{"id":94943,"date":"2023-08-04T18:27:56","date_gmt":"2023-08-04T23:27:56","guid":{"rendered":"https:\/\/milesfortis.com\/?p=94943"},"modified":"2023-08-04T18:27:56","modified_gmt":"2023-08-04T23:27:56","slug":"94943","status":"publish","type":"post","link":"https:\/\/milesfortis.com\/?p=94943","title":{"rendered":""},"content":{"rendered":"

Biden and Obama: The two Democratic presidents of the country\u2019s only credit downgrades<\/a><\/p>\n

F<\/span>ormer\u00a0President Barack Obama<\/a>\u00a0once explained how he would have arranged for a third term as president. He jokingly explained how it essentially involved having a puppet as president in which there would be a \u201cfrontman or frontwoman\u201d with Obama directing them what to do while in \u201chis basement in his sweats.\u201d Three years into the\u00a0Biden administration<\/a>\u00a0and these comments make Obama look like a soothsayer.<\/p>\n

\u201cIf I could make an arrangement where I had a stand-in, a frontman or frontwoman, and they had an earpiece in, and I was just in my basement in my sweats, looking through the stuff, then deliver the lines, but somebody else was doing all the talking \u2014 I\u2019d be fine with that,\u201d\u00a0Obama said to Stephen Colbert in 2020.<\/a><\/u><\/p>\n

After the news of the\u00a0Fitch downgrade<\/a><\/u>, Obama\u2019s joke now seems like an accurate description of the Biden presidency, mainly since only two presidents have overseen the country suffer credit downgrades: Joe Biden and Barack Obama. Biden\u2019s was this past week with Fitch; Obama\u2019s was with Standard & Poor in April 2011. Both downgrades occurred during each president\u2019s third year in office. And, naturally, both presidents sought to blame Republicans each time. Blaming the GOP was a hallmark of the Obama legacy.<\/p>\n

Obama\u2019s downgrade in 2011 was the first time the United States was given a credit rating below AAA. S&P decided to lower the country\u2019s rating to AA+ because the federal government failed to provide a credible plan to confront the soaring national debt at the time,\u00a0CNN Money<\/a><\/u>\u00a0reported. S&P also blamed political gridlock, squabbling, and \u201cdysfunctional policymaking\u201d for the decrease.<\/p>\n

\u201cThe downgrade reflects our opinion that the … plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government\u2019s medium-term debt dynamics,\u201d\u00a0S&P declared at the time<\/a><\/u>. \u201cThe political brinksmanship of recent months highlights what we see as America\u2019s governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed.\u201d<\/p>\n

Fast forward 12 years later, and Obama\u2019s vice president in 2011, Joe Biden, is now in charge. Once again, a credit agency downgraded the nation\u2019s rating to AA+ from AAA. Coincidence? I don\u2019t think so. The\u00a0Fitch decision\u00a0<\/a><\/u>was based on \u201ca steady deterioration of governance over the last 20 years\u201d \u2014 the majority of that time occurring during the Obama and Biden presidencies.<\/p>\n

Additionally, Fitch explained other factors behind its decision, including \u201crepeated debt limit standoffs and last minute resolutions\u201d and a \u201chigh and growing general government debt burden.\u201d Other reasons included the government lacking a \u201cmedium-term fiscal framework\u201d and having a \u201ccomplex budgeting process.\u201d<\/p>\n

One of the most essential factors in the Fitch decision was a scathing indictment of \u201cBidenomics.\u201d For all the rampant celebratory propaganda Democrats have spread regarding the economy under the Biden administration, projections call for \u201cweak 2024 GDP growth\u201d and a mild recession at the end of this year and into the first quarter of 2024.<\/p>\n

Fitch also predicted \u201cGDP growth slowing to 1.2% this year\u201d and an anticipated \u201cgrowth of just 0.5% in 2024.\u201d It\u2019s \u201cBidenomics\u201d at work. And it should be noted that Biden\u2019s weak GDP growth prediction is similar to the underwhelming Obama economy in 2011, the time of the last credit downgrade, which resulted in a measly 1.5% GDP growth. This is why Democrats are trying to deflect from this reality and pin the blame on Donald Trump or things like\u00a0January 6th<\/a>. They want to hide the truth of the adverse outcomes they helped create.<\/p>\n

It\u2019s no coincidence that both credit downgrades happened under Democrats \u2014 especially Democrats who were part of the same presidential administration. Democratic policies have been hampering the country for quite some time. It\u2019s as if their entire party is immune to accepting responsibility for their political actions, no matter how often they misled the public into believing the opposite. Democrats should look at themselves instead of blaming Republicans for their failures.<\/p>\n","protected":false},"excerpt":{"rendered":"

Biden and Obama: The two Democratic presidents of the country\u2019s only credit downgrades Former\u00a0President Barack Obama\u00a0once explained how he would have arranged for a third term as president. He jokingly explained how it essentially involved having a puppet as president in which there would be a \u201cfrontman or frontwoman\u201d with Obama directing them what to … Continue reading “”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20,9,50],"tags":[],"class_list":["post-94943","post","type-post","status-publish","format-standard","hentry","category-economy","category-enemies-foreign-domestic","category-goobermint"],"_links":{"self":[{"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/posts\/94943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/milesfortis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=94943"}],"version-history":[{"count":1,"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/posts\/94943\/revisions"}],"predecessor-version":[{"id":94944,"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/posts\/94943\/revisions\/94944"}],"wp:attachment":[{"href":"https:\/\/milesfortis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=94943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/milesfortis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=94943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/milesfortis.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=94943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}