Yet another first brought to you by Obama

S&P downgrades U.S. credit rating for first time

Last night, Standard & Poor’s lowered the credit rating of the United States from AAA, (The highest available) to AA. This means it will now cost the United States more to borrow money. Thanks to Barack Obama, Nancy Pelosi, Harry Reid, John Boehner and Mitch McConnell, for the first time in our HISTORY, we are now considered a credit risk.

But, but but, how did this happen? We just passed a deal to fix everything last week!

That “Deal” was to raise the debt ceiling and maybe make a few cuts. What it did was “Kick the can” as it were, down the road. The only plan for cuts was the standard “We’ll gut the defense department!” plan these criminals always come up with. This was NOT what the the people wanted. They sent the Tea Party Republicans to Washington last year to reign in the out of control spending. I will say, they tried their best. My senator, Kelly Ayotte voted against this load of manure. In fact. It looks like most of the Tea Party people voted against this load of crap along with a few long term members.

Now, S&P has released a report on why they did this. It’s in PDF format but I’ll see if I can provide a few highlights.

United States of America Long-Term Rating Lowered To ‘AA+’ On Political Risks And Rising Debt Burden; Outlook Negative (.pdf file)

• We have lowered our long-term sovereign credit rating on the United States of America to ‘AA+’ from ‘AAA’ and affirmed the ‘A-1+’ short-term rating.
• We have also removed both the short- and long-term ratings from CreditWatch negative.
• The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics.
• More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.
• Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government’s debt dynamics any time soon.
• The outlook on the long-term rating is negative. We could lower the long-term rating to ‘AA’ within the next two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case.

Rationale

We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process. We also believe that the fiscal consolidation plan that Congress and the Administration agreed to this week falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade.

Allow me to translate. Basically, S&P is saying that the United States Government is not serious about reigning in the out of control spending. They don’t see any significant changes unless and until the current administration and congress either gets serious or is replaced by people who are serious about cutting our deficits and debt.

This, on top of the 500 point drop last week on the Dow Jones, should be a wake up call to the idiots in Washington. Unfortunately, it won’t be. Obama is in full Nero mode, having party’s and fund raisers while the nation collapses. The Democrats are in absolute full denial of what is happening. The Establishment RINO Republicans have a small clue, but are only concerned with protecting their Phony Baloney jobs.

Turbotax Tim Geithner, rather than taking this as wake up call and doing his job, is complaining that S&P was wrong to downgrade the United States. The U.S. Treasury fought the downgrade tooth and nail, claiming they found a $2 trillion dollar error. This only slowed the release for a few hours and at 8pm, S&P released their findings.

The absolute denial by the Washington establishment is terrifying. We are seeing the first steps in the complete collapse of America. It’s not to late yet to stop and reverse this, but with the current crop of scum sucking slime running things, our chances of national survival are shrinking.

In my opinion, any member of congress, House and Senate who voted for this “Compromise” needs to be removed from office. Obama? Not only does he need to be removed, he needs to be jailed along with everyone in his crooked administration. The first step is the primaries. On the Republican side, Boehner, Cantor, McConnell and all the other long term Republicans need to face a primary challenger. In the general election, vote out Obama and the democrats who not only drove us to this cliff, they have stepped on the gas and opened the Nitrous tank to increase speed.

We can see the results of Democrat actions on the state and local level. Illinois is collapsing as we speak with California and New York not far behind. With the cut in our credit rating, it will be even tougher for those bankrupt states to con borrow money from lenders to ignore paper over deny fix their financial problems.

Hopefully, what happened with the downgrade will smack the morons in the street upside the head and they will really start putting the screws to these elitist scum. Of course, you can write off any help from the Progressive types. They are so delusional, they’ll sit their continuing to demand more and more from the taxpayers.

Ok, I’m starting to go even more ballistic than usual so I’m going to end this now. There are many others out their far better qualified than I am to comment on this fiasco.

That is all.

Actually, this is way to much!

~The Angry Webmaster~

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