As Joe Biden would say, S&P’s downgrade of the US credit rating is a “big f’ing deal,” yet President Obama failed to even mention it in his weekly address. Read the transcript. All he talked about is doing more of the same old failed policies he’s tried that haven’t worked. What an embarrassment. The world is laughing at us.
Nile Gardiner calls the situation “Obama’s Big Government Disaster.”
Since President Obama took office in January 2009, the United States has embarked on the most ambitious failed experiment in Washington meddling in US history. Huge increases in government spending, massive federal bailouts, growing regulations on businesses, thinly veiled protectionism, and the launch of a vastly expensive and deeply unpopular health care reform plan, have all combined to instill fear and uncertainty in the markets. Free enterprise has taken a backseat to continental European-style interventionism, as an intensely ideological left wing administration has sought to dramatically increase the role of the state in shaping the US economy. The end result has been a dramatic fall in economic freedom, sluggish growth, poor consumer confidence, high unemployment, a collapsing housing market, and an overall decline in US prosperity, with more than 45 million Americans now reliant on food stamps – that’s over one seventh of the entire country.
These are increasingly dangerous times, with American leadership being challenged across the globe. Only an historic reduction in government spending combined with pro-growth measures including lower business tax rates to stimulate job creation and attract investment can turn the US economy around. Unfortunately, as Standard and Poor’s decision has shown, this is a presidency in extreme denial over America’s towering debts, leading a nation on a precipice while blindfolded to reality. (Read more)
No wonder Obama didn’t want to bring it up. He’s presided over a complete disaster.
Sentry Journal linked – thanks!
Update: The Camp of the Saints linked – thanks!