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    S&P Drops U.S. Credit Rating to AA+ // Obama and Reid’s Crowning Achievement

    S&P Drops U.S. Credit Rating to AA+ // Obama and Reid’s Crowning Achievement

    S&P has dropped the U.S. credit rating from AAA to AA+:

    The United States’ credit rating was cut for the first time when Standard and  Poor’s lowered it from triple-A to AA+, citing the country’s looming deficit  burden and weak policy-making process.

    Standard and Poor’s on Friday revised the nation’s rating downwards to a AA+  with a negative outlook, despite a push back from the White House, which said  the rating agency’s analysis of the US economy was deeply flawed.

    It was the first time the US was downgraded since it first received a  triple-A rating from Moody’s in 1917; it has held the S&P rating since  1941.

    S&P further warned:

    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.

    Democrats own the downgrade.  They fought Republicans and Tea Party supporters every step of they way, and forced a deal which was insufficient.  They played class warfare and race politics against arguments that we needed to drastically change our spending habits.

    This is Barack Obama and Harry Reid’s crowning achievement.


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    […] Cornell Law Professor William A. Jacobson […]

    retire05 | August 6, 2011 at 10:36 am says, in pertinent part:

    . . .

    There is no easy way. Some will hurt for awhile. Those hurting will have to rely on their own abilities to make it. But the time has come for government to no longer be a simple redistribution of wealth and for Americans to realize that government is not their mommy.”

    Yes. Quite correct. But let’s understand that we are in for a very ugly fight as this plays out over the 2012 election cycle.

    There is a reason that liberals and progressives so viciously and falsely attacked Tea Party protesters by attempting to tag them, first as racists, and now as terrorists.

    It was and is because, as the representatives for many erstwhile denizens of dependency amongst us, they thought they were going to legally nail down a lawful basis for their ongoing efforts to serve up a generous and “rightful” portion of the American Dream without anyone having to go through the time-tested intermediate step of actually working for it!

    No . . . it was a “right” and, therefore, free.

    Then along came these “pesky” Tea Party folks who said, “Uhhh . . . not so fast. You are not going to get away with saddling us with an unbelievably costly and ongoing obligation to allow you to mandate the redistribution of our earnings and wealth to provide “soup to nuts” care for huge numbers of people, many of whom have made no reasonable effort to provide for themselves! We believe America is the land of opportunity; not the land of the free lunch! We believe in a reasonable safety net; not a mandated raid our pantries to provide for your constituents!”

    So, lacking anything like a legitimate response, the Democrats immediately commenced calling them by the pejorative “teabaggers,” then said they were violent and racist, all without any evidentiary basis whatsoever! They even cooked up a false “incident” over the so-called use of the “n” word, but videos made at the time proved it was false.

    Unwilling (and electorally incapable) of compromising on the issue of a mammoth and hugely expensive program for providing across-the-board “free” healthcare, stimulus programs, and bailouts, the Democrats stooped to the most vile and dishonest forms of name-calling and demagoguery they could conjure up in order to push those programs through, in spite of the considerable and legitimate questions raised and protests launched.

    The electoral cost to them in 2010 was considerable, but they do not intend to lay down and lose this fight for all the marbles in 2012! They will do virtually anything to win. Whatever they held back on last cycle, will be front and center this time around.

    PoliticalClownParade | August 6, 2011 at 3:22 pm

    Professor, didn’t you mean to say this was Obama’s clowning achievement?

    Linked at:

    MaggotAtBroadAndWall | August 6, 2011 at 6:48 pm

    Well, that didn’t take long. The Treasuer of Indiana, who is challenging Dick Lugar in the Republican primary for U.S. Senator from Indiana, has called for Geithner’s firing and takes a shot at Lugar for supporting the debt ceiling deal. I’m not sure why it’s Geithner’s fault that Congress and the President can not control spending, but so be it.

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