reduce health care costs.
Seems like our “leadership” never learns even when lied to over and over and over again.
So what does this mean? Will the nation have to pay more in terms of higher interest? Will we the people?
I was right on the verge of selling stock to pay off all my debt. Scratch that idea. I had my CPA calculating capitol gains. Now there may not be any gains.
brie, yes he is a plant. Sorros paid to have him placed in power to do just what he is doing. I’ve believed that from the time he became the Democratic candidate for election.
Remember, a country more often times than not is destroyed from within. As strong as America was from its founding until the last 20 yrs or so there could have been no other way. Those who wish to see us fall know it too.
We’ve become materialistic, unprincipaled, and have forgotten what true freedom is. Many have taken freedom to mean the right to do as they please regardless of the cost to others. Worst thing that could happen.
In the words of the immortal bart simpson, time to go man.
there’s your legacy obama.
[...] It is obvious that Barack Obama, Tim Geithner and the rest of “The One’s” economic teams policies, philosophies and agendas have failed in a major way. So much that most all of Obama’s economic team has left office. Even Obama’s former economic adviser Christine Roemer has stated that we are “pretty darn F*CKED”. Geithner is one of the few original economic advisers that remain from Obama’s original clan, it is time for his misguided ways to go. Remember back in April 2011 when Geithner said, as reported at The Hill, “there is no chance that the U.S. will lose its top credit rating.” He could never have been more wrong. [...]
[...] spending, and wasteful $787 billion stimulus spending and an out of control debt that has caused S&P to downgrade US credit to AA+ from AAA has done nothing but cause aggravation to US [...]
Due to the natural decline in the value of money
that follows cavalier spending practices (buying votes),
the cost of buying votes, using that cheaper money,
has ‘naturally skyrocketed’. [sound familiar?]
Using a Country’s own airlines to smash into it’s infrastructure
is called ‘Terrorism’. Using a Country’s own financial system to
crash it’s financial system is called….oh, I dunno.
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