Obama has compiled a remarkable record of economic disasters in his 31 months as President. He has added $4.3 trillion to our national debt, quadrupled our budget deficit, championed an unpopular and unfunded socialized healthcare plan and rammed through an unworkable $800 billion stimulus plan. In the process, gasoline prices have skyrocketed, home sales have tanked, the dollar is being challenged as the global reserve currency and inflation is rearing its ugly head again. Our country is suffering from 9.1 percent unemployment with an underemployment rate of 16.1 percent. Under President Obama, the number of chronically unemployed people is at an all-time high, as is the number of Americans on food stamps ($45.3 million).
In the midst of this economic nightmare, Obama reached a new low last Friday. He now becomes the first President in U.S. history to preside over a downgrade in our credit rating from AAA to AA+. Immediately, the U.S. drops from being the safest investment in the world to ranking below a dozen countries such as Liechtenstein. The new lower rating places the U.S. in an unimpressive group of nations including New Zealand and Belgium.
Whether the S&P made the right decision or not, there is no doubt that our debt is unsustainable and the recent deal to extend the debt ceiling was a joke on the American people. The compromise deal called for an increase of up to $9 trillion to our national debt and did not cut spending, but only slowed the growth in the size of the federal government. It offered no reform of entitlement programs and only a promise to vote on a Balanced Budget Amendment. The S&P was quite unimpressed with the “fiscal consolidation plan” agreed to by Congress and the President. In their view, it falls short of what “would be necessary to stabilize the government's medium-term debt dynamics.”
S&P is stating the obvious by downgrading our rating. In fact, the agency claimed the country’s economic outlook was negative and another rating downgrade could occur. According to the S&P, the total U.S. debt is set to surpass 88 percent of the gross domestic product by 2021, which would result in long term Treasury instruments becoming a much riskier investment.
The stock market reacted with a vengeance to this unprecedented news and there is real worry about how far it will fall. Yesterday, President Obama addressed the nation about the crisis. Instead of calming the market, he sent it much lower with his inane remarks. His words offer no substance, only practiced political rhetoric.
President Obama needs to stop talking and start acting. The problem is that he does not know what to do without a teleprompter. He uses them for cabinet meetings, speeches to elementary schools and addresses to groups both large and small. When he goes off the teleprompter, we see a confused and befuddled man who stumbles over the easiest questions.
As President, it is clear that Barack Obama is dangerously in over his head for he has no executive experience, no business experience, and no real world experience. As a Chicago community organizer, he has been thrust into the most important position in the world without the necessary skills to handle this crisis. The financial markets and to a growing extent, the American people have no confidence in his leadership, his vision, his policies or his team.
In the debt ceiling debate, the President did not offer his own plan and ignored the report of the respected debt commission. His own budget was “dead on arrival” and increased the national debt by $10 trillion. Initially, he wanted to increase the debt ceiling without any spending cuts, and vigorously opposed the GOP “Cut, Cap and Balance” proposal, which was only effective plan to deal with the ever increasing debt.
His point person on the economy is Treasury Secretary Tim Geithner, who is dangerously incompetent. In an interview with the Fox Business Network in April of this year, Geithner said there was no possible way we would lose our top credit rating. Talk about being wrong! Instead of firing Geithner, Obama has just encouraged him to stay in his position for another year, Heaven forbid!
Obama’s team is a collection of tax cheats; communist czars, left wing ideologues and social misfits. His vice president is a literal buffoon, who sticks his foot in his mouth practically every time he speaks.
Our country is in the midst of a serious crisis and we have no leadership, no vision, and no hope of redemption until the next election. Fortunately, a new PRonlineNews.com poll shows Obama losing to an unnamed Republican by a 54-45 percent margin, but the next election is not until November of 2012.
The next sixteen months will be the toughest period for our nation since the midst of the Great Depression.
Hold on America, we are now paying the full price for the careless and dangerous mistake made in November of 2008 with the election of Barack Obama as President.
Are you satisfied with the economic development growth in Louisiana?
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