After a long weekend of relaxation at Camp David, while the rest of us panicked over the S&P rating service downgrading America for the first time. Oh and did I mention that American soldiers were killed in an attack by the Taliban this weekend. We got crickets chirping from the White House. Barack needed time to figure out what he was going to say. With that in mind here is the best the President could come up with,
THE PRESIDENT: Good afternoon, everybody. On Friday, we learned that the United States received a downgrade by one of the credit rating agencies — not so much because they doubt our ability to pay our debt if we make good decisions, but because after witnessing a month of wrangling over raising the debt ceiling, they doubted our political system’s ability to act. The markets, on the other hand, continue to believe our credit status is AAA. In fact, Warren Buffett, who knows a thing or two about good investments, said, “If there were a quadruple-A rating, I’d give the United States that.” I, and most of the world’s investors, agree.
The Dow fell 634 points today. That index of the 57 companies and the purchase and sale of their stock. Warren Buffet said that the us should be rated higher but he also said this in the same interview.
Buffett, chairman and chief executive officer of Berkshire Hathaway, a conglomerate holding company based in Omaha, said, “In Omaha, the U.S. is still triple A. In fact, if there were a quadruple-A rating, I’d give the U.S. that.”
The downgrade should have little effect on the stock market Monday, Buffett said.
So both Obama and Buffett were wrong on this one. Proving two things Buffett makes mistakes and Obama is spinning faster than a child’s top. Funny how those investors were jumping ship as Obama said those words.
The first line of the next paragraph is an outright lie. Barack Obama the President of the United States said this.
That doesn’t mean we don’t have a problem. The fact is, we didn’t need a rating agency to tell us that we need a balanced, long-term approach to deficit reduction.
S&P said this.
Standard & Poor’s takes no position on the mix of spending and revenue measures that Congress and the Administration might conclude is appropriate for putting the U.S.’s finances on a sustainable footing.
The S&P take no position on the mix yet the President of the United States tells the nation they did. That folks is a Lie no questions asked. No spin not distortion, A LIE!
Onward through the falsehoods. He next said:
That was true last week. That was true last year. That was true the day I took office. And we didn’t need a rating agency to tell us that the gridlock in Washington over the last several months has not been constructive, to say the least.
Mr President(and I use the term loosely), you and your party had control of the Senate, the House and the Presidency from 2009 until the beginning of this year. Which means you and your party had the power to curb spending, “create jobs” and fix the budget problems. What did we get. A health care plan the majority of the country did not want of need, spending that resulted in over 3 Trillion in additional debt in just 2 years of Obama and the Democrats being in control. Note: while Bush was no spendthrift his debt went up 5 trillion in 8 years. You do the math. At current spending levels Obama will raise the debt to close to 18 trillion in just four years. Economic devastation would easily follow. The spender in chief babb;es on for a few minutes and then says this.
We should continue to make sure that if you’re one of the millions of Americans who’s out there looking for a job, you can get the unemployment insurance that your tax dollars contributed to. That will also put money in people’s pockets and more customers in stores.
In fact, if Congress fails to extend the payroll tax cut and the unemployment insurance benefits that I’ve called for, it could mean 1 million fewer jobs and half a percent less growth. This is something we can do immediately, something we can do as soon as Congress gets back.
I do not have a degree in economics or business but having run a business successfully for three years I know that when I was running in the red I would cut spending. The Super Committee is tasked with finding a fiscal solution. Obama just publicly stated that he asked for more spending with another unemployment extension. By all means go search out what was the timeline for people looking for employment nearing the end of the payments. Statistically people looked for and found employment before the benefits ended. Paying benefits for a longer cycle is a disincentive to seek employment. Anyone want to bet the President knows that?
Here comes a great one:
We should also help companies that want to repair our roads and bridges and airports, so that thousands of construction workers who’ve been without a job for the last few years can get a paycheck again. That will also help to spur economic growth.
These aren’t Democratic proposals. These aren’t big government proposals. These are all ideas that traditionally Republicans have agreed to, have agreed to countless times in the past. There’s no reason we shouldn’t act on them now. None.
Barack there is one really big reason. The United States of America now owes more that our Gross Domestic Product. IN other words the Government is overextended. That one factor has been the fall of many governments. And the fact that we are talking about OUR government gives us a reason to save our country not let it fail, as you sir, are doing.
As far as the loss of the Soldiers in Afghanistan. I will not bother to comment on what Obama said today in his closing remarks of his speech on the debt. What I will say is God Bless all the men and women who fight for our country.