Saturday, August 6, 2011

US Credit Rating Downgrade - Now The Blame Game

Standard & Poors has downgraded the US Credit rating from triple AAA to double AA Plus and now we will see the predictable blame game and the finger pointing.  President Obama and his Socialist Pals in Congress, that have added $4 trillion to the National Debt in less than three years, are saying that the reason for the downgrade is that Republicans refuse to raise taxes.   Of course, that is baloney.   Rather than be known as the first African American President, Obama will be known as the first President in American history to preside over the downgrading of the US Credit Rating.  

It would be a mistake for anyone to connect those dots.  This credit downgrade has occurred not because Obama is Black; but because he is an incompetent Socialist ideologue, who just did not have the experience to be President of the United States.  There is nothing racial about it.  In that sense, Obama is worse than Jimmy Carter, who was also incompetent because now only Obama has the distinction of being the only President in American history that has caused the downgrade of our nation's credit rating.  As Harry Truman once said, "the bucks stops here"; though Obama will do all that he can to pass the buck, rather than accept responsibility for his failed economic plan and trillions in deficit spending that has caused the downgrade of our credit rating. 

Of course, Republicans will blame the President and Socialists in Congress for the downgrade as a result of  their refusal to seriously cut spending, which is more valid that the tax hike excuse.   The fact is that we have a spending problem not a revenue problem.   Even if taxes were raised, it would do little to deal with Obama's deficit spending because tax hikes, which are a job killer, would further retard economic growth resulting in less revenue generation for the government.  Higher taxes would likely result in a net loss to the government; though Socialists would propose tax hikes anyway because they would force the 50% of us that already pay all the taxes in this country to pay our "fair share".    This has been the Socialist class warfare argument for the past hundred years in their quest to redistribute our income to their PEEP's, so it is just same old, same old and really, really OLD. 

It is time for a reality check.  Both political parties are responsible for the $15 trillion National Debt; though Obama is adding to the Debt at three to four times the annual rate of any Republican President.  While Obama's budget deficit for 2011 is $1.5 trillion, the highest annual deficit ever run by Bush II was about $450 billion.   And, though Republicans in the House of Representative approved a budget for fiscal 2012, the Ryan Plan, that would have cut $6 trillion in spending over 10 years, the Socialist in the Senate have not approved a budget in more than 800 days.   Why are they still be paid their monthly salaries when they can't seem to do their jobs?  The budget submitted by President Obama last January was defeated 97 to 0 in the Senate because it contained another trillion dollar plus deficit for 2012 and it had a trajectory of $10 trillion in deficit spending over the next ten years.   The rating agencies and the markets have clearly voted NO, as well.   None of this fiscal insanity is sustainable. 

It is time to get serious about preventing the bankruptcy of our nation.   The Ryan Budget, approved by the House of Representatives, that was tabled in the Senate, must be approved and signed by the President.  The $6 trillion cut in spending is a real down payment on reducing deficit spending and moving toward a balance budget in the next ten years unlike the phony drama we just experienced to raise the National Debt Ceiling.  Even with this cut in spending, about $4 trillion will be added to the National Debt in the next ten years.   This too must be dealt with and we must see a credible plan to  actually pay off the National Debt in the next ten years.   

It is impossible to get there without entitlement reform related to Social Security, Medicare and Medicaid.  And, we need a Balanced Budget Amendment added to the Constitution to force Congress to live within our means.  Unfortunately, President Obama must tell his PEEP's, those that pay no income taxes at all, those on the dole, illegal aliens, public employee union members and favored companies that contribute to Socialist campaigns, that the gravy train has left the track never to return again.   Those feeding at the trough will be disappointed for sure; but there is no other alternative if we are going to prevent the bankruptcy of the United States. 

Then we must put in place a pro-growth economic policy that includes lower taxes, less regulation and an energy plan to make the United States energy independent within ten years.   Since President Obama and his Socialist pals in Congress will never make any of this happen, they must be gone with the wind in 2012 and 2014.   The downgrade of our credit rating is a wake up call.   WE THE PEOPLE must take back our country in 2012 and 2014 by sweeping these Socialists out of office to get our fiscal house in order.  It will not happen any other way.  

We can do it.  We must do it to preserve our freedom, our nation and way of life for the sake of our children and grandchildren.  It is too late for the blame game and the finger pointing.  Now it is time for WE THE PEOPLE to take control of our national destiny.    The clock is ticking and time is running out.   

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