Originally posted by simplybill
During the eight years of the Bush Administration policies, the U.S. maintained a Standard & Poor's AAA rating. Now, however, Standard & Poor's
seems to be blaming the Bush Administration for the current downgrade. So what changed?
We could have paid for the wars in Iraq and Afghanistan had there never been a Hurricane Katrina or Rita, but when the “President to be” started
campaigning on universal healthcare and handouts out the whazoo, the gears of commerce started grinding to a halt. Investment savvy consumers stopped
buying bigger homes and started downsizing maximize equity. Instead of trading in their cars after two years for new ones, they kept the ones that
they were driving and paid down on their existing loans. Many followed their lead and as a result, the housing and auto industries were crippled along
with many other industries whose products are generally financed.
Unemployment rose dramatically in the construction and manufacturer labor fields. Although the national unemployment rate did not fully reflect the
severity of the situation because most non-union construction workers are usually paid as contract laborers or in off the books cash, both disqualify
an individual for unemployment insurance. Also, this was the beginning of the end for many small businesses.
Shortly after Obama was elected, Wall St. caved in and the corporate executives pleaded for federal bailouts, which of course were given and set us
back exponentially further than before. With tax revenue down because of the unemployment crisis that we had only begun to see, they decided that all
we needed was a little stimulus cash to give the economy a bit of a boost. Surely, with all that stimulus money in there pockets, people would want to
go out and purchase a few luxuries that they had been doing without, right? By their logic, we were going to spend like it was Black Friday and
resuscitate America‘s economy. They said, "Lets throw some money at the problem and it will solve itself, and if this doesn’t work, we can always
just print more money..."
Well they followed through on the printing more money part, but instead of us going out and buying a new big screen tv or a new car, most Americans
used it to pay their bills so that their families could have things like electricity and food. Even after this plan had failed them time after time,
the Democrats kept working different variations of the same plan. They flooded the economy with baseless currency when we were already inflated and
mortgaged to the max... So how do you think they plan to solve the debt problem? Well, the choice is obvious isn‘t it?
"Just borrow more money to throw at the problem!"
We all know what happened last week so there is no need to recap that part.
S&P looked at our situation from a rational business perspective and gave us a very generous evaluation. When asked whose administration was to blame
for our current situation, S&P answered truthfully. They told us that it began with Bush.
Bush put us in a hopeless war WITH A CONCEPT (and yes we are at war with a concept, not al Qaeda, not Osama, not with any army. It is the war on
terrorism which is and idea or concept) that we to this very day continue to funnel money in ungodly amounts that we do not have. The War on Terror
has been waged in the same fashion as and will have the same result as the War on Drugs. Neither enemies can be captured or defeated and can not
because of their very nature ever surrender. Aside from the principle of the matter, we have to recognize that we could give an exact dollar amount of
financial damage that the Obama Administration has caused tax payers. With a tangible amount we could then give a realistic timeframe as to when we
could repay our creditors.
Bush hasn‘t been in office for a few years, but his policies are costing us right now.
Was the spending that was done under Obama leadership excessive and pointless? Absolutely! But can we put a dollar amount on it and make fiscal
adjustments to see it paid off? Yes again. Thus far Obama has an end date and a dollar amount but Bush is still racking up a tab...
Hope that answered your questions J
Sorry about previous post, my daughter sent it from my phone and I thought she had deleted it before I could upload.