Susan Stamper Brown, FloydReports.com
It has been said bad news does not get better over time.
I once knew a lady who discovered a lump in her breast, but ignored it until it had metastasized. She finally sought medical help when she reached the point that she could no longer ignore the pain. Initially, denial gave her a brief sense of security, but all the while, the cancer was spreading.
I could not help but notice an odd similarity this week while listening to Rep. Debbie Wasserman-Schultz, D-FL, tell MSNBC that Obama and the Democrats have “really begun to turn the economy around.” With the exception of inside the Beltway, Americans are hurting. Cities and towns across this great country bear the scars of recession in one form or another, from abandoned homes to emptied offices and pot-holed roads.
Last week’s stock market nose dive, coupled with anemic unemployment numbers, were symptomatic of a sick economy screaming for a huge dose of old-fashioned American capitalism. Obviously in denial (or worse), the Obama administration did everything in its power to convince Americans that “there is nothing to see here, just move along.” It’s like watching my friend exhibit all the symptoms of cancer and all she wants to talk about is how good she feels.
And now with Standard and Poor’s downgrade of the country’s AAA credit rating, for the first time in United States history, it will be intriguing to see how the administration tries to spin this latest revelation.
While most Americans are not economists, we are smart enough to see the economy is in dire straits. The administration seems to think throwing a bunch of numbers around as a shell game is enough to quiet the….
Michael Reagan, FloydReports.com
President Obama, the Democratic Party and its members of Congress have spent years blaming former President George W. Bush for the nation’s current economic woes, which is akin to blaming the bank’s tellers for a bank robbery, or for the dishonesty of their bosses, the bank’s executives who were looting the till.
Nobody in the liberal-dominated media bothers to note that in the last years of the Bush presidency Democrats controlled the Congress and thus had a death grip on the nation’s economy, having complete control over the nation’s purse strings. They spent (and spent, and spent) the yet-uncollected taxes of future generations — as well as our own — as if there were no tomorrow.
It wasn’t a Bush Congress that jammed the incredible costs of ObamaCare down the throats of the American people and their children and grandchildren — it was our spendthrift president and his allies on Capitol Hill doing their classic imitation of the legendary drunken sailors on shore leave.
It’s simply common sense to understand that spending money one doesn’t have in the hopes that the future will provide the needed funds is something like believing that some beneficent tooth fairy will come up with the money in the future.
Now the president and the national Democratic Party have suddenly discovered a scapegoat for the latest economic mess they have thrust upon the American people. They insist that the credit-rating downgrade was the fault of the Tea Party trying to control the nation’s purse strings. I’m not kidding. They really expect us to swallow this whopper as the Gospel truth.
They expect us to ignore the fact that the millions of Tea Party members are simply Americans, deeply and sincerely concerned about the nation’s economy and the tendency of the government to spend their hard-earned tax money on whatever scam strikes its fancy.
It’s time to place the blame for our economic malaise where it belongs — on the shoulders of the Obama administration and the Democrats in Congress.
Tea Party members have been the voice of reason, not the wild-eyed terrorists portrayed by the Left’s crazy spin doctors.
What would have averted the credit-rating downgrade and the subsequent turmoil in the markets? Precisely the spending cuts advocated by the Tea Party.
According to a statement by Jenny Beth Martin, a co-founder and national coordinator of Tea Party Patriots, the debt-ceiling compromise was….
Ben Johnson, The White House Watch
Obama scored another historical first on Friday, becoming the first president to see the U.S. credit rating downgraded by Standard & Poor’s, from AAA to AA+. While we hope his presidential reign lasts no longer than January 2013, Americans may have to live with the consequences of Obamanomics for more than a decade to come. The chairman of Standard & Poor’s sovereign debt ratings, John Chambers, told ABC’s This Week program on Sunday the United States could be stuck with the lower credit rating between nine and 18 years. “We’ve had five governments that lost their AAA that got it back,” he said. “The amount of time that it took for those five range from 9 years to 18 years.” He forecast that digging America out of the debt ditch “could take awhile,” and that it would require two things: “a stabilization of the debt as a share of the economy and eventual decline” and “more ability to reach consensus in Washington than what we’re observing now.”
The president’s commitment to deficit spending and unwillingness to make enforceable budget cuts leave a grim prognosis. But the outlook gets worse. As this author noted Friday, there is a chance America will be downgraded yet again. Chambers placed the odds of a future downgrade at one-in-three. Scoring a AA rating would place the Land of the Free on equal terms with Spain and Qatar.
These realities had Obama in full Alinsky mode during his 1 p.m. speech (which took place at two o’clock this afternoon). He opened by saying, while Tea Party intransigence forced S&P to cut our debt rating, “The markets, on the other hand, continue to believe our credit status is AAA.” To bolster his case, he added, “Warren Buffett, who knows a thing or two about good investments, said, ‘If there were a quadruple-A rating, I’d give the United States that.’” Even as he spoke, the stock market was in free fall. The Dow Jones industrial average fell 634.76 points this afternoon. The slide capped off a string of losses so severe that CNBC reports, on this eighth day of the month, “August is already on track to be the worst month for the S&P  and Nasdaq since Oct. 2008,” the first full month of the economic meltdown. And despite earning the Obama administration’s seal of approval, Standard & Poor’s marked down Buffett’s Birkshire Hathaway holding conglomerate from “stable” to “negative” today.
Obama’s Surrogates Savage the Savers
Democratic talking heads did their best to pin blame on their political opponents. This weekend, both David Axelrod and Sen. John Kerry repeated the phrase “Tea Party downgrade.”
Treasury Secretary Tim Geithner eschewed presidential responsibility, as well. “Congress ultimately owns the credit rating of the United States,” he said. This would be true in the sense that Obama offered absolutely no leadership during the debate and presented no plan of his own but would overlook the president’s addiction to deficit spending and hostility to fiscal (or political) responsibility. Geithner, suddenly discovering the Founding Fathers, noted Congress has “the power of the purse in the Constitution.” That fact did not keep Geithner from publicly musing about having Obama unilaterally raise the debt ceiling in late June, leading to a chorus of Democrats demanding the president invoke the 14th Amendment to claim the power of the purse as his own.
Not everyone is reading from the same script, though. As usual, Bill and Hillary Clinton have taken the crisis to spin things in their favor. The Hill newspaper reports former Clinton administration appointees, who insisted on remaining anonymous, said Obama….