Another exciting historic first for President Obama!
The venerable Standard & Poor’s has officially downgraded the U.S. government’s credit rating from AAA to AA-plus for the first time ever.
The effect on worldwide markets will be immediate.
There will be much gnashing of teeth on both the right and the left.
Obama and the Democrats and a chorus of economic illiterates promised that the phony spending reductions in the debt ceiling increase deal would preserve the federal government’s creditworthiness. Republicans for the most part fell for Obama’s lies and caved after only a brief period of holding out.
The great unraveling, so long predicted by those who grasp the iron truths of economics, has begun.
Only fools and partisans will blame the Tea Party for the downgrade. Markets see through the Enron-style accounting used by the federal government, this colossal fraud called baseline budgeting.
Unfortunately, Speaker John Boehner and his sycophants did not. They had a chance to at least try to hold the line on spending, but they failed.
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