Global markets react to downgrade of U.S. credit rating – CNN.com

Posted: August 7, 2011 by sirdiggy in Uncategorized

Every now and then I dip into the political side of things because, well, I do care about our country’s outlook and leadership.  I found this comment off a CNN.com article regarding the global market’s reaction to USA’s credit downgrade.  Peep it:

Commentor: GpennFL

“1998: U.S. deficit disappears for the first time in three decades. Debt clock is unplugged.2000: George W. Bush runs for president, promising to maintain a balanced budget.2001: CBO shows the United States is on track to pay off the entirety of its national debt within a decade.2001 – 2009: With support from congressional Republicans, Bush runs enormous deficits, adds nearly $5 trillion to the debt.2002: Dick Cheney declares, “Deficits don’t matter.” Congressional Republicans agree, approving tax cuts, two wars, and Medicare expansion without even trying to pay for them.2009: Barack Obama inherits $1.3 trillion deficit from Bush; Republicans immediately condemn Obama’s fiscal irresponsibility.2009: Congressional Democrats unveil several domestic policy initiatives — including health care reform, cap and trade, DREAM Act — which would lower the deficit. GOP opposes all of them, while continuing to push for deficit reduction.September 2010: In Obama’s first fiscal year, the deficit shrinks by $122 billion. Republicans again condemn Obama’s fiscal irresponsibility.October 2010: S&P endorses the nation’s AAA rating with a stable outlook, saying the United States looks to be in solid fiscal shape for the foreseeable future.November 2010: Republicans win a U.S. House majority, citing the need for fiscal responsibility.December 2010: Congressional Republicans demand extension of Bush tax cuts, relying entirely on deficit financing. GOP continues to accuse Obama of fiscal irresponsibility.March 2011: Congressional Republicans declare intention to hold full faith and credit of the United States hostage — a move without precedent in American history — until massive debt-reduction plan is approved.July 2011: Obama offers Republicans a $4 trillion debt-reduction deal. GOP refuses, pushes debt-ceiling standoff until the last possible day, rattling international markets.August 2011: S&P downgrades U.S. debt, citing GOP refusal to consider new revenues. Republicans rejoice and blame Obama for fiscal irresponsibility”

via Global markets react to downgrade of U.S. credit rating – CNN.com.

My thoughts: you have to be careful in weighing the accuracy/truthfulness of any article comment, especially with so many idiots out there.  But to me, there seems to be some truth in this timeline the poster has put together.  And it’s pretty damning.  Please fell free to read the article yourself, then read this posted comment, and then comment on your own.

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