... was the President's public statement that the economy as "dysfunctional." Good job, Prez. Can't you do ANYTHING right?
S&P Executive Cites Obama's Characterization of U.S. Political System as 'Dysfunctional’
Monday, August 08, 2011
By Susan Jones
(CNSNews.com) - John Chambers, managing director of Standard & Poor’s, says politics played a part in S&P’s decision to lower the nation’s credit rating for the first time in U.S. history.
“Although the political settings in the United States are still strong, they are not as strong as we had thought previously compared to some other highly rated governments,” Chambers told Fox & Friends on Monday.
“There really is, well, as President Obama -- who characterized the political system as ‘dysfunctional’ -- I think that’s a good word. We got to a position where we were within ten hours of having a major cash flow problem. This is not what happens in other countries.”
As for Democrats’ accusations that the tea party bears responsibility for the downgrade, Chambers said there is “lots of blame to go around.”
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As CNSNews.com reported in March, the Congressional Budget Office said that President Barack Obama’s 2012 budget would cause large and persistent yearly deficits, pushing the public debt to $20.8 trillion by 2021.
“Federal debt held by the public would double under the President’s budget, growing from $10.4 trillion (69 percent of GDP) at the end of 2011 to $20.8 trillion (87 percent of GDP) at the end of 2021,” the CBO said in its March 18 analysis of Obama’s 2012 budget.
Debt was 40 percent of GDP at the end of 2008, just before Obama took office.
Full story: http://www.cnsnews.com/news/article/sp-executive-quotes-obama-who-called-us
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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