. . . or, a Tea Party accusation of Obama’s ‘Economic Terrorism.’
‘Our lowering of the rating was prompted by our view on the rising public debt burden and our perception of greater policymaking uncertainty’ Standard & Poor’s | Ratings Direct on the Global Credit Portal | August 5, 2011
The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed
to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics.
More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking
and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.
“[F]urther near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process. We also believe that the fiscal consolidation plan that Congress and the Administration agreed to this week falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade.”
S& P side-stepped blaming one side of the House, or the other, only identifying the lack of “effectiveness, stability, and predictability of American policymaking and political institutions.”
However, the Obama Administration knew what to do, they just refused to do it. The ‘criteria’ relied on by S&P is a published, public document, cited as “Sovereign Government Rating Methodology and Assumptions,” June 30, 2011. Barack Hussein Obama and Tim Geithner ignored it, adding fuel to the fire by announcing a third round of ‘Quantitative Easing,’ or QE3. No, it is not a glamorous ocean cruise, but an intentional devaluing of the dollar; a further ignoring of warnings of the ratings agencies and guaranteed to endanger the
status of the dollar as a world reserve currency.
Update — August 9, 2011 Experts theorize that George Soros influenced Obama to allow the downgrade scenario so he could leverage, without risk, shorting the U.S. markets and currency. http://www.dailymail.co.uk/news/article-2023809/Did-George-Soros-win-10-1-return-S-Ps-US-credit-rating-downgrade.html
Update — August 9, 2011 At the end of this article, I cite the funding for Obama’s ‘army.’ In summary, Obama has set up a scenario of the ‘TAXED’ versus the ‘ENTITLED,’ (Prolotariate versus the Bourgeoisies?) . See http://www.dailymail.co.uk/news/article-2023874/London-riots-Cameron-orders-16k-officers-regain-control-police-use-plastic-bullets.html . . . I strongly urge property owners and those who travel to carry a firearm, and have plenty of ammunition . . . in case you are faced with a mob.
Timeline of Downgrade
April 5, 2011
Congress proposes up to $6 trillion in spending cuts, primarily addressing out of control Medicare and defunding Obamacare. The
Democrats decry benefits limited to the poor while the ‘rich’ are immune from increase taxation.
April 18, 2011
Mon Apr 18, 20116:20pm EDT
NEW YORK(Reuters) – Standard & Poor’s threatened Monday to downgrade the United States’ prized AAA credit rating unless the Obama administration and Congress find a way to slash the yawning federal budget deficit within two years. S&P . . . slapped a negative outlook on the country’s top-notch credit rating and said there’s at least a one-in-three chance that it could eventually cut it.
July 15, 2011
Cut, Cap and Balance Act
Cut $111 billion in 2012
Cap percentage of spending to 22.5% of GDP and eventually 19.9%. Note, this week our spending reached 100% of GDP, an unsustainable and dangerous level.
Balance — The Act required congressional action on a Balanced Budget Amendment
The Obama administration refused to consider the bill, Senate Majority Leader Reid ‘tabling’ the bill denying debate. The Obama
administration refused to accept cuts in spending, demanding taxing the ‘rich’and every entity, and refusing to renew the Bush tax cuts in 2013.
July 28, 2011
Mack Penny Plan — Cuts the ‘baseline’ spending increases of federal spending to 0%, while cutting spending 1% per year until the budget balanced, estimated to be seven years.
August 2, 2011
With every Republican House bill preemptively denied by the Democratic Senate and the White House, House Speaker Boehner
meets with Democrats at the White House to cobble together a compromise to prevent a discretionary ‘shutting down’ of the government, considered inadequate under S&P criteria.
August 6, 2011
S&P announces the cut in U.S. credit-worthiness from AAA to AA+, with warnings of further downgrade if the government refuses to make cuts according to their international ratings criteria.
The Republican congress made repeated attempts to meet S&P criteria; the Obama administration blocked it, demanding debt hikes and tax increases.
Who is to blame?
Call it Ideology or political differences, the ignoring of the rating agency’s warnings was intentional and negligent. It is, in my opinion, an Impeachable offense.
Why does Obama desperately need to keep spending?
