I believe that President Barak Obama caused the downgrade of America from a AAA rating to a AA+ rating by the S&P. I know, that is a bold statement but one I believe is true.
We won’t get into a whole conversation about if the US can really default on a T-bill since we print money…That is not the point.
It wasn’t 2 weeks ago that President Obama came out and said that if we didn’t raise the debt ceiling that the US would default on their loans. So the S&P believed him. They believed him in saying that 1 deal not passing the legislature could break the US. I don’t know if I believed him but needless his words had consequences.
Now President Obama comes out saying howÂ ridiculous it is that the S&P would downgrade the US as an investment because we are so stable. Really? As my momma used to say, you were either lying then or lying now.
By the by, I think it is interesting that the S&P sited our leadership as the reason for the downgrade….