They Did It: S&P Downgrades America
Friday’s announcement by S&P that they were downgrading America’s credit rating from AAA to AA+ is tough to swallow for those who are proud of America and have faith in the core values that our country was founded upon. Unfortunately, the circumstances leading up to the downgrade were entirely predictable. Washington’s penchant for reckless, unchecked spending is driving our country to the brink of bankruptcy.
As The Heritage Foundation’s JD Foster explains:
Unaffordable entitlement programs were built up Congress after Congress, President after President, and their imposing fiscal dangers for the future were ignored thereafter.
Facing a rapidly growing budget deficit in 2009, President Obama pushed through a massive fiscal stimulus program followed by a succession of lesser efforts. As the anemic state of the economy attests quite clearly, those programs failed miserably—except in raising federal spending and national debt.
Then the President pushed through his disastrous and highly unpopular health care reform. On paper, these reforms give the appearance of improving the fiscal picture modestly. But as the Medicare trustees’ report has reminded us every year after Obamacare’s passage, this happy picture is an illusion. Aside from the damage it has done and will do to health care costs and services, from a fiscal perspective Obamacare ultimately is just yet another unaffordable entitlement piled on top of those already on the books.
Over the weekend, Americans witnessed the Washington Blame Game in full force. As one reporter put it: Democrats blamed Republicans, Republicans blamed the President, and the President blamed S&P. Of course, we’re now seeing the talking point that this is the “Tea Party Downgrade.” On ABC’s This Week, Maryland Governor Martin O’Malley (D) was on message.
…we need a balanced approach and the extremism, the tea party obstructionism in Washington is keeping us from restoring that balance add approach that America has always used of investing in the future, investing in job creation and also being fiscally responsible at the same time.
Senator Chuck Schumer (D-NY) would be proud!
All the false recriminations and Tea Party slander belie the point though, which is that the country is in need of real solutions. The Democrat-controlled Senate has (with the blessing of President Obama) killed two solutions: Cut, Cap and Balance, and the House-passed budget drafted by Congressman Paul Ryan (R-WI). Heritage has also put forth a solution – Saving the American Dream.
The ideas exist. The conservative will exists. The question is, will Washington notice?