Supposedly, this malformed debt deal was supposed to reassure investors and keep the country’s credit rating from getting downgraded.
At least, that’s what the president and all of his minions repeated over and over and over again, ad nauseam… that and how, if we didn’t get ‘er done, the elderly would lose their Medicaid, the poor their Medicare and we would usher in the end of days (as if we’re not already hastening just that by kowtowing to this bloated, arrogant mess of a government).
The fact that this failure of a President fought so long and hard to raise the debt ceiling should tell us everything. Because it certainly told the stock market something, and it wasn’t good.
Despite the House agreeing to raise the debt ceiling on Monday, the Senate on Tuesday, and Obama signing it into law that same afternoon – the U.S. stock market still tumbled.
Tumbled probably isn’t the right word though. When the Dow falls 265.87 points or, 2.19%; the Nasdaq 2.75%, or 75.37 points; and the S&P 2.56%, or 32.89 points… that’s not anything near as gentle as a tumble. That’s a bone-jarring plunge.
Meanwhile, the threat of having our credit rating slashed hasn’t gone away. At all.
So if we didn’t escape stock market woes or a credit downgrade, what did we get?
For one thing, we got another opportunity for the insufferably smug Obama to tout himself as a success. His press secretary, Jay Carney, just credited everything to the President, saying “In the beginning, middle and end, this process moved forward because of the president’s leadership.”
As if raising the debt limit and spending more than we can afford is something to be proud of. And don’t let them make you think we’re really slashing spending either… Why would we need to raise the debt limit at all if we were cutting back?
Conservative radio talk show host Michael Savage summed it up perfectly when he said:
“We have a government running record deficits, we have millions upon millions who are underemployed or, worse, unemployed; we have a socialized medical plan called Medicare Part A that will go bust in 2017; the United States has at least $50 trillion in unfunded obligation – all on account of policy makers like Obama who think that the redistribution of wealth makes a nation richer not poorer.”
In other words, there’s absolutely nothing to celebrate right now…
Unless you’re one of America’s enemies.