As the story goes, while Rome was burning, Nero fiddled.
History will record that while America went bankrupt, Barack Obama did the electric slide.
In what Fox News infamously referred to as Obama’s “Hip-Hop Birthday Bash” in Chicago, the president celebrated his 50th birthday with the usual plethora of stars that have been common to the presidency since the days of the Clinton White House. Ironically, Standard & Poor’s would choose that very evening to announce to the world that it had downgraded America’s AAA credit rating to AA+.
Talk about lousy timing for President Hoover… oops… Obama. Happy birthday, sir.
The US avoided going into default on its loans, but now it finds itself with a poor credit rating. And to make matters worse, its number one creditor China started Saturday off by sharply chastising the nation, telling us that “the good old days” of borrowing money from them are over.
On the positive side, though, France said they thought we might recover quite well from this crisis.
Not since the days of Herbert Hoover has an America president presided over such a poor economy. However, to be fair, Barack Obama is not totally responsible for the mess we now find ourselves in.
We are hardly economic experts, but we personally trace America’s economic problems back to the Clinton days. First, though, we should note that Bill Clinton balanced the budget, which was no small feat even back in those days.
Under Clinton, the economy was largely good, be it the result of Bush the Elder’s policies or Clinton’s own efforts. But it didn’t remain that way. Somewhere along in the last days of the Clinton presidency, gas prices began edging upward, though few thought much of it at the time.
Housing under Clinton was booming, thanks in part to his insistance that government programs and banks begin loaning more money to those in the lower income brackets. On the surface, that sounded good. What’s not to love about a robust housing market and people becoming first-time home buyers who might not have ever been able to own a home?
Well, for starters, how about the fact that far too many of the people who received these loans were unable to pay them back? The resulting fallout, as we all know now, triggered the current recession (that the government claims is over) and resulted in Obama being elected in a landslide over GOP candidate Sen. John McCain, who was leading until the economic crisis hit in October 2008.
So it could be said that a sense of social justice has gotten us where we are in with the American debt crisis. But, again, in fairness, it doesn’t end there. President George W. Bush did try his best to warn the nation about the dangers of Freddie Mae and Fannie Mac’s bad loans, which is a plus for him. However, at the same time, he never vetoed a single spending bill that crossed his desk and he allowed the debt ceiling to be raised twice during his two terms.
And then there is the problem of those two wars that sprang up during his term. Unlike some, we are unwilling to say Bush lied to get us into a war; rather, we tend to believe he simply followed the advice of others that seemed wise at the time. However, the out-of-control spending during those wars certainly did not help our nation’s economy.
Enter Sen. Obama to the White House in January 2009. He inherited a faltering economy and a fractured nation. There were visions that he would act in a manner reminiscent of both Lincoln and FDR in piecing both the country and the economy back together. It seemed that BHO could do no wrong in those first few months as the nation held its breath to see if the new president’s policies would restore economic order.
With a message of “hope and change,” Obama promised the nation that good times were ahead. Three years later, it seems hope is gone and far too many people are left with only change in their pockets. Somewhere along the way, the little president that could became the president that simply didn’t.
Following in his predecessor’s footsteps, Obama issued bailouts to major companies, taking a large ownership in General Motors for a bit. America looked on in shock when he ordered the CEO to step down and be replaced with a government lackey. But, the nation didn’t say much. After all, we wanted the economy restored.
For a bit it looked like Obama might be able to prop up the failing economy. However, though, along the way, he began to lose sight of the economy and set his sights on making America into one huge social experiment.
Homosexual groups were pandered to by the passage of a hate-crimes bill. Strange-sex marriages became the order of the day and the military stopped banning openly homosexual soldiers from its ranks. Healthcare legislation was passed in the wee hours of the night despite a huge outcry from the American pubic.
Huge spending increases became the order of the day as the so-called stimulus package was passed. A few roadways were fixed and educational institutions received some benefits, but so did homosexual South African men who were given a grant to teach them how to wash their genitals after sex. Chinese brothel workers also received funds to teach them about proper hygiene. Americans were stimulated, alright; they were angered by the irresponsibility of it all as Congress and the White House patiently explained that they were spending their way out of debt.
Foreign governments were often the beneficiary of America’s funds. The government would borrow the money from China and then dole it out across the globe. Pakistan, who likely sheltered Osama bin ladin, was the recipient of many billions. It’s likely they used our own money against us. And guess what? They’re still receiving a check from you and me to this day.
And so, now, we find ourselves sheepishly looking at the floor as the Chinese government lectures us on our ineptness and suggests that a panel of international observers began taking over American finances. Throughout the nation, a myriad of former presidents are spinning in their graves. It’s not a good day for America.
Just what the lowered rating will mean for you and me remains to be seen.
First, it should be an embarrassment to all Americans. The top financial rating center in the world has informed the global community that the United States is a huge liability and could possibly be unable to pay off its debts in full.
It’s a bit like pulling back the curtain and finding there is no wizard at all, but rather an inept little man bent on shaping the nation in his own European mindset regardless of national or even personal consequences. Because of liberal policies, partisan bickering and an unqualified leader, the United States has been humiliated in front of the entire world.
Secondly, it has been said that the rating decrease will mean you and I may well pay out more in interest on our personal loans. It’s even been theorized that we could enter into a double-dip recession or even worse, a second Great Depression.
The short-term solution is to vote Barack Hoover Obama out of office next year and end the mindless spending. Even the least educated among us understands that one simply cannot continue spending like a drunken sailor in the midst of a financial melt-down.
Even Herbert Hoover knew that. And he never got us lectured by the Chinese.
Barack Obama: A failed president whose legacy has now surpassed that of Jimmy Carter and Herbert Hoover.