U.S. Credit Rating Downgraded For The First Time In History

A Precedent The President Could Have Done Without

Barack Obama

Standard And Poors (S&P) has downgraded America's once sterling AAA credit rating to an AA+ in news not welcomed by U.S. President Barack Obama and his administration. The $2.4 trillion increase to the U.S. debt ceiling is partly to blame for this historic decision, coupled with no proper tax increases or significant government budget cuts.

It was not a good precedent for President Obama to set. Had Obama simply done what the Judiciary Report has stated for the past couple years - raise taxes on the rich - this would not have happened, as the revenue streams would have begun already and exhibited clear and undeniable intent to reduce the deficit. What's worse is S&P has reserved the option to decrease America's credit rating even further.

Some have tried to spin this news and they should not. Delusion and denial is what created this problem in the first place, in not facing reality and taking positive, proactive action to address the nation's debt. To spin this negative, is the equivalent of a student bringing home a B grade, when they could have received an A had they applied themselves and trying to convince their parents the former is better than the latter.

Congress and the White House have gone out of their way to protect the rich, at the expense of the middle class and the poor. They would do well to remember, there are more middle class and poor in America, than rich, which means more votes to remove politicians from office and replace them with others.

Enough with the tax cuts for the rich, as it is damaging the nation in so many ways. It's time to raise taxes on the rich - a proven, time tested method of bringing in revenues to cash strapped governments. It won't make the rich poor, but they'll have a little less and it will help clean up the financial mess.

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Republicans Develop Economic Plan And Await Response From Obama

"Video: Speaker Boehner: Time for the No-Budget Senate to Act on Cut, Cap & Balance"

Prominent Republican senator, John Boehner, took to the podium today, to announce the Republican party has developed a financial plan for America, but await a response from U.S. President, Barack Obama, regarding the course of action he intends to take. The clock is winding down to the August default deadline, in the debt ceiling debacle Congress is currently presiding over.

Barack Obama

The regrettable fact regarding the congressional fighting, excuse me, debates, is neither side has been able to take the better ideas from each party and merge them into one proper solution. Overall, the Republican party has the better, more prudent economic plan save for the no taxes clause, which, frankly, is a problem.

John Boehner

The Democrats' financial plan has too much spending, but its true redeeming factor is the tax increase on the rich, which would make a big difference (provided the money isn't squandered by too much spending again). Really, is it that hard to compromise with each other. Even the government had to admit this week that the talks have become unusual and strangely stalled, in comparison to past negotiations. Something is wrong.

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You Can Tell By The Looks On Their Faces That The Debt Talks Aren't Going Well

Barack Obama

U.S. President, Barack Obama, is reportedly very frustrated with the lack of progress in negotiations, regarding America's debt ceiling. He lashed out in anger this week stating, "I have reached the point where I say enough. Would Ronald Reagan be sitting here? I’ve reached my limit. This may bring my presidency down, but I will not yield on this." Currently, if there's anything that is going to bring Obama's presidency down, it is his unprecedented government spending, with no results to show for it, as the economy continues to worsen in every way.

John Boehner

On the other side of the aisles, top Republican, John Boehner, is sticking to his guns on not raising taxes on the rich (which the Judiciary Report does not agree with) and budget cuts (which the Judiciary Report does agree with). It is in times like these, it is beneficial to look to economic plans of the past that worked and within reason, apply those lessons to the challenges of today.

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Barack Obama’s future looks precarious as America faces its most important presidential election since 1980

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Democrats And Republicans Refuse To Budge On Debt Ceiling While Obama Threatens To Cut Social Security Next Month

Democrats and Republicans are fighting in Congress, regarding the debt ceiling, while President Obama threatens to cut off Social Security, stating he cannot guarantee that seniors checks will go out next month, on August 3, 2011.

Has he lost his mind. Seniors are going to remember that and attribute it to him. They paid into Social Security for decades, to receive their money during old age and not for a president to summarily decided such a thing.

If President Obama had not wasted so much money on unnecessary spending initiatives and thrown so much cash out the White House window, on overblown stimulus packages, with significant funds stolen and misappropriated, America would not be in this bind.

Barack Obama

President Obama should have raised taxes on the rich from day one of his presidency and used the funds to pay down the national debt and create jobs. President Clinton created 23,000,000 jobs by raising taxes during his time in office, which was recorded as the most financially prosperous in U.S. history. Others have done the same in the past, in other nations, such as Margaret Thatcher in Britain, creating new jobs with freshly raised tax money.

Now President Obama has his back to the wall, after massive, fruitless expenditures and is threatening seniors over Social Security they already paid for. What exactly did the government do with their money. As the Judiciary Report sees is, messing with Social Security is like dipping into pension funds, something you just don't do. You really must not want a second term.

The Democrats need to desist with the excessive spending and the Republicans in Congress need to give up on not raising taxes, because the money is needed. America has many billionaires, millionaires and individuals earning over $250,000 per year that can pay higher personal (and business) income taxes. They live in America and should pay it, after reaping all the funds they did off the nation.

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Obama Administration Admits Financial Hardships In America To Last A Long Time

But It Doesn't Have To Be That Way

Barack Obama

Timothy Geithner, the Treasury Secretary of U.S. President, Barack Obama, admitted in a candid interview last week that the financial hardships besetting America, shall last for a long time. Wrong answer! The people don't want to hear that and the sad thing is, the economy could be repaired, but the Democrats and Republicans refuse to agree on a financially sensible plan.

At the beginning of his presidency, bankers representing Americas top banks, went to the White House to meet with Obama and basically blew smoke up his butt. They talked up their dubious plans and walked away with truckloads of U.S. taxpayer money, only to hoard it, which does not benefit the nation.

Timothy Geithner

President Obama and his team, due to naiveté, inexperience and lobbyists, had such poor oversight, this massive swindling of the American people's tax money, was able to transpire without impedance or accountability on any real level, which is regrettable. Some of the stimulus money also illegally stimulated off shore bank accounts.

It is the Judiciary Report's belief, a line needs to be drawn in the sand with banks and other financial institutions, formally notifying them, if they are not going to productively use the stimulus money in the U.S. economy, they must return the funds or face criminal charges. Taxes also need to be raised on the rich, to help combat the sky high deficit, with some of the funds used to create new jobs, but in a sensible manner (Obama Calls For Job Summit).

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Geithner says hard times to continue for many

WASHINGTON (AP) — Treasury Secretary Timothy Geithner (GYT'-nur) says many Americans will face hard times for a long time to come. He says President Barack Obama rescued the United States from a second Great Depression and will keep working to strengthen the economy. But Geithner says will be some time before many people feel like the country is recovering.

Geithner tells NBC's "Meet the Press" that it's a very tough economy. He says that for a lot of people "it's going to feel very hard, harder than anything they've experienced in their lifetime now, for a long time to come."

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