Remember Obama’s campaign promise of a citizen force of volunteers equal in equipage and funding to the regular army?
One side of the battle line are the taxed . . . the other side are those untaxed and receiving entitlements. Illegal aliens, their ‘border baby’ citizen children, and the heavily unemployed black youth . . . A.C.C.E. (formerly ACORN), and Medicare rip-offs . . . note the black pack
attacks on whites only at the Wisconsin State Fair, and the August 7, 2011 riots burning down Tottingham, England after a black gang-banger was killed by police after he shot at them.
Here is the funding Obama desperately needs, built into our welfare and unemployment payouts, plus this section of Obamacare:
Patient Protection Affordable Care Act – Sec. 5210. Establishing a Ready Reserve Corps.
Subtitle D–Enhancing Health Care Workforce Education and
See the Patient Protection Affordable Care Act, page 1312:
SEC. 5210. ESTABLISHING A READY RESERVE CORPS.
Section 203 of the Public Health Service Act (42 U.S.C. 204)
is amended to read as follows:
SEC. 203. COMMISSIONED CORPS AND READY RESERVE CORPS.
(1) IN GENERAL.–here shall be in the Service a commissioned Regular Corps and a Ready Reserve Corps for service in time of national
(2) REQUIREMENT.–All commissioned officers shall be citizens of the United States and shall be appointed without regard to the civil-service laws and compensated without regard to the Classification Act 2 of 1923, as amended.
(3) APPOINTMENT.–Commissioned officers of the Ready Reserve Corps shall be appointed by the President and
commissioned officers of the Regular Corps shall be appointed by the President with the advice and consent of the Senate.
(4) ACTIVE DUTY.–Commissioned officers of the Ready Reserve Corps shall at all times be subject to call to active duty by the Surgeon General, including active duty for the purpose of training.
(5) WARRANT OFFICERS.–Warrant officers may be appointed to the Service for the purpose of providing support to the health and delivery systems maintained by the Service and any warrant officer appointed to the Service shall be considered for purposes of this Act and title 37, United States Code, to be a commissioned officer within the Commissioned Corps of the Service.
(b) ASSIMILATING RESERVE CORP OFFICERS INTO THE REGULAR CORPS.—Effective on the date of enactment of the Affordable Health Choices Act, all individuals classified as officers in the Reserve Corps under this section (as such section existed on the day before the date of enactment of such Act) and serving on active duty shall be deemed to be commissioned officers of the Regular Corps.
(c) PURPOSE AND USE OF READY RESERVE.– (1) PURPOSE.–The purpose of the Ready Reserve Corps is to
fulfill the need to have additional Commissioned Corps personnel available on short notice (similar to the uniformed service’s reserve program) to assist regular Commissioned Corps personnel to meet both routine public health and emergency response missions.
(2) USES.–The Ready Reserve Corps shall–
(A) participate in routine training to meet the general and specific needs of the Commissioned Corps;
(B) be available and ready for involuntary calls to active duty during national emergencies and public health crises, similar to the uniformed service reserve personnel;
(C) be available for backfilling critical positions left vacant during deployment of active duty Commissioned Corps members, as well as
for deployment to respond to public health emergencies, both foreign and domestic; and
(D) be available for service assignment in isolated, hardship, and medically underserved communities (as defined in section 399SS)
to improve access to health services.
(d) FUNDING.—For the purpose of carrying out the duties and responsibilities of the Commissioned Corps under this section, there are
authorized to be appropriated such sums as may be necessary to the Office of the Surgeon General for each of fiscal years 2010 through 2014. Funds appropriated under this subsection shall be used for recruitment and training of Commissioned Corps Officers.
I rest my case.
Friends . . . educate yourself and demand your congressman to adopt one of the Republican deficit and spending reduction plans. In addition, arm yourselves. Be prepared to defend yourself, family, and property, if Obama intentionally exacerbates the cuts in Entitlements in order to create riots, either spontaneous or organized.
If you don’t believe he would do this, look up Obama’s inflammatory comments after his friend, Luo-Marxist-Unionist Raila Odinga, lost the 2008 election as President of Kenya . . . thousands were massacred . . . including Christians burned alive while hiding in a church.