After Standard & Poor’s downgraded America’s credit rating from AAA to AA+ it was only a matter of time before markets around the world responded with deep drops. The Dow lost more than 634 points here at home today and the slide will most likely continue. Usually the markets rally during a presidential speech but not today. Citibank shares dropped more than 16% today and BankAmerica dropped 20%.
Desperation has gripped the Democrat Party: “I believe this is, without question, the tea party downgrade,” Sen. John F. Kerry, Massachusetts Democrat, said on NBC’s “Meet the Press” on Sunday.
Obama’s White House minions grabbed onto the phrase, seeking to place blame anywhere but where it belongs: squarely on the shoulders of Barack Obama. Obama held himself above the squabbling over the debt, spending cuts and any type of fiscal responsibility. He preferred to push tax increases and actually never presented a budget of his own.
Can you imagine what our spendthrift Congress and Obama would have done without the pressure of the Tea Party? At the 11th hour, just before America crashed into unknown territory, i.e. couldn’t pay our debts, the young guns elected to the House by the Tea Party held firm and forced some reduction in spending. It wasn’t enough to stop the country’s debt from rising daily but it made a dent in the problem.
Sen. Lindsey Graham, South Carolina Republican, defended the tea party and said that without the movement, trillions of dollars in spending cuts wouldn’t be possible.
“Thank God they’re here,” he said on CBS’ “Face the Nation.”
“This is the first time we’ve ever raised the debt ceiling where we tried to actually reduce spending. That’s a good thing, but we’re woefully short,” Graham said. “The tea party hasn’t destroyed Washington. Washington was destroyed before the tea party got here. The hope is that the tea party and middle-of-the-road people can find common ground to turn this country around before we become Greece.”
Because the Democrats want to continue the permanent enslavement of a huge portion of our population which receives largesse from elected officials in the form of food stamps and other entitlements, they are unwilling to even consider reforming these money pits.
Even though the rhetoric and clamoring was quite rancorous at times, it was typical of debate in a free and open society. But some of the comments were so hilarious in their lack of logic, I must point them out. Rep. Barney Frank (D-MA) thinks we should gut military spending. Not such a great thought when Russia, China and Venezuela (among others) are salivating over the collapse of our economy. In the midst of the near collapse of the American economy, Obama has pledged yet another $105 million to Somalia.
The frosting on the cake, however, comes from Michael Moore, who never saw a crisis that wasn’t Bush’s fault. In today’s Washington Times he is quoted as saying to Obama, “Show some guts,’ arrest S&P head.” Oh, so the left has gone so far as to jail those with whom it disagrees? Hmmm. What country does this remind you of?
Sally Gillies
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