President Barack Obama has already earned a dismal economic record as President, eclipsing Jimmy Carter arguably the worst President in U.S. History, and collecting the shameful “credit” of being the first President to ever see the nation’s credit rating downgraded.
SCOAMF isn’t don’t yet, however, and it appears that another credit downgrade—and the increased economic problems that come with it—is on the horizon.
Budget negotiations during the 2013 Congressional legislative
session will likely determine the direction of the US government’s Aaa
rating and negative outlook, says Moody’s Investors Service in the
report “Update of the Outlook for the US Government Debt Rating.”
If those negotiations lead to specific policies that produce a
stabilization and then downward trend in the ratio of federal debt to
GDP over the medium term, the rating will likely be affirmed and the
outlook returned to stable, says Moody’s.
If those negotiations fail to produce such policies, however,
Moody’s would expect to lower the rating, probably to Aa1.
Considering Obama spent more time on the golf course than in economic meetings, this should not come as a surprise to anyone.
He may Cloward-Piven us yet, which is why it stuns me that a contact I have at a offshore gambling site tells me that Americans continue betting on President Obama to win the 2012 elections with odds over Mitt Romney of 2-1.
That can’t be right… can it?