Debt and the downgrade – some claim it is all Obama’s fault


I’m reading a story in the UK’s Telegraph, that claims, “America’s debt downgrade is a damning indictment of President Obama’s Big Government disaster“.

According to this Torygraph story, it is all Obama’s fault; it is “a massive blow to the credibility of the Obama administration, and a damning indictment of its handling of the economy“, and has all been caused by an “unprecedented increase in government spending and borrowing“.

This is such a silly factually incorrect claim to make; is the author of this article, Nile Gardiner, really that moronically stupid? Well, I note that he appears frequently on Fox News, so I can only conclude that the answer to that is “Yes”.

OK, lets look at the facts. The Boston Globe ran a chart last Sunday that I’d love to copy and post to every single mad-hatter tea party member. Here it is …

This shows you the real facts, the trillions that each president since Ronald Reagan has added to the nation’s debt. The debt was about $1 trillion when Reagan took office, and then:

 – Reagan, added $1.9 trillion;
– George H.W. Bush, $1.5 trillion (in just four years);
– Bill Clinton, $1.4 trillion;
– Obama, $2.4 trillion (note that 1.1 of that was stimulus, he had no choice).

Oh sorry, I missed one, now lets take a look and see. Wow, so who was the individual who successfully managed to rack up almost half that debt and blew a total of $6.1 trillion … ah yes, George W. Bush.

Ok, so how the frack do you manage to blow $6.1 trillion in just eight years? – that is quite an amazing achievement. Easy, you just run several wars and also give two massive tax cuts geared toward the rich. In over 30 years, no other president has managed to screw up the economy and spend like this on such a massive scale and have absolutely nothing of any value achieved.

Given a track record like that, why oh why does anybody vote for these loons? These are the very same folks that put the foxes in command of the henhouses at the SEC and OTC and brought the world to the very brink of total economic collapse … even today we feel the pain from it all.

As for Obama, well when he tries to do what the vast majority of economists would say should be done in such a situation (the government should spend money while the private sector couldn’t),  these loons battled him tooth and nail. And now they’ve forced him into a deal that will help ensure that the economy remains stuck.

Why is it all like this? Well, this is what happens when you permit the richest 1% of the country to bribe and buy politicians  so that they  serve just the interests of that 1% and leave the other 99% up a well-known creak without a paddle.

It’s time for an end to this corruption, it’s time for another revolution.

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