Even the Huffington Post is getting tired of President Obama’s “now is the time to focus on jobs” broken record rhetoric. So much so that they compiled a video montage of all the times Obama has pledged a laser-like focus on the economy:
This just in: Standard & Poor’s has downgraded the US credit rating for the first time ever.
Fingers will be pointed now, and a popular excuse will be that the Tea Party caused this by fighting an automatic debt increase, thus making markets nervous. But S&P’s downgrade has nothing to do with the debt ceiling battle per se — the downgrade is because the deal didn’t contain enough deficit reduction measures. US borrowing is now over 100% of GDP. A downgrade was inevitable. The irony in the coming “it’s the Tea Party’s fault” meme is that in actuality, the “cut, cap and balance” proposal endorsed by Tea Party members of Congress most likely would have averted a credit rating downgrade!
Our first clue that a credit downgrade was on the way was back in April, when Turbo Tim Geithner said there was no risk that it could happen. Geithner couldn’t correctly predict tomorrow’s sunrise.
Let’s now sit back and watch how the Dems blame Bush for this one.
Update: Jim DeMint calls for Geithner’s resignation. The unfortunate fact is that none of this can begin to be fixed until next November.