Yes historic. And I’m not talking about his race. Everyone got over that the day after the election. (well, except for liberals/progressives) What else is historic for President Obama is that he now has the bragging rights for overseeing the country’s fall into decline while in office.
- the return of double-dip recession fears
- an emboldened Tea Party
- a sinking Dow
- stagnating employment
- and the nation’s credit rating downgraded for the first time in 70 years.
That would be the AAA credit rating that President Obama inherited from President Bush. A dubious honor for sure. What makes it worse is that not only was this train wreck of an economy predicted, it was preventable too!
The Obama administration says they’ve done all that can be done to fix the economy. They want to borrow and spend even more money, ostensibly believing that what didn’t work the last time, and the time before that, will work this time. Obama says we just have to sit tight and wait for the economy to improve. Recovering from the worst economy since the Great Depression is a “slow process,” the president said. What he really means is he has done all that he and his advisers know to do. It is not all that can be done.
There was a solution passed by the Republican-led House and tabled by the Democrat-led Senate called Cut, Cap, and Balance. By the way, Standard & Poor’s said that ‘Cut, Cap, and Balance’ was the only plan proposed by either party that would have preserved the AAA credit rating. So no one has the right to act outraged at S&P’s downgrade action. But for political reasons, not economic ones, the President has to pretend like there is nothing else that can be done. Just take it. Eat your peas. Get used to high unemployment, rising interest rates, rising costs everywhere, and a stagnant economy. That’s the change Obama has in mind. Don’t you wish you knew that a couple of years ago, before the election?