Monday, August 8, 2011

Republicans Are To Blame For S & P Downgrade

Wow, the Republicans have the gall to blame President Obama for the S & P downgrade after a last minute deal to raise the debt ceiling. First, why are we listening to the guys who gave mortgage backed securities the highest ratings right before the 2008 economic meltdown?

But I digress. Republican House Speaker John Boehner crowed he got ninety eight percent of everything he wanted from the debt ceiling deal. And the Republicans are considered the winners in the deal. Obama wanted to raise taxes on the rich and that didn't happen. So raising the debt ceiling on August 2, was basically a Republican plan. And guess what? The stock market went into a nose dive immediately. Yeah, some of that is over concerns about Spain and Italy's debt. But if cutting spending is supposed to create jobs, Mr. Boehner, where are the jobs? Okay, it doesn't happen that fast but should the markets react so negative when government is cutting spending? And I ask Republicans, if government cuts spending and consumers cut spending then who is putting money into the economy?

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