Posted on 08/06/2011 8:32:34 PM PDT by jazusamo
S&P tells it like it is: the U.S. is out of money
The Obama administration has made history by presiding over the first-ever downgrade in the U.S. credit rating. President Obama has outdone all his predecessors in wrecking America’s good name. His answer to this problem: Spend even more.
Raising the debt ceiling was sold as a way of guaranteeing the U.S. credit rating. It had the opposite effect, which makes sense to anyone who understands credit. Take a family with a median household income around $50,000. If they spend $85,000 a year and have debt at $300,000 and growing, it’d be foolish to let them borrow more because they don’t have the income to pay it back. Raising the debt ceiling ignored this reality. Then, the Obama administration immediately demonstrated its utter lack of creditworthiness by blowing 60 percent of the initial $400 billion increase in one day, the largest single-day accumulation of debt in U.S. history.
The White House blames the George W. Bush administration for every economic woe, but the numbers speak for themselves. In 2008, the federal budget deficit was around 3 percent of gross domestic product. In 2011, it’s around 11 percent. Total federal debt was $10.7 trillion at the end of 2008 and is currently $14.3 trillion. Debt as a percentage of GDP was a painful 69 percent at the end of the Bush years, but Mr. Obama is pushing it over 100 percent...
(Excerpt) Read more at washingtontimes.com ...
The self-described “B+” President lost an “A”.
Stick a fork in him he’s finished.
Sure, he’s got a cultish following but that’s dwindling.
Exactly, let’s hope we can survive another year and a half of this turkey.
Barry Hussein Soetoro Obama is a complete disaster. His goal has always been to destroy America, and he’s succeeding beyond his wildest dreams thanks to the ineptitude and cowardice of Boehner and the other Republicans in Congress. Hussein Obama is only doing what George Soros is telling him to do via the teleprompter: party with your homies while you destroy America’s financial system, leaving us ripe to be taken over by the UN and made into slaves. The economic problems of the US will only worsen, until the point where Obama can declare martial law “until the crisis is over” and firmly plant the jackboot of the federal government on the throat of the serfs. We should stop worrying about how to win the election of 2012, and start concentrating on the real task. When federal troops march into our cities to disarm us, will we fight back, or will we march passively into permanent slavery? The time to make that decision is coming fast.
Turkeys deserve more respect. Let’s call him the jackal he is. Better yet, a snipe. Snipes eat each other—the only mammal that does, IIRC, except for humans.
but, gosh, he’s so-o-o intelligent! how can that be?
/s
I seem to recall Obama saying that what ever happened on Bush's "watch" was Bush's responsibility. Or something to that effect.
Obama's plan for this family: steal the money from their "rich" uncle who worked hard to earn a decent income, so the family could continue to spend money it didn't have.
Yep, the Liar-in-Chief has said so many things before and after he was elected it’s impossible to remember them all, I’m sure there’s never been a POTUS so adept at lying.
Everytime he could have veered right he veered left. Made all the wrong moves and spooked businesses big time.
We’re to the point now where martial law is almost neccessary in the cities like it was during Tet.
The worst president EVER.
We knew it.
Run Sarah Run. Announce, announce!
Thank you very much, dearest jazusamo!!!
“We’re to the point now where martial law is almost neccessary in the cities like it was during Tet.”
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This will be the Kenyan’s worst mistake.
Amen. That would be the worst thing he could ever do. Despite what some might think, this is still the United States of America and we the people are about to take our country back. Sooner rather than later is fine with me.
AMEN, onyx!
Good to “see” you. :-)
While some politicians are strong in some areas and weak in others; this incompetent community organizer is a failure in every category.
>>The Obama administration has made history by presiding over the first-ever downgrade in the U.S. credit rating.<<
.
But was that not always his plan from the moment he was elected?
0 is one of the more successful presidents in getting the nation where he wants it to be.
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