U.S. Credit Rating Downgraded

U.S. Credit Rating Downgraded

Here is a quick question for you.

Timothy Geithner and Barack Obama discuss things just hours before the Credit Downgrade

Timothy Geithner and Barack Obama discuss things just hours before the Credit Downgrade

What U.S. President was in office when the United States credit rating was downgraded for the first time in history?

The answer is our current president!  That’s right, during the evening of 05 August, 2011, Standard & Poor’s downgraded the U.S. credit rating from AAA to AA+.

This is what happens when you keep spending dramatically more money than you bring in.  If and when a “regular” citizen gets in debt beyond their income level, their line of credit gets shut off or severely restricted. 

The founding fathers of this country warned against allowing the nation to be in debt.  Their warnings were stern and they exercised tremendous self control in keeping the country out of debt.  They knew the consequences would not be pleasant.  They knew that lesser credit worthiness would lead to a weakened nation.

Today, in Washington D.C., they just pass legislation to increase the debt ceiling and they “claim” to make cuts to the budget.  These cuts are fictional.  They are a created by playing games with the numbers, then they call the result a “cut.”

My advice to the president (if he were to ask) would be to quit blaming and start fixing.   Stop spending money we do not have and stop trying to raise our taxes, fees and especially stop allowing (or encouraging) all the new rules, regulations and laws that make it harder to get this economy going again!

The White House in Washington D.C.

The White House in Washington D.C.

Maybe Americas Next President will understand economics in the real world more fully than our current president seems to.  Only the results of the 2012 Presidential election will tell us whether or not the average citizen in the United States really understands what has happened and if they (we) want to fix it.

This appears to be the time in history where we must choose which is more important to us, Personal Liberty and Prosperity or Bigger Government and more National Debt!  I know what choice I’ve made.  How about you?  Let us know your opinion by commenting below.

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Welmar says:

Sad, Obama failed this time big. I guess the next people’s choice would definitely choose the one that has a wide knowledge on how to spend the budget and the economic rise basing on our current system which has failed. I for one would choose one fit to take economic upgrade other than war leaders.

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