By: SkookumWe have come to expect Obama to blame everyone else for problems; unfortunately, the childish technique of never accepting blame becomes obvious to the American people after a few months, after a few years it is just boring. The credit downgrade was another Obama debacle and this one stung the Democrats so bad they all needed a scapegoat.
The TEA Party was singled out for causing the credit downgrade that will cost Americans a substantial portion of their standard of living in the future because of higher interest rates on the debt. There is one problem with this latest blame game; the Tea Party didn’t cause the downgrade, they kept it from being worse.
Standard and Poor’s warned us that our debt to GDP ratio had to come down for months. In other words our debt was rising faster than the GDP and you can’t have a debt larger than your GDP and expect to have a AAA credit rating; fair enough, we were warned. Obama, the genius of economic theory, decided we only needed to raise the debt ceiling and increase taxes, then our silly credit rating issue would go away. Like having poor grades in college, if no one sees them, what does it matter; it’s the same type of philosophy. Except for one small issue, not all financial institutions are in Obama’s back pocket like the proverbial parasite Goldman and Sachs; some of them are independent and actually perform meaningful and honest services. Standard and Poor’s rates governments’ credit worthiness all over the world, the US has now suffered its first downgrade in history, an exemplary example of government dysfunction.