U.S. Credit Rating Downgraded For The First Time In History

A Precedent The President Could Have Done Without

Barack Obama

Standard And Poors (S&P) has downgraded America's once sterling AAA credit rating to an AA+ in news not welcomed by U.S. President Barack Obama and his administration. The $2.4 trillion increase to the U.S. debt ceiling is partly to blame for this historic decision, coupled with no proper tax increases or significant government budget cuts.

It was not a good precedent for President Obama to set. Had Obama simply done what the Judiciary Report has stated for the past couple years - raise taxes on the rich - this would not have happened, as the revenue streams would have begun already and exhibited clear and undeniable intent to reduce the deficit. What's worse is S&P has reserved the option to decrease America's credit rating even further.

Some have tried to spin this news and they should not. Delusion and denial is what created this problem in the first place, in not facing reality and taking positive, proactive action to address the nation's debt. To spin this negative, is the equivalent of a student bringing home a B grade, when they could have received an A had they applied themselves and trying to convince their parents the former is better than the latter.

Congress and the White House have gone out of their way to protect the rich, at the expense of the middle class and the poor. They would do well to remember, there are more middle class and poor in America, than rich, which means more votes to remove politicians from office and replace them with others.

Enough with the tax cuts for the rich, as it is damaging the nation in so many ways. It's time to raise taxes on the rich - a proven, time tested method of bringing in revenues to cash strapped governments. It won't make the rich poor, but they'll have a little less and it will help clean up the financial mess.


Obama's Poll Numbers Implode Into Disaster

When It Comes To Debt The Obama Administration Has The Mindset Of Gamblers

Artificial Growth - Part 2

Artificial Growth

The Benefits Of Government Cost Cutting

The Republicans Say Obama Has No Economic Plan, Only Speeches

Officials Officially Pronounce Obama's Stimulus A Massive Failure That Added Billions To The National Debt

A Majority Of Americans Feel They Were Better Off Before President Obama

Gallup Poll: Any Republican Would Beat Obama If The Presidential Election Was Held Today

Officials Officially Pronounce Obama's Stimulus A Massive Failure That Added Billions To The National Debt

America's National Deficit Increased An Unprecedented 35% Under President Obama

Rivals Use Bad Economy As Primary Tool In Their Bid To Oust President Obama

Billionaire Tells Obama To Resign Over The Economy

New Negative Jobs Report Is Bad News For Obama