Tuesday, April 19, 2011

Standard & Poor's Slashes Obama's Credit Rating

"This is all Bush's fault"
NYC, Apr 19, 2011. Standard & Poor’s, one of the most respected and influential credit rating agencies, has issued a dire warning to Washington on Monday, cutting its outlook on US debt for the first time.

This throws more fuel on the raging debate over America’s swollen deficits, and casts doubt on the President's ability to continue funding his massive spending projects by borrowing money from foreign nations.

This action comes on the heels of the Chinese rating agency Dagong downgraded the credit rating of the U.S. debts from "AA" to "A+", citing its deteriorating debt repayment capability and drastic decline of the government's intention of debt repayment.

President Barack Hussein Obama, D-Kenya, says this has nothing to do with our nation's credit worthiness. "This is all about the massive amount of money we wasted on the Bush Library, and his foolish war in Iraq."

"If it wasn't for Bush wasting so much money this would not be happening today," the president continued. "This is why my plan to reduced our exposure in the middle east over the next 25 years and my plan for universal healthcare must be embraced by congress."

Doubts about our ability to pay back loans could threaten the dollar’s use as a global reserve currency amid the rise of rivals such as China that have better growth prospects and fewer fiscal challenges.
"We can always print more money"
The ratings agency forecast that the United States may face unpredictable risks in solvency in the coming one to two years and assigned a negative outlook on both local and foreign currency sovereign credit ratings of the United States.

The president's critics have suggested that our falling debt rating might be due to his profligate spending on lavish vacations and his generous bailouts for his corporate sponsors.

The administration rejects this saying that "this is just another case of white racism directed at a black man trying to do his job. White Presidents always get all the loans they want, but when a Black President needs a few extra trillion dollars, everyone wants to question his ability to pay it back."

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