The Obama Administration Suffers Debt Downgrade | Eastern North Carolina Now

    Remember this bit of enlightening news, back in August, 2011, just weeks before President Obama went on the ill-advised "Two Americas" campaign, which he continued through his reelection, and is still foisting upon our society today.

    This is when President Obama transformed into Candidate Obama, which he will remain for perpetuity. He may be your president, but this divisive narcissist is not mine. He is now and will always remain known as the Candidate, just the Candidate, if for no other reasons, his constant campaigning, and his complete lack of any real sense of propriety.

    Mr. Obama is absolutely the worst, most awful president of my lifetime, and history told accurately will bear me out on this one, but he is, however, one damn fine candidate.

    For the first time in the history of the United States, the United States Government and their United States Treasury has suffered a debt-rating downgrade at the hands of the Standard and Poor's (S&P) rating service, to AA+. Earlier this year, during the long, ongoing debate on the nation's deepening debt, and the resultant raising of the congressional debt limit, S&P put the United States on negative outlook. The other two major rating agencies, Fitch and Moody's, had earlier reaffirmed the nation's debt rating at AAA, the world's highest standard.

    The Barack Obama administration contended that S&P had made a two trillion dollar math error by neglecting to account for future revenues, and S&P countered that the debt-reduction plan from the U.S. Congress did not go far enough in reducing future debt obligations. Standard & Poor's wanted to see an additional four trillion dollars cut from future congressional spending. At the end of Friday, August 5, 2011, there was an obvious "Mexican Standoff" between the Obama administration and the lone rating agency, who was determined to reduce the United States of America's long-term debt financed by Treasury bonds, and the United States Taxpayer.

    Regardless of whether one believes that the government should reduce congressional spending, as is the Republican's contention, or more heavily tax the 412 billionaires in the United States, as is the Democrats' belief, one must agree that there is a systemic problem that must be remedied. Standard and Poor's downgrade may be excessive, but it does point to a larger problem that must be reconciled.

    Besides excessive congressional spending, and an undertaxed list of billionaires, at fault is a flagging economy that just will not improve under President Barack Obama's guidance. Monies from additional taxes paid into the Treasury, from new jobs created, would alleviate most of the problems that now plague the United States Treasury's dwindling of tax receipts. At the heart of the bad economy are the poor jobs' numbers, still anemic at best, and the quarterly increase in the nation's GDP (Gross Domestic Product), which is now at risk of falling into the negative values.

    Commentary

    The good news from the President: He will now concentrate on job creation in America. The bad news from the President: It has taken over 2 ½ years for his administration to become sufficiently aware that there is a problem here.

    Close Presidential Adviser Rahm Emanuel once advised the President, "You don't ever want a crisis to go to waste; it's an opportunity to do important things that you would otherwise avoid."
Adviser Rahm Emanuel on the President's left: "Mr President, you don't ever want a crisis to go to waste; it's an opportunity to do important things that you would otherwise avoid."
    The newly elected president heeded his advice by:

    First, initiating the American Recovery and Reinvestment Act (Stimulus Package), costing nearly 850 billion dollars. By all metrics of evaluation, it was an abysmal failure. I knew this almost two years earlier. These are precious American tax dollars we will never get back.

    Secondly, the President used the recession to initiate ObamaCare, free health insurance for the poor, at the expense of those who produce: The insured (private insurance for working individuals went up over 20% in the first year), and the US taxpayer. This Democrat legislation has been the single largest job killer in America's history.

    Thirdly, the President used the BP oil spill to stop all deepwater drilling in the United States. It has been over one year since the spill and still the President is loathe to lift the last vestiges of the moratorium on deepwater drilling, even though oil prices have more than doubled since he took office. This is another job killer, costing over 30,000 jobs in the oil-related fields.

    Fourthly, the President sponsors class warfare to improve public awareness for his Socialist agenda. Whether it is his derisive public comments on corporation officials or bragging about taxing with impunity corporate jets, the President is sending the wrong message to those in America who are best at creating jobs.

    Has the President learned his lesson and is it just too late now for our nation in the last 17 months of his administration?

    Only time will answer this conundrum; however, the President's time is running out. With only 15 short months until the presidential election, he has no time to spare and his work to improve the United States economy, after multiple self-inflicted structural economic wounds, will be made increasingly difficult with the debt downgrade hanging around his political neck.

    It did occur under his watch, and this president is the first in America's illustrious history to sustain such a dire political blow. If this event is to teach us anything, it is: There are damaging ramifications for one's bad behavior - especially in politics.