By: Chairman Matt Pinnell
One year ago yesterday, the nation’s AAA credit rating was downgraded for the first time...in history.
This didn't happen on George Bush's watch, this happened on Obama's. It was his lack of leadership that cost the United States. The National Journal called the downgrade a "ignominious legacy for Obama."
Barack Obama will go down in history as the president who presided over his country's loss of its gold-plated, AAA credit rating. He can't hide from it. He can't blame anyone else. It's on him.
The S&P cited Washington's dysfunctional political culture partly for its move. While Obama likes to knock Congressional gridlock, let's not forget that Obama is firmly part of the landscape that S&P trashed.
Obama's answer to the downgrade was to call for a "balanced" approach, which is a liberal buzzword for raising taxes. In this economic environment, there's no doubt President Obama will continue to see gridlock if he trumpets this idea!
So one year later, other than raising our taxes, he has no plan to restore the nation's credit rating. All the while, his spending is getting scary out of control. Under Obama, federal spending as a percentage of the U.S. economy has hit highs not seen since the end of WWII. The result? The national debt has increased over 49 percent since Obama took office.
A credit downgrade, record debt, higher taxes as a solution; yep, an ignominious legacy just about nails it.