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President Obama and Senate Liberals Make History Bringing Down America’s Credit

By: Steve Johnson

8/8/2011 - 0 Comments

The Tea Party leaders in the house, did all they could to stop the President from raising the debt limit past the GDP, triggering a credit rating downgrade.

But in the end, Obama and Senate liberals refused to cut spending in anything and a bill was passed last Wednesday at the last minute before a national default would have begun.

Since then, President Obama continues his rhetoric of class warfare, dividing the nation with anger rather than leading the nation into common understanding of the grave economic outlook we face.

Tea Party To Save Nation

Rory Cooper, of heritage.org, had this to say regarding the Tea Party and Obama.

“The Tea Party’s primary focus is our nation’s fiscal health. If it were not for the Tea Party’s positive influence, Congress would still be spending, taxing, and borrowing with little regard for the burden it is placing on future generations. Only months ago, President Obama was demanding a so-called “clean” debt limit increase that would allow him to keep on borrowing without any cuts to spending.”

“President Obama, congressional liberals, and their allies believe that if we remain silent on our fiscal future, then markets and credit agencies will not notice our perilous future. Thus we heard from liberal pundits and politicians who called the debt debate a “manufactured crisis”—as if everything would be fine with more blank checks. The problem of federal over-borrowing and over-spending was and is real, as the credit downgrade and market reactions reflect.”

“Government spending will have increased by 22 percent just on President Obama’s watch.”

Yet, the President and Liberal allies remain delusional, even as the stock markets are crashing around the world. Contrary to all the evidence, they remain convinced that if only they were allowed to increase taxes and continue spending trillions of dollars the economy would be restored.

They owe the nation an apology and their resignation.

According to Zachary Keck, DC Foreign Policy Examiner

“On Tuesday the United States net public debt to GDP ratio reached 100%. That is, the federal government's accumulated debt is equal (actually surpassed) the United States Gross Domestic Product in 2010.

After Congress and the Obama administration passed the debt ceiling limit, the Treasury borrowed $238 billion on Tuesday. This brought public debt to $14.58 trillion dollars, slightly higher than the United States GDP in 2010, which was $14.54 trillion.

Richard Haass, the President of the primer Foreign Policy organization, the Council on Foreign Relations President, has repeatedly argued that the nation's growing debt is the greatest national security threat the country faces. As Yale diplomatic historian Paul Kennedy has convincingly demonstrated, the rise and fall of great powers since the time of the Roman Empire has been driven by the economic vitality of the country. “

In two years, Obama has managed to destroy America’s financial system and once again prove that the economic ideas of socialism (class warfare “tax the rich” by way of forced the redistribution of earned wages or “stealing and spending”) never produce anything but poverty.

America is headed for a decade of poverty, unless the people figure this out quickly and put a stop the destruction path we are on that result from “stealing and spending”.

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