U.S. AAA credit rating DOWNGRADED for first time in history after Obama's debt deal

Unprecedented move will send shockwaves globally S&P cuts long-term credit rating from AAA to AA+ Borrowing costs for consumers and government to rise Comes after Obama signed bill to reduce fiscal deficit

The U.S. has lost its top-notch AAA credit rating from Standard & Poor's in an unprecedented reversal of fortune for the world's largest economy.

S&P cut the long-term U.S. credit rating by one notch to AA+ on concerns about the government's budget deficits and rising debt burden.

The huge move is likely to raise borrowing costs eventually for the U.S. government, companies and consumers. Investor concern: S&P cut the long-term U.S. credit rating by one notch to AA+ on concerns about the government's budget deficits and debt burden

Investor concern: S&P cut the long-term U.S. credit rating by one notch to AA+ on concerns about the government's budget deficits and debt burden

‘The downgrade reflects our opinion that the fiscal consolidation plan (falls) short of what, in our view, would be necessary to stabilise the government's medium-term debt dynamics,’ an S&P spokesman said. What the downgrade means

Obama: MISSION ACCOMPLISHED

posted by Wayne Allyn Root on Aug 05, 2011

By Wayne Allyn Root, Former Libertarian Vice Presidential Nominee

Barack Obama is my college classmate (Columbia University Class of ‘83). I tried to warn the country that virtually all of my classmates and professors were marxist, despised America, and wanted to bring down capitalism. I tried to warn the country that Obama would follow the detailed plan of two Columbia professors named Cloward and Piven- a plan designed to destroy capitalism by overwhelming the U.S. economy with government spending, regulations, entitlements, taxes and debt.

That is precisely why I authored one of the most popular commentaries on the entire Internet in 2010 entitled “The Obama Economic Plan- Purposely Overwhelming the System to Cause Crisis and Destroy Capitalism.” I predicted Obama’s radical tax and spend policies were designed to crash the system with debt, bring us to our knees, starve business owners (the biggest contributors to his political opposition), make us all doubt capitalism, and dependent on big government. It’s all come to pass.

I’ve written about this plan for 2 ½ years now. My commentaries have predicted the destruction of the U.S. economy under Barack Obama, the decimation of small business and the middle class, and the start of not only the Obama Great Depression, but what I called “the Greatest Depression ever.”

READ AT:

http://www.lp.org/blogs/wayne-allyn-root/obama-mission-accomplished

I agree with you. Can you imagine had the deal been defeated and the Dow still dropped 500 point the next day. The chorus of blame for the GOP and Tea Party would have been very loud, particularly if the down grade followed on Friday.

So the deal passed and the public should certainly know that we need more conservatives in Congress. It will be important for conservative to vote for conservatives in GOP primaries. It will be important for conservatives to actually run in GOP primaries too.

Reminds me of the Jimmy Carter years.

I remember the people that voted for that duck had the same euphoria. They were erasing the Nixon years. Carter was the “Hope and Change” of 1976. “The One we were waiting for”.

After two years of Carter, finding a job was like looking for a virgin in a whorehouse.

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